Arab Today, arab today qtel eyes us1bn commercial paper programme
Last Updated : GMT 08:53:10
Arab Today, arab today
Arab Today, arab today

Qtel eyes US$1bn commercial paper programme

Arab Today, arab today

Arab Today, arab today Qtel eyes US$1bn commercial paper programme

Doha - Arabstoday

Qatar Telecom has asked banks for proposals about a US$1bn commercial paper programme, three sources said on Thursday, in what would be a rare example of a Middle Eastern entity using such an instrument. Qtel, the former state monopoly in the Gulf Arab state, issued the proposal last month to explore options concerning a possible programme, which would be used to assist short-term liquidity management. Talks are still exploratory in nature, said two of the sources, who declined to be named because the information is not public, and it could be a number of months before Qtel issues commercial paper if it decides to go ahead. A formal mandate appointing banks generally follows after proposal requests are sent out. Qtel was not available for comment. \"It would be breaking new ground for Middle Eastern corporates if they did,\" a source at one international bank said, adding that Mubadala, the Abu Dhabi state-owned investment fund, and a couple of regional banks were the only current issuers of commercial paper from the Gulf. Commercial paper is a short-term unsecured debt instrument used to manage near-term obligations and to finance everyday expenses more easily. Qtel\'s request for proposals asked banks to evaluate options for a standby loan facility to back up the commercial paper programme and stop damage to the company\'s rating from taking on short-term debt. The two bankers said no fixed amount for the facility was given in the invite. Qtel said in April it had no refinancing needs and would pay back maturing debt using its own cash, following reports it was seeking a US$2bn loan to help refinance a US$3bn obligation due in October. Qtel had QAR21.1bn (US$5.8bn) cash and cash equivalents at the end of March, its first-quarter financial statement said. All the three bankers said the commercial paper programme was not a fundraising tool but was about Qtel becoming a more sophisticated financial entity. \"It is a useful piece of ammunition to have as it adds short-term liquidity and diversification away from bank lines,\" the third source said. The company is rated A by Standard & Poor\'s, A2 by Moody\'s, and A+ by Fitch Ratings. Qtel shares are up 26.5 percent year-to-date. They closed down 3.4 percent on Thursday.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today qtel eyes us1bn commercial paper programme Arab Today, arab today qtel eyes us1bn commercial paper programme

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today qtel eyes us1bn commercial paper programme Arab Today, arab today qtel eyes us1bn commercial paper programme

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday