Monday, January 30
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NBO raises $134mn via perpetual securities

3 Dec 2022 Fitch revises NBO’s outlook to ‘stable’; affirms ‘BB-’ rating By OUR CORRESPONDENT

Muscat – National Bank of Oman (NBO) last week announced the issuance of US$134.111mn worth of perpetual additional tier-1 securities.

‘NBO has successfully concluded the issuance of US$134,111,000 perpetual additional tier-1 Basel III complaint capital securities on November 29, 2022,’ the bank said in a disclosure to the Muscat Stock Exchange.

NBO said the capital securities offering will be listed on the Euronext Dublin.

The capital securities carry a coupon of 6.750 per cent representing a margin of 286.1 basis points over the relevant benchmark US treasury rate, it added.

The bank mandated Standard Chartered Bank and NBO as joint lead managers for the capital securities issuance.

‘The proceeds from the issue of capital securities will be used by NBO to manage its tier-1 capital base and overall capital adequacy, and for its general corporate purposes,’ NBO said.

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