QNB Group, the largest financial institution in the Middle East and Africa, announced today the successful completion of QNB Group’s first green benchmark bond issuance and first ever green bond issued from Qatar and the largest green issuance by a financial institution in the MENA region.
Under the MTN Programme, USD600 million tranche in the form of Senior Unsecured Notes was issued with a maturity of 5 years and listed on the London Stock Exchange under Sustainable Bond Market segment. The proceeds from this green bond issuance will be used to finance and/or refinance assets in verified Eligible Green Projects.
QNB Group received subscriptions in excess of USD1.8 billion demonstrating the global investor’s confidence in QNB Group’s solid financial fundamentals and strong financial performance. The issuance was part of QNB Group’s ongoing strategy to ensure diversification of funding in terms of type, tenor and geography as an example of commitment to ESG principles.
In 2017, QNB Group launched a group-wide sustainability strategy across the organization. The strategy has been developed in alignment with the objectives of the Qatar National Vision 2030 (QNV2030), United Nations Sustainable Development Goals (UNSDG) and the sustainability criteria guidance as set forth by the Qatar Stock Exchange.
Building on this initiative, QNB Group set up its Green, Social and Sustainability Bond Framework in February 2020 and has been in regular contact with several ESG investors over the last number of months.
In particular, QNB Group’s current green assets portfolio currently consists of green buildings, energy efficiency projects and sustainable water and waste water management in Qatar and international jurisdictions where QNB Group is present.
The Reg S issue attracted strong interest from investors globally and was arranged by Barclays PLC as Global Coordinator and Joint Lead Manager, ING as Sole Sustainability Structuring Advisor and Joint Lead Manager, and Crédit Agricole, HSBC, QNB Capital and Standard Chartered Bank as Joint Lead Managers.
QNB Group’s presence through its subsidiaries and associate companies extends to more than 31 countries across three continents, providing a comprehensive range of advanced products and services. The total number of employees is more than 29,000 operating through 1,000 locations, with an ATM network of more than 4,200 machines.