Heavy oversubscription for QTel’s debut bonds blows away Middle East oversupply fears
Qatar Telecom (QTel) priced its debut $1.5bn dual tranche dollar bonds on Tuesday, becoming the fifth Middle Eastern credit to issue since the start of April and the most heavily oversubscribed so far. The books reached over $13bn and the subsequent price performance has been strong with the five year ratcheting in 40bp in the grey market and the 10 year, 35bp, helping to calm fears of an oversupply of dollar paper from the Middle East.
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