REG - QNB Finance Ltd - Publication of Final Terms (ISIN: XS2240810650)

Riddhi Corporate ServicesAnnouncement

08/02/2021 08:05

RNS Number : 2323O
  
QNB Finance Ltd
  
07 February 2021
  
 

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.
 UK MiFIR 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 only eligible counterparties, as defined in the FCA Handbook Conduct of Business Sourcebook ("COBS") and professional clients, as defined in Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 ("UK MiFIR"); 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 the FCA Handbook Product Intervention and Product Governance Sourcebook (the "UK MiFIR Product Governance Rules") 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 4 February 2021
QNB Finance Ltd

(LEI: 549300MY0DXTHQEX5O57)

 Issue of TRY 350,000,000 13.50 per cent. Notes due 6 October 2025
(to be consolidated and form a single series with the existing issue of TRY 150,000,000 13.50 per cent. Notes due 6 October 2025 issued on 6 October 2020)
 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, 13 October 2020, 7 August 2020 and January 18, 2021, 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:


QNB Finance Ltd








(b)  Guarantor:


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




2


(a) Series Number:


323








(b) Tranche Number:


2




3


Specified Currency or Currencies:


Turkish Lira ("TRY")




4


Aggregate Nominal Amount of Notes:


TRY 350,000,000








(a) Series:


NA








(b) Tranche:


NA




5


Issue Price:


98.25 per cent. of the Aggregate Nominal Amount plus 126 days' accrued interest from and including 6 October 2020 to but excluding the Issue Date




6


(a) Specified Denominations:


TRY 10,000








(b) Calculation Amount:


TRY 10,000




7


(a) Issue Date:


9 February 2021








(b) Interest Commencement Date:


6 October 2020




8


Maturity Date:


6 October 2025




9


Interest Basis:


13.50 per cent. Fixed 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:


Applicable


 




 


(a)  Rate of Interest:


13.50 per cent. per annum payable annually in arrear


 




 


(b)  Interest Payment Date(s):


6 October in each year from and including 6 October 2021 to and including the Maturity Date


 




 


(c)  Fixed Coupon Amount[(s)]:


TRY 1,350 per Calculation Amount


 




 


(d)  Broken Amount(s):


Not Applicable


 




 


(e)  Day Count Fraction:


Actual/Actual (ICMA)


 




 


(f)   Determination Dates:


6 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 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:


General corporate purposes




 


(b)   Estimated net proceeds:


TRY 360,185,958.90 (which includes 126 days' accrued interest in the amount of TRY 16,310,958.90)




5


Fixed Rate Notes only-Yield


 




 


Indication of yield:


13.976 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:


XS2240810650




 


Common Code:


224081065




 


CFI:


DTFUFR




 


FISN:


QNB FINANCE LIM/13.25EMTN 20251006




 


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):


NA
 
 




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:


J.P. Morgan Securities plc




 


(e)   US Selling Restrictions:


Reg. S Compliance Category 2; TEFRA D




 


(f)   Additional selling restrictions:


Not Applicable



 
 

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