Thursday, October 29, 2020
banner
Home /  Business  /  CB closes $227.5 mn syndicated term loan

CB closes $227.5 mn syndicated term loan

Tribune News Network
Doha
Commercial Bank (CB) has announced they it successfully closed a dual-tranche $227.5 million syndicated term loan facility recently with competitive pricing and well-diversified investors by tapping the Asian markets.
The facility was mandated to Mizuho Bank Limited to lead and arrange with the purpose of meeting the bank’s general funding and working capital needs.
The bank recently successfully launched a senior unsecured five-year bond worth $500 million at a new price benchmark.
The transaction was launched at the set spread of +175 bps over five-year mid swaps and priced at a coupon rate of 2 percent and yield of 2.083 year. The issue was oversubscribed 3.8 times.
This transaction marked CB’s successful return to the US $ public markets since 2018 and effectively repriced CBQ’s funding curve down.
Commercial Bank Group CEO Joseph Abraham attributed the success to very positive views from investors on Qatar’s strong economy and fiscal buffers, and the strength of Qatar’s banking system.
Investors have positively viewed the strong execution of CBQ’s five-year strategy which has significantly improved the performance of the bank.

Pages