QNB issues Qatar’s first native digital bond in $500m landmark deal

Qatar National Bank (QNB) has completed the country’s first-ever native digital bond issuance, raising $500 million through a three-year floating-rate note executed on HSBC’s Orion platform, operated under the Hong Kong Monetary Authority. The transaction marks a major milestone for Qatar’s capital markets and is described as the largest digitally native bond issued by a financial institution in the Middle East and Africa. 

Landmark issuance on HSBC’s Orion platform

The bond was issued as a fully digital instrument on HSBC Orion, a blockchain-based digital assets platform that has rapidly become one of the leading venues globally for digital bond volume. In 2025, Orion has supported multiple high-profile issuances, including some of the largest distributed-ledger-based bonds in Hong Kong and the wider region. 

For QNB, using Orion allows the bank to tap into an infrastructure designed for end-to-end digital issuance, settlement and lifecycle management, helping streamline processes and support more efficient access to international investors.

Diversifying funding and signalling investor confidence

The $500 million transaction forms part of QNB’s broader strategy to diversify its funding base and reach new markets through innovative digital financing tools. By opting for a digitally native structure rather than a traditional bond with a later tokenisation step, QNB is positioning itself at the forefront of the region’s shift toward digital assets in mainstream finance. 

The size and successful placement of the deal are seen as a vote of confidence from global investors in QNB’s balance sheet strength, credit profile and long-term strategy, particularly as it continues to expand across the Middle East, Africa, Europe and Asia. S&P Global Ratings assigned an ‘A+’ rating to the notes, in line with QNB’s overall issuer rating. 

Structured under EMTN programme with strong governance

The digital notes were issued under QNB’s existing Euro Medium Term Note (EMTN) programme, ensuring alignment with international capital markets standards. The transaction was structured with the support of leading international law firms, placing a strong emphasis on governance, investor protection and regulatory compliance throughout the digital issuance process. 

HSBC acted as sole bookrunner and paying agent, combining its regional presence in Qatar with its global capital markets and digital assets capabilities. Payments for issuance and redemption are processed through conventional channels, while the bond’s registration and lifecycle events are managed on the Orion platform. 

Access via global market infrastructure

Once listed on the Hong Kong Stock Exchange, the notes will be accessible to professional investors worldwide. Holders can access the digital bond through accounts with the Hong Kong Monetary Authority’s Central Moneymarkets Unit (CMU), Euroclear and Clearstream, or by becoming a direct participant on HSBC Orion or connecting through existing custodians that link into these systems. 

This structure integrates the new digital issuance model with established global post-trade infrastructure, making it easier for institutional investors to participate in digital bonds without overhauling their operational setups.

Strategic step for Qatar’s financial innovation agenda

QNB’s inaugural native digital bond is a significant proof point for Qatar’s ambitions to embed digital assets and distributed ledger technology into its financial ecosystem. The deal supports national objectives to deepen capital markets, improve market efficiency and strengthen the country’s position as a regional financial hub aligned with Qatar National Vision 2030.

By combining a high-profile regional issuer, a leading global bank and a mature blockchain-based platform, the transaction sets a template for future digital debt offerings from Qatar and the wider Middle East—moving digital bonds from experimental pilots to mainstream capital-raising tools.