HSBC to arrange first ever rated corporate Sukuk from Qatar

The issue is significant for several reasons:
• It will be the first rated sukuk for a Qatari corporate
• It is only the second corporate sukuk ever to come from Qatar, following QREIC's unrated issue in 2006
• Pricing of the issue will set a benchmark for Qatar corporates to raise funding in the debt capital markets in future

QREIC has been rated A2 by Moodys and BBB+ by Fitch. The sukuk is expected to have a five-year maturity. HSBC is leading QREIC on an investor roadshow which, in addition to Doha, will visit Abu Dhabi, Dubai, Bahrain, Singapore, Kuala Lumpur, and London. The sukuk will be listed in London.

Commenting on the deal, Declan Hegarty, HSBC's regional Head of Capital Markets, said:
"This is an important mandate for HSBC. It moves Qatar up a level in terms of sophistication of financing, and it reinforces HSBC's position at the forefront of the regional Islamic debt issuance market. We expect to see strong investor interest in this issue, and we expect more corporates in Qatar to follow QREIC's example. "

Pricing and size of the issue will be determined by market demand following the roadshow.