BankMuscathas increased the target value of its recently launched local currency bond to RO 25 million ($65 million) up from RO 15 million ($39 million), as a result of heavy market demand. A week before the bond was due to close on 18 June, sources close to the transaction said that the issue was expected to be at least four times oversubscribed (MEED 23:5:03).
The paper, which is rated by London-based Fitchat BBB and Moody's Investors Servicesat Baa3, carries a maturity of 10 years and a coupon return of 7 per cent. The issue is intended to create long-tenor finance in the domestic lending market. BankMuscat says the bond will help Oman establish a viable long-term debt market.
Trowers & Hamlinis the bank's legal adviser for the bond issue.
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