QNB Raises $206M in Largest Qatari Riyal Shogun Bond
The three-year notes, arranged by Sumitomo Mitsui Banking Corporation, are 50% larger than QNB's debut Shogun deal in February 2025.
QNB Group raised $206 million, or QAR 750 million, through a Shogun bond denominated in Qatari riyals — the lender's second such issuance and the largest it has completed. The bank disclosed the sale in a Qatar Stock Exchange filing on Thursday.
QNB operates in more than 28 countries and provides retail, corporate and institutional banking. The notes carry a three-year maturity. Sumitomo Mitsui Banking Corporation arranged the transaction, with Standard Chartered, DBS Bank and QNB Capital also serving as arrangers. QNB said the bonds were placed with a diversified group of Japanese investors and were marketed exclusively to international buyers. The coupon, yield, pricing spread and number of participating institutions were not disclosed.
The deal is 50% larger than QNB's inaugural Shogun bond, a $137.4 million (QAR 500 million) sale in February 2025.
Denominating the notes in riyals rather than yen lets QNB borrow in its home currency while pulling in a set of investors it would otherwise reach mainly through yen or dollar deals. It fits a run of funding moves aimed at widening its buyer base and staggering maturities: $1 billion (QAR 3.64 billion) of riyal-denominated bonds in January 2026 with a one-year maturity and a 4% coupon, and a $2.5 billion senior unsecured syndicated term-loan facility in October.
The issuance lands alongside nine-month results released on October 8. Net profit for the first nine months of 2026 was $3.7 billion (QAR 13.3 billion), up 4% year on year. Operating income reached $9.9 billion (QAR 36 billion), 8% higher. Total assets stood at $402 billion (QAR 1.46 trillion) on September 30, up 5% annually, and loans and advances rose 6% to $291 billion (QAR 1.06 trillion). The capital adequacy ratio was 19.7% and the liquidity coverage ratio 145%, both above the regulatory minimums that apply to the bank.
QNB's estimated market capitalization was $39.7 billion (QAR 144.7 billion) on October 22, 2026, calculated on about 9.2 billion outstanding shares, with the stock at $4.30 (QAR 15.66) on the Qatar Stock Exchange. The bank placed 11th in a 2026 ranking of the 100 most valuable companies, which put its market value at $50.2 billion as of the ranking's valuation cutoff. Group CEO Abdulla Mubarak Al-Khalifa was ranked eighth in a 2026 Top 100 CEOs ranking.
