Qatar National Bank (QPSC) issued $600 million in 5-year senior unsecured notes to finance green projects, its first green benchmark bond issuance.

The bank said it received subscriptions of above $1.8 billion, adding that the offering is part of its strategy to ensure diversification of funding in terms of type, tenor and geography.

The proceeds from this green bond issuance will be used to "finance and/or refinance assets in verified Eligible Green Projects," the lender said.

Barclays PLC acted as global coordinator and joint lead manager; ING was sole sustainability structuring adviser and joint lead manager; and Crédit Agricole, HSBC, QNB Capital and Standard Chartered Bank acted as joint lead managers.

QNB set up its Green, Social and Sustainability Bond Framework in February and has been in regular contact with several environmental, social and governance investors over the last months.