Bank Muscat Euro bond issue oversubscribed

MUSCAT: Bank Muscat announced the successful pricing and closure of 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 more than two times and carries a coupon of 4.875 per cent.

Commenting on the success of the transaction, Shaikh Khalid bin Mustahail al Mashani, Chairman of Bank Muscat, said: “The overwhelming response to the Euro bond issuance by Bank Muscat endorses the credibility enjoyed by the flagship bank in Oman. The credentials stemming from long-standing relations with the regional and international investor community reinforces the strategic business plans of the bank.

“The bond issue highlights the economic potential of Oman and the sound financial regulatory infrastructure in the Sultanate.”

Abdul Razak Ali Issa, Chief Executive, said: “The confidence of the regional and international investor community in Bank Muscat reflects the financial strength and prudent strategies pursued by the bank.”