Commercial Bank of Qatar has issued its first Green Bond denominated in Swiss francs (CHF), marking the largest such issuance from Qatar and the wider Central and Eastern Europe, Middle East and Africa (CEEMEA) region in recent years.
The 3-year bond raised CHF 225mn ($247mn) at a coupon rate of 1.7075%, the bank said in a statement on September 25. The issuance, listed on the SIX Swiss Exchange, is rated A- by S&P and A by Fitch.
"This issuance marks a significant milestone in our sustainable financing journey," Joseph Abraham, Group Chief Executive Officer at Commercial Bank, told LESG.
He added that the bond aligns with Qatar's National Vision 2030 and its climate change strategy.
The bank plans to allocate proceeds to sustainable water management, green buildings, and clean transportation projects.
Initially priced at 130 basis points over the benchmark, strong demand allowed the spread to tighten to 120 basis points.
Commerzbank, Deutsche Bank, and Standard Chartered Bank acted as joint lead managers, with Standard Chartered also serving as the sole sustainability structurer.
The issuance follows the bank's publication of its Sustainable Finance Framework in 2023.
($1 = 0.9115 Swiss francs)
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