Qatar has launched initial price talks for a dual-tranche US dollar–denominated debt offering, marking another significant entry into international capital markets. Acting through its Ministry of Finance, the country plans to issue a 3-year senior unsecured conventional bond and a 10-year senior unsecured sukuk, both benchmark-sized and designed to attract a global investor base.
The 3-year conventional bond is being marketed at around US Treasuries plus 45 basis points, while the 10-year sukuk is guided at UST+55 basis points, reflecting strong confidence in Qatar’s credit profile and fiscal stability.
The issuance is backed by an impressive roster of global financial institutions. Deutsche Bank, Goldman Sachs International, QNB Capital, and Standard Chartered Bank are serving as global coordinators, with a syndicate of joint lead managers that includes Santander, Citi, Emirates NBD Capital, ICBC, IMI-Intesa Sanpaolo, SMBC, Dubai Islamic Bank, ICDPS, KFH Capital, among others.
Both tranches carry expected ratings of Aa2 from Moody’s, AA from S&P, and AA from Fitch, consistent with Qatar’s sovereign long-term issuer ratings. The bonds are being marketed under Rule 144A/Reg S format, allowing participation from both U.S. and international investors.
The sukuk will be structured under Ijara and Murabaha principles, adhering to Islamic finance standards. Settlement for both tranches is expected on November 10, 2025, with maturities on November 10, 2028, for the conventional bond and November 12, 2035, for the sukuk. Once issued, the securities will be listed on the London Stock Exchange’s Main Market.
This transaction falls under Qatar’s Global Medium Term Note Programme and Trust Certificate Issuance Programme, with books opening on Monday.
The move follows Qatar’s $3 billion dual-tranche issuance in February, which priced tightly amid high investor demand — reinforcing the nation’s position as a leading and trusted issuer in the Gulf’s sovereign debt market.
