Qatar plans to launch its first local currency-denominated bonds in a bid to develop a domestic bond market and move funding away from U.S. dollars, the Financial Times cited the finance minister as saying on Monday.
Qatar will announce the sale of the Islamic and conventional bonds to its domestic banks on Monday or Tuesday, Finance Minister Yousef Kamal told the newspaper.
"Most of the local banks have a lot of excess cash - huge cash - and they are looking for a good client," Kamal said. "We have already allocated each bank its portion."
The bond sale is estimated at $1.1 billion, the Financial Times said, citing bankers familiar with the matter.
Qatar, the world's largest gas exporter, issued a $7 billion bond in November, marking the largest sovereign debt issuance in the region.
Source : Reuters