Qatar National Bank (QNB), leaning on Asian banks for the first time to broaden its funding base, is testing investor appetite with a new US$2 billion (QR7.28 billion) loan. The Gulf’s biggest lender launched an unsecured five-year term facility targeting only Asian lenders, and strong demand allowed it to double the size from an initial US$1 billion (QR3.64 billion). It was priced at 80 basis points over SOFR with a top-level upfront fee of 110 basis points, and QNB called it the largest Asian pure-play syndication by a GCC bank, achieving the tightest pricing for the region. Mizuho Bank acted as sole coordinator, bookrunner and mandated lead arranger.
CEO Abdulla Mubarak Al Khalifa said the oversubscription despite challenging global conditions reaffirms QNB’s reputation as a high-quality issuer and fits the bank’s strategy to diversify relationships worldwide. The deal marks a shift for QNB, which has historically relied on global and regional banks for its syndicated loans, including a US$3.5 billion (QR12.74 billion) dual-tranche facility in 2020 and a US$2 billion (QR7.28 billion) refinancing in 2023. With this Asian-focused transaction, QNB is tapping deeper liquidity pools in Japan, China and Southeast Asia as it funds general corporate purposes and continues expanding across MEASEA. The success signals that top-rated Gulf banks can still command competitive terms even as funding costs remain elevated.
