It looks like the Commercial Bank of Qatar has big plans for the year. On Thursday, CEO Joseph Abraham announced that the bank will be raising at least $1b in capital through bond issues in order to take advantage of improving market conditions.
The issues will take place over the next two quarters. Depending on investor appetite, the bank hopes to raise between $500m and $650m in international tier 1 bonds in the first quarter and $500m to $600m in senior bonds by the beginning of the second quarter.
The announcement comes days after the bank reported a 35.6% drop in net profits for 2020. Abraham remains optimistic about the future of the bank and country, stating that the rebound in oil prices offers “fiscal flexibility.”