Bank Muscat on Sunday announced that it has successfully closed a five-year US$500mn bond issuance under its Euro Medium Term Note (EMTN) programme.
Last week Bank Muscat announced that it was planning to raise US dollar funds under its existing EMTN programme which is listed on the Ireland Stock Exchange.
The bank had appointed a number of leading banks to act as joint lead managers and book-runners to arrange a series of meetings with fixed income investors.
‘We are pleased to inform the market that Bank Muscat successfully closed a five-year US$500mn bond issuance under its Euro Medium Term Note programme,’ the bank said in a new disclosure to the Muscat Securities Market on Sunday.
It said the deal evoked strong response from regional and international investors and was oversubscribed nearly four times. The bond issuance carries a coupon of 4.75 per cent and will be listed on the Irish Stock Exchange.
The EMTN bond issuance is designed to support long-term US dollar funding requirements of the bank for project finance and wider asset growth, Bank Muscat had said in its previous disclosure to the Muscat Securities Market.
© 2021 Apex Press and Publishing. All Rights Reserved.