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Bank Muscat successfully closes $500m bond issue
Times News Service
March 19, 2013 , 8 : 27 pm
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Shaikh Khalid bin Mustahail: Al Mashani. Photo — Supplied picture
: Bank Muscat, the Sultanate's biggest bank, yesterday successfully closed a five-year, $500 million bond issuance under its Euro Medium Term Note (EMTN) programme.
The deal, which evoked strong response from regional and international investors, was oversubscribed 6.6 times. The bonds will be listed on the Luxembourg Stock Exchange, said a bank statement.
Shaikh Khalid bin Mustahail Al Mashani, Chairman, said: "We are extremely glad that the $500 million bond issuance under the EMTN programme has evoked strong response, which reflects the trust and confidence of regional and international investors in the Sultanate's flagship bank."
"The bond issue highlights the economic potential of Oman; the world-class financial regulatory infrastructure in the Sultanate and the strength of Bank Muscat and its future plans."
In February 2011, Bank Muscat announced the $800 million EMTN programme to launch a series of bond issues over a 10-year period with varying maturities, currencies and terms through public subscription or private placement.
Bank Muscat is rated A1 by Moody's, its fifth-highest investment grade, according to data compiled by Bloomberg. The lender has no outstanding dollar bonds, the data show.
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