Qatar may sell dollar bonds after testing investor appetite from London to Asia for a potential deal, according to people with knowledge of the matter.
(Bloomberg) —
Qatar may sell dollar bonds after testing investor appetite from London to Asia for a potential deal, according to people with knowledge of the matter.
The Gulf state was due to start a non-deal roadshow from Monday to gauge market interest and may arrange a Eurobond deal after that, the people said, asking not to be identified because the talks are private.Â
The government may offer Islamic or conventional notes, or could decide not to proceed with a sale because it doesn’t need the funds urgently, they said. A spokesperson for Qatar’s ministry of finance didn’t respond to a request for comment.Â
Qatar, one of the world’s largest liquefied natural gas exporters, is anticipating a budget surplus of 29 billion riyals ($7.9 billion) this fiscal year at an oil price assumption of $65 per barrel. The country, which hosted the 2022 FIFA World Cup, is benefiting from a rising demand for LNG from Europe since Russia’s invasion of Ukraine.
The nation has about $11 billion in debt maturing this year, including $3 billion of bonds coming due in April, according to data compiled by Bloomberg.Â
Regional debt sales have resumed, spurred on by lower funding costs and reduced volatility. Egypt, one of the region’s most indebted countries, started marketing its debut sale of Islamic bonds known as sukuk on Tuesday. Earlier this month, Saudi Arabia’s sovereign wealth fund raised $5.5 billion from a green bond sale after securing more than $32 billion in orders.Â
–With assistance from Simone Foxman.
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