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Qatar to issue local bonds this year
- Qatar: Tuesday, January 29 - 2013 at 05:34
The International Monetary Fund has said Qatar is planning to issue local currency sovereign bonds with three- and five-year maturities this year as part of efforts to build a yield curve for its debt market, Reuters has reported. "They are going to issue three- and five-year domestic government bonds in 2013. They did not mention the timing of the issuance but there will be more than one issuance and the objective is to build a domestic sovereign yield curve," said A Prasad, the IMF's mission chief for Qatar. The Gulf country has issued local currency bonds before: in January 2011, the central bank issued a QR50bn ($14bn), three-year bond directly to local banks as a step to drain excess money from the banking system. However, "the previous bonds were one-off issuances, and there has been no secondary market trading. Now, they want to build the domestic bond yield curve, so the new issuances will be tradable instruments," Prasad said.
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