NBO's $500mn EMRN issue gets approval of board, CBO
Published: Sep 24, 2014
Source: Muscat Daily


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NBO's $500mn EMRN issue gets approval of board, CBO

The board of directors of National Bank of Oman (NBO) has approved the initial issuance of notes under the bank's Euro Medium Term Note (EMTN) programme for up to US$500mn.

The issuance, which is to be listed on the Irish stock exchange, has also been approved by the Central Bank of Oman (CBO), NBO said in a filing to the Muscat Securities Market.

The bank said that it has mandated Credit Agricole CIB, HSBC Bank, National Bank of Abu Dhabi (NBAD) and Standard Chartered Bank as joint lead managers and bookrunners for the issue. They will arrange a series of fixed-income investor meetings in the Middle East, Asia and Europe from tomorrow.

“The benchmark US dollar Reg S only bond offering may be subject to market conditions,” NBO added. An NBO extraordinary general meeting (EGM) in March 2011 had passed a resolution for approval of an up to US$600mn EMTN programme to issue negotiable bonds in the international markets through public subscription or private placement.

NBO had then said that the bond issues would be of different currencies, in different amounts on different dates and varying terms of subscription. Moody's Investors Service had recently assigned a provisional local and foreign currency rating of (P)A3 to the EMTN programme of NBO.

“The (P)A3 local and foreign currency rating assigned to the senior unsecured class of notes of the EMTN programme is aligned with NBO's A3 deposit ratings. The ratings incorporate the fact that the senior unsecured notes issued under the EMTN programme will (1) be direct, unconditional, unsecured, and unsubordinated obligations of the bank and (2) rank pari passu with all other direct, unconditional, unsecured and unsubordinated present and future obligations of the bank,” Moody's had said.

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