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CBQ plans bond sale
- Qatar: Thursday, April 04 - 2013 at 01:21
Commercial Bank of Qatar (CBQ), which plans to acquire a majority stake in Turkish lender Alternatifbank, has named two lenders for a potential bond sale to boost its core capital, Reuters has reported, citing unnamed sources. CBQ, the Gulf country's third-largest bank by market value, has hired Morgan Stanley and Bank Of America Merrill Lynch for the issue of a Tier 1 bond, two sources said. CBQ has never sold a Tier 1 bond before but completed a $600m ten-year Tier 2 bond in 2009 as part of a $1.6bn two-part offering which, at the time, was the largest ever issue from an emerging market financial institution. In March, CBQ agreed to buy a 70.8% stake in Alternatifbank, valued at $ 460m based on Alternatif's book value of $328m at the end of December.
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