Bank Muscat (SAOG), rated Baa3 Stable by Moodyโs, 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 Moodyโs and BBB- by S&P, in line with the lenderโs own rating.
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 Muscatโs USD 2 billion Euro Medium Term Note Programme and has an expected issue rating of Baa3 by Moodyโs and BBB- by S&P.
