Qatar's central bank issued a record QAR 24bn ( USD 6.6bn ) worth of three and five-year local currency-denominated government bonds and sukuk (Islamic bonds) at an auction held on January 16 , the bank said in a statement. It did not disclose details on the coupons offered. The bonds were split into a QAR 11bn sukuk tranche and QAR 13bn worth of conventional bonds. The central bank issued QAR 8bn in three-year conventional bonds maturing on Jan 16, 2017 and QAR 5bn in five-year bonds maturing on Jan 16, 2019 . The central bank also issued QAR 7bn in three-year sukuk (Islamic bonds) maturing on Jan 16, 2017 and QAR 4bn in five-year sukuk maturing on Jan 16, 2019 . The central bank has so far been selling QAR 4bn worth of sukuk and bonds on a quarterly basis. The latest large issue aims to replace part of an even bigger issue of QAR 50bn worth of three-year government bonds that were sold in January 2011 . The aggressive domestic debt issuance is part of the government efforts to soak up excessive liquidity on the local market which is rapidly boosting inflationary pressures. The quarterly bond issuance programme also aims to develop the domestic debt market and build a related yield curve. The papers pay bi-annual coupons. The QCB's one-night deposit rate currently stands at 0.75%. The lending rate stands at 4.5% and the repo rate also at 4.5%.
Most Popular Stories
- Chobani Counters Competition With Expanded Lineup
- Reid: Bundy Backers Are 'Domestic Terrorists'
- Ex-BP Employee Settles Insider Trading Charges
- Venture Investments in U.S. Highest Since 2001
- Colo. Cleantech Program Calls for Entrepreneurs
- Unemployment Rates Down, Job Gains Up in March
- Hiring Fair for Veterans, Job Seekers
- VW Beetle Marks 65th Year in U.S.
- The Biebs Crashes Drake's Release Party
- Recordings Reveal a Not-So-Nice Martinez: Editorial