Qatar's Ooredoo announces plans for debut sukuk

Telco to start roadshows for $500m-plus Islamic bond later this week

Tags: Ooredoo (www.ooredoo.qa)Qatar
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Qatar's Ooredoo announces plans for debut sukuk Investor roadshows for the sukuk will begin on November 22 and will cover Asia, Middle East and Europe.
By  Daniel Shane Published  November 21, 2013

Qatari telecommunications operator Ooredoo yesterday announced plans for an Islamic bond, or sukuk, and will begin roadshows later this week.

The company, which is majority-owned by Qatar’s government but also has shares listed on the national bourse, has appointed QNB Capital, QInvest, Deutsche Bank, HSBC and DBS Bank as joint lead managers for the benchmark-size issue.

The statement did not specify the size of the offering, but benchmark size is usually $500m or more.

Investor roadshows for the sukuk will begin on November 22 and will cover Asia, Middle East and Europe.

Ooredoo, which also has operations in countries including Algeria, Iraq, Kuwait, Tunisia and Myanmar, last month said it was considering a listing on London Stock Exchange or another foreign bourse as it seeks to attract more liquidity.

Only 21% of Ooredoo shares are currently listed, with the rest held by Qatar’s government and other state-linked entities. 

According to a report published by Thomson Reuters on Wednesday, global sukuk issuance is predicted to come in at about $100bn this year, down from $134bn in 2012.

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