Bank Muscat Prices USD 750mn 5-year Benchmark Bond

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Building of the national bank Muscat. Sultanate of Oman. Image used for illustrative purpose. Getty Images
Building of the national bank Muscat. Sultanate of Oman. Image used for illustrative purpose. Getty Images

Bank Muscat (SAOG), rated Baa3 Stable by Moody’s, BBB- Stable by S&P, and BB+ Positive by Fitch, tightened the price on its USD 750 million Reg S, five-year senior unsecured benchmark bond to +115bps over US Treasuries, with a 4.846% coupon paid semi-annually.

The initial price thoughts were in the area of T+150bps. At launch, the final orderbook was in excess of USD 2.3 billion, excluding JLM interest, with a settlement date of October 1, 2030. The expected issue rating is Baa3 by Moody’s and BBB- by S&P, in line with the lender’s own rating.

Image: Bank Muscat Official website
Image: Bank Muscat Official website

Bank Muscat, which is the largest bank in Oman by total assets, had mandated Abu Dhabi Commercial Bank, Bank Muscat, Emirates NBD Capital, First Abu Dhabi Bank, GIB Capital, HSBC, JP Morgan and Standard Chartered Bank as Joint Lead Managers and Joint Bookrunners.

The bond is issued under Bank Muscat’s USD 2 billion Euro Medium Term Note Programme and has an expected issue rating of Baa3 by Moody’s and BBB- by S&P.

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