Qatar has set initial profit guidance on the sale of its two-tranche benchmark sukuk (Islamic bond), lead arrangers said on Tuesday.
The Gulf state set initial guidance of 135 basis points over mid-swaps for the five-year tranche, and 175 bps over for the 10-year tranche. A benchmark bond is typically at least $500 million in size.
Qatar has hired HSBC Holdings, Deutsche Bank , Standard Chartered Plc and local lenders Barwa Bank and QInvest for the sale. The sukuk is scheduled to be sold this week, according to documents from lead banks.
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