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Qatar-based Commercial Bank has completed a QR500m ($137m) senior unsecured bond sale, marking the largest local-currency issuance by a Qatari bank to date.

The three-year bonds, priced with a 4.9% coupon, were issued under the bank’s Euro Medium Term Note (EMTN) programme. The notes are listed on Euronext Dublin. DBS Bank and Standard Chartered acted as joint lead managers.

The deal attracted strong demand from both regional and international investors, as lenders across the Gulf continue to diversify their funding bases amid high interest rates, Commercial Bank said in a statement.

The issuance comes as Qatar’s domestic debt market gains momentum, with banks seeking to tap liquidity in both riyal and hard currency formats.

Commercial Bank is rated A2 by Moody’s, A– by S&P, and A by Fitch, all with stable outlooks. The lender reported a net profit before tax of QR704.3m for Q1 2025, down from QR801.6m in the same period last year.