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QNB Finance Ltd (77NQ)

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Monday 14 September, 2020

QNB Finance Ltd

Publication of Final Terms (ISIN: XS2230278223)

RNS Number : 8195Y
QNB Finance Ltd
14 September 2020
 

 

Final Terms dated 15 September 2020

 

QNB Finance Ltd
(LEI: 549300MY0DXTHQEX5O57)


Issue of USD 20,000,000 Floating Rate Notes due September 2025
Guaranteed by Qatar National Bank (Q.P.S.C.)
under the U.S.$22,500,000,000
Medium Term Note Programme

MiFID II product governance / Professional investors and ECPs only target market - Solely for the purposes of the manufacturer's product approval process, the target market assessment in respect of the Notes has led to the conclusion that: (i) the target market for the Notes is eligible counterparties and professional clients only, each as defined in MiFID II; and (ii) all channels for distribution of the Notes to eligible counterparties and professional clients are appropriate. Any person subsequently offering, selling or recommending the Notes (a "distributor") should take into consideration the manufacturer's target market assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target market assessment in respect of the Notes (by either adopting or refining the manufacturer's target market assessment) and determining appropriate distribution channels.

PART A - CONTRACTUAL TERMS

Terms used herein shall be deemed to be defined as such for the purposes of the terms and conditions (the "Conditions") set forth in the prospectus dated 18 March 2020 and the supplements thereto dated 14 April 2020 and 7 August 2020, which together constitute a base prospectus (the "Prospectus") for the purposes of Regulation (EU) 2017/1129 (the "Prospectus Regulation"). This document constitutes the Final Terms of the Notes described herein for the purposes of the Prospectus Regulation and must be read in conjunction with the Prospectus in order to obtain all the relevant information. The Prospectus and the supplements thereto are available for viewing at the market news section of the London Stock Exchange website (www.londonstockexchange.com/exchange/news/market-news/market-news-home.html) and during normal business hours at the registered offices of the Issuer at c/o Maples Corporate Services Limited, P.O. Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands, and copies may be obtained from the registered offices of the Fiscal Agent at One Canada Square, London E14 5AL, United Kingdom.

 

1

(a) Issuer:

QNB Finance Ltd

 

(b) Guarantor:

Qatar National Bank (Q.P.S.C.)

2

(a) Series Number:

287

 

(b) Tranche Number:

1

3

Specified Currency or Currencies:

United States Dollars ("USD")

4

Aggregate Nominal Amount of Notes:

 

 

(a) Series:

USD 20,000,000

 

(b) Tranche:

USD 20,000,000

5

Issue Price:

100.00 per cent. of the Aggregate Nominal Amount

6

(a) Specified Denominations:

USD 200,000

 

(b) Calculation Amount:

USD 200,000

7

(a) Issue Date:

15 September 2020

 

(b) Interest Commencement Date:

Issue Date

8

Maturity Date:

Interest Payment Date falling in September 2025

9

Interest Basis:

3 month USD LIBOR + 1.20 per cent. Floating Rate

10

Redemption/Payment Basis:

Redemption at par

11

Change of Interest or Redemption/Payment Basis:

Not Applicable

12

Put/Call Options:

Not Applicable

13

(a) Status of the Notes:

Senior

 

(b) Status of the Guarantee:

Senior

 

(c) [Date [Board] approval for issuance of Notes [and Guarantee] obtained:

Not Applicable

 

PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE

14

Fixed Rate Note Provisions:

Not Applicable

 

15

Floating Rate Note Provisions:

Applicable

 

(a)  Interest Period(s):

The period beginning on (and including) the Interest Commencement Date and ending on (but excluding) the First Interest Payment Date and each successive period beginning on (and including) a Specified Interest Payment Date and ending on (but excluding) the next succeeding Specified Interest Payment Date

The end date of each Interest Period shall be subject to adjustment in accordance with the Business Day Convention specified in paragraph 15(e) below

 

(b)  Specified Interest Payment Dates:

15 March, 15 June, 15 September and 15 December in each year from and including 15 December 2020 to and including the Maturity Date, subject, in each case, to adjustment in accordance with the Business Day Convention specified in paragraph 15(e) below

 

(c)  First Interest Payment Date:

15 December 2020, subject to adjustment in accordance with the Business Day Convention specified in paragraph 15(e) below

 

(d)  Interest Period Date:

Not Applicable

 

(e)  Business Day Convention:

Modified Following Business Day Convention

 

(f)  Business Centre(s):

London and New York

 

(g)  Manner in which the Rate(s) of Interest is/are to be determined:

Screen Rate Determination

 

(h)  Party responsible for calculating the Rate(s) of Interest and/or Interest Amount(s) (if not the [Fiscal Agent]):

The Bank of New York Mellon, acting through its London Branch shall be the Calculation Agent

 

(i)  Screen Rate Determination:

 

 

- Reference Rate:

LIBOR is provided by ICE Benchmark Administration Limited. As at the date hereof, ICE Benchmark Administration Limited appears in the register of administrators and the benchmarks established and maintained by ESMA pursuant to Article 36 (Register of administrators and benchmarks) of Regulation (EU) 2016/1011, as amended.

 

- Interest Determination Date(s):

Two London Business Days prior to the first day of each Interest Period

 

 

- Relevant Time:

11:00am London time

 

- Relevant Screen Page:

Reuters Page LIBOR01

 

- Relevant Financial Centre:

London

 

- Observation Method:

Not Applicable

 

- Shift/Look-back Period

Not Applicable

 

- Rate Cut-Off Period

Not Applicable

 

(j)  ISDA Determination:

Not Applicable

 

(k)  Linear Interpolation:

Not Applicable

 

(l)  Margin(s):

+ 1.20 per cent. per annum

 

(m) Minimum Rate of Interest:

Not Applicable

 

(n)  Maximum Rate of Interest:

Not Applicable

 

(o)  Day Count Fraction:

Actual/360, adjusted

 

(p)  Fall back provisions, rounding provisions, denominator and any other terms relating to the method of calculating interest on Floating Rate Notes, if different from those set out in the Conditions:

As per the Conditions

 

(q)  ISDA Definitions:

Not Applicable

16

Zero Coupon Note Provisions:

Not Applicable

PROVISIONS RELATING TO REDEMPTION

17

Call Option:

Not Applicable

18

Put Option:

Not Applicable

19

Change of Control Put:

Not Applicable

20

Final Redemption Amount of each Note:

USD 200,000 per Calculation Amount

21

Early Redemption Amount:

Applicable

 

Early Redemption Amount(s) per Calculation Amount payable on redemption for taxation reasons or on event of default or other early redemption and/or the method of calculating the same (if required or if different from that set out in the Conditions):

As per the Conditions

 

GENERAL PROVISIONS APPLICABLE TO THE NOTES

22

Form of Notes:

Bearer Notes:

Temporary Global Note exchangeable for a Permanent Global Note which is exchangeable for Definitive Notes in the limited circumstances specified in the Permanent Global Note

23

Financial Centre(s) or other special provisions relating to payment dates:

London and New York

The words "unless such payment date falls in the next calendar month in which case payment shall be made on the first preceding business day" shall be inserted after "the next following business day" in the second line of the first paragraph of Condition 7(h)

24

Talons for future Coupons to be attached to Definitive Notes (and dates on which such Talons mature):

No

25

Prohibition of Sales to EEA and UK Retail Investors:

Not Applicable

 

Signed on behalf of QNB Finance Ltd:

By: ...........................................................

Duly authorised

 

 

Signed on behalf of Qatar National Bank (Q.P.S.C.):

By: ...........................................................

Duly authorised



1

Listing

 

 

(a)  Listing:

London

 

(b)  Admission to trading:

Application has been made by the Issuer (or on its behalf) for the Notes to be admitted to trading on the London Stock Exchange's Regulated Market with effect from 15 September 2020.

 

(c)  Estimate of total expenses related to admission to trading:

GBP 645.00

2

Ratings:

The Notes to be issued have not been rated:

3

Interests of Natural and Legal Persons Involved in the Issue/Offer

 

Save as discussed in "Subscription and Sale/General Information", so far as the Issuer is aware, no person involved in the offer of the Notes has an interest material to the offer.

4

Reasons for the Offer and Estimated Net Proceeds

 

(a)  Reasons for the offer:

See "Use of Proceeds" in Prospectus

 

(b)  Estimated net proceeds:

USD 19,950,234.00

5

Fixed Rate Notes only-Yield

Not Applicable

6

Operational Information

 

 

ISIN:

XS2230278223

 

Common Code:

223027822

 

CFI:

DTVUFB

 

FISN:

QNB FINANCE LIM/VAREMTN 20250915

 

Any clearing system(s) other than Euroclear Bank SA/NV and Clearstream Banking S.A. and the relevant identification number(s):

Not Applicable

 

Names and addresses of initial Paying Agent(s):

The Bank of New York Mellon, acting through its London Branch

One Canada Square

London E14 5AL

United Kingdom

 

Names and addresses of additional Paying Agent(s) (if any):

Not Applicable

 

7

 

Distribution

 

 

(a)   Method of distribution:

Non-syndicated

 

(b)   If syndicated, names of Managers:

Not Applicable

 

(c)   Stabilisation Manager(s) (if any):

Not Applicable

 

(d)   If non-syndicated, name of Dealer:

Mizuho International plc

 

(e)   US Selling Restrictions:

Reg. S Compliance Category 2;

TEFRA D

 

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