Doha:QNB Group has announced that QNB Capital successfully acted as the Global Coordinator for the State of Qatar's $3 billion dual-tranche conventional bond issuance in the international debt capital markets.

According to Qatar News Agency, the transaction, priced on September 21, 2026, included a $1 billion five-year bond and a $2 billion ten-year bond. The five-year tranche was priced at 55 basis points over US Treasuries, offering a coupon of 5.25% and a yield to maturity of 5.38%, attracting an order book exceeding $2 billion. The ten-year tranche was priced at 65 basis points over US Treasuries, with a coupon of 5.375% and a yield to maturity of 5.613%, garnering investor orders exceeding $4 billion.

The spreads offered additional returns over comparable US government bonds. The strong demand for both maturities allowed Qatar to price each tranche with a new issue premium of only five basis points over fair value, one of the lowest new issue premiums for comparable regional transactions in 2026. This reflects continued international investor confidence in Qatar's credit fundamentals and economic outlook.

The transaction drew interest from a diverse range of investors across Asia, Europe, the Middle East, and the United States. QNB Group CEO Abdulla Mubarak Al Khalifa expressed pride in supporting Qatar's successful bond issuance and noted that the strong investor demand and competitive pricing indicate global confidence in Qatar's economy.

QNB Capital collaborated with J.P. Morgan, HSBC, Standard Chartered Bank, and Goldman Sachs as Global Coordinators. Santander, Credit Agricole Corporate and Investment Bank, Deutsche Bank, Mizuho, MUFG, and SMBC served as Joint Bookrunners. This transaction enhances QNB Capital's reputation in executing significant sovereign and institutional debt capital markets transactions and reinforces its role as a leading investment banking advisor in Qatar and the region.