Commentary & Deal Flow

The State of Qatar acting through the Ministry of Finance exp Aa2/AA/AA (s/s/n) US$3bn 144A/Reg S (Cat 1) 2-part Registered Global sr unsec notes (5y FXD due 09/28/31 and 10y FXD due 09/28/36). GS/HSBC (B&D on 5y)/JPM/QNB Capital/Standard Chartered (B&D on 10y) as Global Coordinators. CA/DB/Miz/MUFG/Sant/SMBC joint lead managers. First pay: 03/28/27. Clearing: Rule 144A (DTC), Regulation S (Euroclear and Clearstream, Luxembourg). Stabilisation: FCA/ICMA applies. Denoms: 200,000 x 1,000. Governing Law: English Law. Listing: London Stock Exchange (Main Market). Documentation: Global Medium Term Note Programme. NetRoadshow: Direct Link: http://secure-web.cisco.com/1WRHYPxxS81CExaIMp0a2yY0nm_xvDUeGKNPBHkImi67ys1S58Hi0UbBe5nqvy81knDvf8ydq5MCoFgyMwHEsbZVk9EHKvjvkF6djPi7i2QWHZIW49S9zCwSl-fc0ps3rNw5-9Vmb2wRxsmiHqKk6WyMjjyeNyY9bECqDrFY6VWgZ6MfjzRyUnGu7gH4obxliLougfkz9iGq_NSnO2qbLnJLrE5RINWr8UFwgPMJBZeJFsPd839Nqgu8QUCY_Z6vV/http%3A%2F%2Fwww.netroadshow.com%2Fnrs%2Fhome%2F%23%21%2F%3Fshow%3D0804037f OR Visit www.netroadshow.com and enter the entry code: Qatar26 (not case-sensitive) OR Visit www.netroadshow.com and enter the entry code: Qatar26 (not case-sensitive). Pricing 09/21. Settle 09/28 (T+5). 144A CUSIP/ISIN: 5y 74738PUG1/US74738PUG17 and 10y 74738PKS6/US74738PKS64. Reg S ISIN: 5y XS3518486009 and 10y XS3518496735.
IPTs: 5y T+85 area and 10y T+95 area.
UPDATE: 5y spread set at T+55#, 10y spread set at T+65#. Orderbook >$3.0bn (ex JLM) on the 5Y and >$4.7bn (ex JLM) on the 10Y.
LAUNCHED:

$1bn 5y at T+55.

$2bn 10y at T+65.