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QNB Finance Ltd (77NQ)

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Wednesday 28 October, 2020

QNB Finance Ltd

Publication of Final Terms (ISIN: XS2250197030)

RNS Number : 4494D
QNB Finance Ltd
28 October 2020
 

NO PROSPECTUS IS REQUIRED IN ACCORDANCE WITH THE PROSPECTUS REGULATION FOR THE ISSUE OF THE INSTRUMENTS DESCRIBED BELOW. THE UNITED KINGDOM FINANCIAL CONDUCT AUTHORITY HAS NEITHER APPROVED NOR REVIEWED ANY INFORMATION CONTAINED IN THIS PRICING SUPPLEMENT AND ANY INSTRUMENTS ISSUED PURSUANT TO THIS PRICING SUPPLEMENT ARE NOT COMPLIANT WITH THE PROSPECTUS REGULATION.

 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 PR Exempt Instruments has led to the conclusion that: (i) the target market for the PR Exempt Instruments is eligible counterparties and professional clients only, each as defined in MiFID II; and (ii) all channels for distribution of the PR Exempt Instruments to eligible counterparties and professional clients are appropriate. Any person subsequently offering, selling or recommending the PR Exempt Instruments (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 PR Exempt Instruments (by either adopting or refining the manufacturer's target market assessment) and determining appropriate distribution channels.

Pricing Supplement dated 28 October 2020

QNB Finance Ltd
(LEI: 549300MY0DXTHQEX5O57)


Issue of TRY 300,000,000 13.25 per cent. Notes due 30 October 2023
Guaranteed by Qatar National Bank (Q.P.S.C.)
under the U.S.$22,500,000,000
Medium Term Note Programme

 

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 supplementary listing particulars dated 14 April 2020 and 7 August 2020, which together constitute listing particulars (the "Listing Particulars"). This document constitutes the Pricing Supplement of the PR Exempt Instruments described herein and must be read in conjunction with the Listing Particulars. This document does not constitute listing particulars that the FCA has reviewed or approved pursuant to Listing Rule 4 of the FCA Handbook. Full information on the Issuer and the offer of the PR Exempt Instruments is only available on the basis of the combination of this Pricing Supplement and the Listing Particulars. The Listing Particulars and the supplements thereto are available for viewing 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:


(b)  Guarantor:

2

(a) Series Number:


(b) Tranche Number:

3

Specified Currency or Currencies:

4

Aggregate Nominal Amount of Notes:


(a) Series:


(b) Tranche:

5

Issue Price:

97.125 per cent. of the Aggregate Nominal Amount

6

(a) Specified Denominations:


(b) Calculation Amount:

7

(a) Issue Date:


(b) Interest Commencement Date:

8

Maturity Date:

9

Interest Basis:

13.25 per cent. Fixed Rate

10

Redemption/Payment Basis:

11

Change of Interest or Redemption/Payment Basis:

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:

Applicable

 

 

(a)  Rate of Interest:

13.25 per cent. per annum payable annually in arrear

 

 

(b)  Interest Payment Date(s):

30 October in each year from and including 30 October 2021 to and including the Maturity Date

 

 

(c)  Fixed Coupon Amount[(s)]:

TRY 1,325 per Calculation Amount

 

 

(d)  Broken Amount(s):

Not Applicable

 

 

(e)  Day Count Fraction:

Actual/Actual (ICMA)

 

 

(f)  Determination Dates:

30 October in each year

 

 

(g)  Other terms relating to the method of calculating interest for Fixed Rate Notes:

Not Applicable

 

 

15

Floating Rate Note Provisions:

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:

TRY 10,000 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 set out in the Conditions

GENERAL PROVISIONS APPLICABLE TO THE NOTES

22

Form of Notes:

Registered Notes:

Regulation S Global Note registered in the name of a nominee for a common depositary for Euroclear and Clearstream, Luxembourg

23

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

Istanbul, London and New York

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

 

26

Other terms or special conditions:

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



PART B - OTHER INFORMATION

 

1

Listing

 

 

(a)  Listing:

International Securities Market of the London Stock Exchange (the "ISM")

 

(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 ISM

 

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

GBP 2,545.00

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:

General corporate purposes

 

(b)  Estimated net proceeds:

TRY 291,375,000

5

Fixed Rate Notes only-Yield

 

 

Indication of yield:

14.50 per cent. per annum

 

 

The yield is calculated at the Issue Date on the basis of the Issue Price. It is not an indication of future yield.

6

Operational Information

 

 

ISIN:

XS2250197030

 

Common Code:

225019703

 

CFI:

DTFUFR

 

FISN:

QNB FINANCE LIM/13.25EMTN 20231030

 

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):

Calculaton Agent:

JPMorgan Chase Bank, N.A., London Branch

25 Bank Street

Canary Wharf

London E14 5JP

United Kingdom

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:

 

(e)   US Selling Restrictions:

 

(f)   Additional selling restrictions:

Not Applicable

 

 

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