Qatar Petroleum raised US$12.5 billion in a multi-tranche bond offering, marking a significant achievement for an oil and gas company in the international financial and capital markets.

The proceeds from the bond offering will be used to support Qatar Petroleum’s ambitious growth plans, particularly the North Field expansion projects over the coming few years.

The RegS/144A bond offering (sales to investors outside the United States in offshore transactions) consists of 5-, 10- and 20-year conventional tranches and a dual-listed 30-year Formosa tranche. Strong interest and favourable market conditions together with outstanding credit ratings, allowed Qatar Petroleum to achieve the following positive outcome:

  • 5-year $1.5 billion at UST+50bps (Coupon: 1.375%)
  • 10-year $3.5 billion at UST+90bps (Coupon: 2.250%)
  • 20-year $3.5 billion at a yield of 3.15% (Coupon: 3.125%)
  • 30-year $4.0 billion at a yield of 3.30% (Coupon: 3.300%)

This is the largest US dollar fixed-rate oil and gas offering, the largest corporate issuance in the MENA region, and the largest corporate Formosa tranche raised globally.

Qatar Minister of State for Energy Affairs and Qatar Petroleum President/CEO HE Saad Sherida Al Kaabi said the outcome of the offering is a strong testament to Qatar Petroleum’s disciplined approach as an investor and formidable standing not only as the world’s largest LNG producer but also in the capital and financial markets.

Virtual Roadshow

Qatar Petroleum recently held a virtual roadshow for its transaction and met with over 130 international investors over a two-day period. The interactions resulted in significant interest from global insurers, asset managers, pension funds and bank treasuries, which resulted in a high-quality order book, and saw participation from over 500 investors and demand peaking above 40 billion US dollars.

HE Minister Al Kaabi also said that the North Field expansion projects will solidify Qatar Petroleum’s leading role in the LNG industry as well as in the energy transition.

We take special pride in the fact that investors recognised this role, the importance of our LNG projects and the bright future of our LNG industry, and that they have expressed overwhelming interest in this unique offering.

I would like to thank all the banks and financial and investment institutions that participated in this successful programme. I would also like to thank Qatar Petroleum’s team for the excellent preparation and execution of this programme.

Qatar Petroleum worked with a group of leading global financial institutions on this transaction, including Citi and JP Morgan as Global Coordinators; BofA Securities, Citi, Deutsche Bank, Goldman Sachs International, HSBC, JP Morgan, MUFG and QNB Capital as Active Bookrunners; and Credit Suisse, who acted as Passive Bookrunner.

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