Dentons has advised The Commercial Bank (P.S.Q.C.) on its issuance of US$750 million 5.375% senior guaranteed notes due 2029 issued by CBQ Finance Limited, a special purpose vehicle issuer incorporated in Bermuda. The transaction was completed on 28 March 2024 with the participation of international and regional joint lead managers. Dentons also advised on the related 28 September 2023 update of The Commercial Bank (P.S.Q.C.)’s US$5 billion euro medium term note programme.
The issuance was rated A3 by Moody’s and A- by Fitch. It was admitted to trading on the regulated market of Euronext Dublin. The issuance was offered to sophisticated investors, outside the US, in reliance on Regulation S under the US Securities Act of 1933. The issuance was 2.4 times oversubscribed, with an order book of US$1.8 billion, and was the largest issuance under The Commercial Bank (P.S.Q.C.)’s programme since 2016.
Debt Capital Markets partner Alex Roussos, based in Dentons’ Dubai office, commented: “We are delighted to have supported The Commercial Bank on its return to the capital markets. This was a very successful result for the bank, achieved under significant timing constraints, and is evidence of the appeal of Qatari issuers to international investors and the confidence that is placed in the regional banking sector.”
The Dentons team was led by partners Alex Roussos and Zaher Nammour, with assistance from senior legal consultant Katie Phillips, senior associates James Osun-Sanmi and Sana Siddiqui, associate Sarah Fewster and paralegal Joseph Hunt.
