Business | Telecoms
Qtel to launch another debt sale
Demand for bond issue was more than 10 times oversubscribed
- Reuters
- Published: 00:00 October 14, 2010
Doha: Qatar Tele-communications (Qtel) will launch another debt sale after strong investor appetite for its recent bond issuance, the state-controlled telecoms firms said Wednesday.
A banker with a lead arranger said the firm was eyeing a two-tranche dollar bond issue, comprising a $500 million (Dh1.8 billion) six-year part and an up to $750 million 15-year bond.
Last week, Qtel launched a $500 million six-year bond and a $1 billion 10-year bond priced at 3.375 per cent and 4.75 per cent respectively.
Attractive pricing
Demand for the issue was more than 10 times oversubscribed, as bids exceeded $15 billion.
"Following the high levels of demand from the international fixed income investor community for its recent bond issuance, and the attractive pricing levels achieved, the company has decided to undertake a further issuance under its Global Medium Term Note Programme," Qtel said in a statement. It gave no details on the size or timing of the issuance.
Appetite for bond issues from the tiny Gulf Arab state has been strong, helped by increased demand for emerging market bond sales.
More from Telecoms
More from Business
Business Editor's choice
-
China breaks West's solar monopoly
Some countries in the world, especially Germany and the United States, have made considerable efforts to invest in developing solar energy cells
-
Burberry store spree will cut profit
Trenchcoat maker forges ahead with investment strategy targeting emerging markets
-
Laws needed to spur region bond markets
UAE Central Bank calls for creation of a centralised Sharia board to facilitate the sale of sukuk
