Qatar

Qatar Islamic Bank this week printed the Gulf region’s first Formosa sukuk, as issuers there stepped up their use of increasingly attractive Asian debt markets.

Bankers in Doha this week were eager to start a World Cup funding run in Qatar, as concerns over the Gulf state’s conflict with Saudi Arabia began to dissipate.

A handful of rare visitors came to the marker this week to place debt in dollars and yen, and bankers scrambled for a QNB mandate.

Flourishing conditions in the sukuk market stepped up another gear this week as Qatar International Islamic Bank priced an additional tier one bond that one of its leads claimed was the tightest ever such trade from the Gulf Cooperation Council states.

Qatar International Islamic Bank mandated banks on Wednesday for an AT1 sukuk, one day after Masraf al Rayan (MAR), another Qatari Islamic bank, had achieved tight pricing on its senior unsecured offering in the format. But another Middle Eastern deal, in Reg S/144A format, was pulled this week.

Masraf Al Rayan, the second largest Islamic bank in Qatar by total assets, is embarking on a roadshow for its debut outing in the international sukuk market.

Middle Eastern banks returned to the Swiss franc market this week after an absence of almost five months with trades from two Gulf banks providing some respite for yield-starved investors.

With deposits replenished, the country’s lenders are gearing up for some bold new growth strategies.

Qatar’s economy is in expansion mode, with diversification and investment underpinned by the government’s ambitious Vision 2030 strategy.

With metrics improving and GDP growth reviving, Qatar Central Bank Governor Sheikh Abdullah bin Saud al-Thani is confident that the country has emerged stronger and fitter from the recent turbulent conditions.

Islamic Development Bank and Qatar National Bank hit the market for dollar paper on Wednesday, scooping up funds ahead of Ramadan.

Qatar National Bank hit the market on Thursday while Sharjah is going on the road to promote a sukuk.