Bank Muscat, the flagship financial services provider in the Sultanate, yesterday successfully closed a 5-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.
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.
The EMTN programme was approved by the bank’s shareholders in 2004. However, in view of the expiry of the EGM approval in 2009, the bank updated the $800 million EMTN programme in 2010 and sought the mandatory EGM approval.
Oman Daily Observer