Doha Bank issues $150 million digital bond with instant settlement

Doha Bank has successfully issued a $150 million Floating Rate Digitally Native Note (DNN) on the London Stock Exchange’s International Securities Market (ISM), marking a significant step towards digital financial markets in Qatar and the GCC region. The bond utilizes Euroclear’s Digital Financial Market Infrastructure (D-FMI) to enable T+0 (instant) settlement, a pioneering feature for USD bond issuances in Qatar. Standard Chartered acted as the Sole Global Coordinator and Sole Arranger for the deal, which attracted new investors to the bank.

Sheikh Abdulrahman Bin Fahad Al-Thani, Group CEO of Doha Bank, highlighted the issuance as a milestone in diversifying the bank’s funding base and embracing innovation to enhance efficiency and market access. The transaction aligns with Qatar Central Bank’s financial sector strategy and the government’s vision for digital transformation. Salman Ansari of Standard Chartered emphasized the efficiencies delivered by cutting-edge digital infrastructure and the growing appetite for such capabilities.

Built on distributed ledger technology (DLT), the DNN offers enhanced transparency and operational efficiency. Euroclear and the London Stock Exchange also expressed their support for the initiative, noting its potential to set a standard for digital issuance in the GCC and improve capital market efficiency globally. Citi is acting as the issuing and paying agent.

(Source：Finextra)