(Recasts with launch, adds details)
DUBAI, Jan 19 (Reuters) - Qatar National Bank, the Gulf's
biggest lender, sold $1 billion in five-year bonds at 95 basis
points (bps) over mid-swaps after attracting more than $2.5
billion in orders for the debt sale, a document showed on
Tuesday.
It had given initial price guidance of around 120 bps over
mid-swaps earlier on Tuesday, another document also from one of
the banks arranging the deal showed.
The deal comes as Gulf borrowers line up debt issues
following the lull around the U.S. elections and winter
holidays.
Bahrain and Saudi Arabia's biggest lender National
Commercial Bank (NCB) are both expected to tap the international
debt markets this week.
NCB is seeking to raise $1 billion with its planned sale of
U.S. dollar-denominated Tier 1 sukuk, or Islamic bonds, two
financial sources said.
QNB will use the proceeds for general corporate purposes and
the bonds will be listed on the London Stock Exchange.
Credit Agricole, HSBC, Mizuho,
QNB Capital and Standard Chartered arranged the deal.
(Reporting by Yousef Saba;
Editing by Alison Williams and Emelia Sithole-Matarise)