Bank Muscat announces successful issuance of $500 million EMTN bonds

Bank Muscat announces successful issuance of $500 million EMTN bonds

Muscat: Bank Muscat, the leading financial services provider in the Sultanate of Oman, has announced the successful closure of its 5-year $500 million Euro Medium Term Note (EMTN) bond programme at an attractive coupon rate of 4. 75 per cent per annum. The bond issue, which is part of a larger $ 2 billion EMTN programme announced earlier by the bank, received significant interest from the international investor community. The issue was closed at favourable financing terms reflecting global investors' strong appetite for the bank's fundraising activities. The bond issue, which has a 5-year tenor, will be listed on Euronext Dublin (formerly the Irish Stock Exchange) and the funds raised will be used to support long-term US dollar funding for project finance and wider asset growth for the bank. Speaking on the occasion, Sheikh Waleed K. Al Hashar, Chief Executive Officer, Bank Muscat, said, "The successful issuance of this $500 million bond is a strong indicator of the Sultanate's positive economic outlook and the confidence of the international investor community in Oman and Bank Muscat. This EMTN bond issue follows the success of senior unsecured loans of over $800 million raised from relationship banks across the globe in 2020. We