REG - QNB Finance Ltd - Publication of Final Terms (ISIN: XS2265360193)

Intercontinental ExchangeAnnouncement

30/11/2020 15:24

RNS Number : 9131G
  
QNB Finance Ltd
  
30 November 2020
  
 

FINAL TERMS
Final Terms dated 30 November 2020
 
QNB Finance Ltd

(LEI: 549300MY0DXTHQEX5O57)


Issue of USD 20,000,000 Floating Rate Notes due December 2025

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

under the U.S.$22,500,000,000

Medium Term Note Programme
The Notes will only be admitted to trading on the London Stock Exchange, which is a regulated market (as defined in MiFID II), to which only qualified investors (as defined in the Prospectus Regulation) can have access and shall not be offered or sold to non-qualified investors.
MiFID II product governance / Professional investors and ECPs only target market - Solely for the purposes of [the/each] 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 manufacturers' 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 manufacturers' target market assessment) and determining appropriate distribution channels.
Singapore SFA Product Classification: In connection with Section 309B of the Securities and Futures Act (Chapter 289) of Singapore (the "SFA") and the Securities and Futures (Capital Markets Products) Regulations 2018 of Singapore (the "CMP Regulations 2018"), the Issuer has determined, and hereby notifies all relevant persons (as defined in Section 309A(1) of the SFA), that the Notes are 'prescribed capital markets products' (as defined in the CMP Regulations 2018) and are Excluded Investment Products (as defined in MAS Notice SFA 04 N12: Notice on the Sale of Investment Products and MAS Notice FAA N16: Notice on Recommendations on Investment Products).
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 supplement(s) thereto dated 14 April 2020, 7 August 2020 and 13 October 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 supplement(s) 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:


306




 


(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 per cent. of the Aggregate Nominal Amount




6


(a) Specified Denominations:


USD 200,000 with integral multiples of USD 200,000 in excess thereof




 


(b) Calculation Amount:


USD 200,000




7


(a) Issue Date:


2 December 2020




 


(b) Interest Commencement Date:


Issue Date




8


Maturity Date:


2 December 2025, subject to adjustment in accordance with the Business Day Convention




9


Interest Basis:


+ 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):


Each period from (and including) one Interest Payment Date to (but excluding) the next following Interest Payment Date, provided that the first Interest Calculation Period shall commence on (and include) the Issue Date and the final Interest Calculation Period shall end on (but exclude) the Redemption 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:


2 March, 2 June, 2 September and 2 December in each year, from, and including, 2 March 2021 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:


2 March 2021, 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




 


(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 Caluculation Agent as per the Issuer's Medium Term Note Programme




 


(i)    Screen Rate Determination:


Applicable - Term Rate




 


- Reference Rate:


USD-LIBOR-BBA is provided by ICE Benchmark Administration Limted. As at the date hereof, ICE Benchmark Administration Limited appears in the register of administrators and 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):


The date falling two London Banking Days prior to the first day of each Interest Calculation Period




 


- Relevant Time:


11:00am London time




 


- Relevant Screen Page:


Reuters Screen LIBOR01




 


- Relevant Financial Centre:


London




 


- Observation Method:


Not Applicable




 


- Shift/Look-back Period:


Not Applicable




 


- Rate Cut-Off Period:


Not Applicable




 


- Day Count Fraction:


Actual/360




 


(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:


Not 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):


USD 200,000




 
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




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
 
PART B - OTHER INFORMATION




1


Listing


 




 


(a)  Listing:


London




 


(b)  Admission to trading:


Application is expected to be 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 the Issue Date.




 


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


GBP 645.00




2


Ratings:


The Notes to be issued have 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:


USD 20,000,000




6


Operational Information


 




 


ISIN:


XS2265360193




 


Common Code:


226536019




 


CFI:


QNB FINANCE LIM/VAREMTN 20251202, as set out on the website of the Association of National Numbering Agencies (ANNA) or alternatively sourced from the National Numbering Agency that assigned the ISIN




 


FISN:


DTVUFB, as set out on the website of the Association of National Numbering Agencies (ANNA) or alternatively sourced from the National Numbering Agency that assigned the ISIN




 


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:


Barclays Bank PLC




 


(e)   US Selling Restrictions:


Reg. S Compliance Category 2;
TEFRA D




 

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