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QIB bond sale could raise up to $750m

Qatar Islamic Bank could raise as much as $750m by selling five-year Islamic bonds that may be priced to yield 262.5 basis points above similar maturity midswap, Bloomberg has reported, citing four bankers familiar with the transaction. Qatar Islamic said last week it would start meeting with investors in the Middle East, Asia and Europe starting September 24 and had hired Credit Suisse Group, HSBC Holdings and Qatari investment bank QInvest to manage the issuance. "The demand for it has been very strong," Akber Khan, a director at Al Rayan Investment in Doha told the news service. "US dollar yields are so low that GCC issues in dollars look attractive for yield-hungry investors."