By Rebecca Melvin
Concord, N.H., July 2 – Qatar Petroleum priced $12.5 billion of senior bonds in four tranches consisting of five-, 10- and 20- year conventional bonds and a 30-year dual-listed Formosa bond (Aa3/AA-/AA-), according to a market source.
The $1.5 billion tranche of 1 3/8% bonds due Sept. 12, 2026 priced at 99.905 for a 1.394% yield, or a spread of 50 basis points over Treasuries. The five-year tranche has a make-whole call at a Treasuries plus 10 bps premium and then are callable at par one month prior to maturity.
The $3.5 billion tranche of 2¼% 10-year bonds priced at 98.937 for a 2.37% yield, or a spread of 90 bps over Treasuries. The 10-year bond has a make-whole call at Treasuries plus 15 bps and then a par call three months prior to maturity.
The $3.5 billion tranche of 3 1/8% 20-year bonds priced at 99.631 to yield 3.15%, or a spread of 112.6 bps over Treasuries. The 20-year bond has a make-whole call at Treasuries plus 20 bps and then a par call six months prior to maturity.
The $4 billion tranche of 3.3% 30-year Formosa bonds priced at par for a spread of 119.4 bps over Treasuries. Like the 20-year tranche, the Formosa bond has a make-whole call at Treasuries plus 20 bps followed by a par call six months prior to maturity.
Citigroup and JPMorgan were global coordinators for the four series, with their Taiwan branches managing the Formosa bond.
Citi and JPMorgan were joint bookrunners of the 2026, 2031 and 2041 bonds, together with BofA Securities, Deutsche Bank, Goldman Sachs, HSBC, MUFG and QNB Capital. Credit Suisse was a passive bookrunner.
For the Formosa tranche, joint bookrunners were Citibank Taiwan Ltd., Deutsche Bank AG Taiwan Branch, Goldman Sachs (Asia) LLC, Taipei Branch, HSBC Bank (Taiwan) Ltd., and J.P. Morgan Securities (Taiwan) Ltd.
BofA Securities, Credit Suisse, MUFG and QNB Capital were structuring agents for the 2051 bond.
Citigroup was billing and delivery for the conventional bonds, and HSBC was billing and delivery for the Formosa bond.
Qatar Petroleum is a liquified natural gas producer and exporter based in Qatar.
| Issuer: | Qatar Petroleum
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| Issue: | Senior bonds
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| Amount: | $12.5 billion
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| Bookrunners: | Citigroup, JPMorgan, BofA Securities, Deutsche Bank, Goldman Sachs, HSBC, MUFG, QNB Capital and Credit Suisse (for 2026, 2031 and 2041 bonds); Citibank Taiwan Ltd., Deutsche Bank AG Taiwan Branch, Goldman Sachs (Asia) LLC, Taipei Branch, HSBC Bank (Taiwan) Ltd. and J.P. Morgan Securities (Taiwan) Ltd. (for Formosa bonds)
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| Pricing date: | June 30
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| Settlement date: | July 12
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| Ratings: | Moody's: Aa3
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| S&P: AA-
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| Fitch: AA-
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| Distribution: | Rule 144A and Regulation S
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| Five-year bonds
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| Amount: | $1.5 billion
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| Maturity: | Sept. 12, 2026
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| Coupon: | 1 3/8%
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| Price: | 99.905
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| Yield: | 1.394%
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| Spread: | Treasuries pus 50 bps
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| Calls: | Make-whole call at Treasuries plus 10 bps, then callable at par one month prior to maturity
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| 10-year bond
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| Amount: | $3.5 billion
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| Maturity: | July 12, 2031
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| Coupon: | 2¼%
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| Price: | 98.937
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| Yield: | 2.37%
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| Spread: | Treasuries pus 90 bps
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| Calls: | Make-whole call at Treasuries plus 15 bps, then callable at par three months prior to maturity
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|
|
| 20-year bond
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| Amount: | $3.5 billion
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| Maturity: | July 12, 2041
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| Coupon: | 3 1/8%
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| Price: | 99.631
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| Yield: | 3.15%
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| Spread: | Treasuries pus 112.6 bps
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| Calls: | Make-whole call at Treasuries plus 20 bps, then callable at par six months prior to maturity
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| Formosa bond
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| Amount: | $4 billion
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| Maturity: | July 12, 2051
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| Coupon: | 3.3%
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| Issue price: | Par
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| Yield: | 3.3%
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| Spread: | Treasuries pus 119.4 bps
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| Calls: | Make-whole call at Treasuries plus 20 bps, then callable at par six months prior to maturity
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