QR50bn bonds issued to banks Tuesday, 18 January 2011 02:46

DUBAI/DOHA: Qatar issued a QR50bn ($13.7bn) bond to local banks last week, which banking sources said yesterday was to raise funds for development projects and to drain excess money from the banking system.

Qatar, the world's largest LNG exporter, began issuing domestic debt last year in a bid to launch a local debt market, ease excess liquidity in the banking sector and diversify its funding away from dollars. A market source said the central bank had confirmed the size of the three-year issue, modifying earlier market talk of a much larger bond of up to QR350bn. REUTERS

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