Qatar National Bank intends to raise a $ 3.5 billion loan...

Qatar National Bank intends to raise a $ 3.5 billion loan...
Qatar National Bank intends to raise a $ 3.5 billion loan...

Four informed sources said: National Bank of Qatar, The largest Gulf bank, plans to raise a $ 3.5 billion loan from a group of banks.

The money will be used to refinance an existing $ 3.5 billion debt facility that the bank acquired in 2017 that is due for repayment in December this year.

Two sources said HSBC would have a prominent role in the process. Qatar National Bank did not immediately respond to a request for comment, while HSBC declined to comment.

Two sources said that the new loan will be divided into two tranches, with maturities of three and five years.

“Pricing will be limited despite for the longer maturity,” added one of the sources.

HSBC and other banks are stuck in Qatar’s dispute with Saudi Arabia, the United Arab Emirates, Bahrain and Egypt, which cut diplomatic and transport ties with Doha in 2017.

The London-listed bank has avoided major Qatari deals after the diplomatic crisis, and has given priority to working in Saudi Arabia, which has a strong presence there, sources told Reuters earlier.

And last year, sources said Qatari Qtyerminals to operate the government-controlled ports had commissioned HSBC to lead a $ 500 million loan arrangement.

The Qatar National Bank loan is one of the first deals of this kind to be concluded by a Qatari government-owned company after the diplomatic crisis in the region.

21 international banks participate in the joint loan, and the subscription of the loan was pledged by Bank of America Merrill Lynch, Bank of Tokyo-Mitsubishi UFJ, Barclays Bank, Deutsche Bank, Intesa San Paolo, Mizuho Bank, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation and United Overseas Bank.

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