Masraf Al Rayan’s USD 750 Million Five-Year Sukuk Oversubscribed More Than Four Times

Qatar-based Islamic bank, Masraf Al Rayan’s (MAR) USD 750 million five-year Sukuk has been oversubscribed more than four times, according to local media reports. The issued Sukuk, which comes under its existing USD 2 billion Sukuk Programme, saw a subscription of around USD 3.3 billion, according to a regulatory filing by MAR with the Qatar Stock Exchange.

The overwhelming demand from investors has allowed MAR, which is rated ‘A1’ by Moody’s Investors Service, to increase the issue size to USD 750 million from an initial USD 500 million. The Sukuk was priced at 185 basis points over a five-year mid swap, with a fixed profit rate of 2.21% per year.

The oversu...