A general view shows HSBC Bank Tower (L) and Doha Bank Tower (R) in Doha in this April 30, 2012 file photo. REUTERS/Mohammed Dabbous
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A boycott of Qatar by its neighbors has prompted HSBC to turn down a leading role on Doha's new dollar bond as the bank treads a political tightrope in the Gulf, four banking sources familiar with the decision told Reuters.HSBC, which has led almost every sovereign bond issue in the Gulf for two years, will not do so this time, reflecting a more cautious approach by banks in the region.The UAE central bank has blacklisted some Qatari individuals and organizations and told its own banks to apply enhanced due diligence in their dealings with six Qatari banks.When Qatar sold its last international bond in 2016, raising $9 billion, HSBC took a leading role alongside JP Morgan, Bank of Tokyo-Mitsubishi and Qatar National Bank.Although HSBC decided not to undertake high-profile roles in major Qatari debt transactions after it was approached for the dollar bond in November, it is unclear whether the bank could still play a smaller part.
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