Reflecting National Bank of Oman’s international standing, the US$500 million bond attracted significant interest from a wide group of global investors and will enable the bank to diversify the sources of its dollar funding while capitalising on excellent pricing available to quality issuers available in the debt markets.
National Bank of Oman’s Chief Executive Officer Ahmed Al Musalmi led the bank’s international roadshow to market the EMTN, which is a flexible debt instrument that usually matures in less than five years. The final order book totalling more than US$1.6 billion comprised a diverse range of investors including investment banks, private banks, funds and insurers from the MENA region, Europe and Asia.
The strong appetite from investors in Dubai, Abu Dhabi, Hong Kong, Singapore and the UK (as well as other countries), clearly demonstrates international confidence in the bank's current health and future strategic direction.
A key component of National Bank of Oman’s comprehensive banking operations is its large and growing Project Finance division. Over the past three years, the bank has committed over US$1 billion to support major strategic projects in Oman, including the Sohar Refinery Project, Octal Chemicals and the development of the Kempinski Hotel. National Bank of Oman has identified strong current demand for dollar-based project finance, which the EMTN bond issue will enable the bank to service.
“National Bank of Oman’s proven track record, strong A3 credit rating from Moody’s, strong management team and clear strategy for the future has enabled us to attract leading international investors, with almost 50% of subscriptions coming from outside the region, Europe being a significant contributor”, said Ahmed Al Musalmi, Chief Executive Officer of National Bank of Oman. “The positive response from the international community is clear evidence of the high standing of the Sultanate of Oman and National Bank of Oman on the global stage. I am very grateful for the support that the team of syndicated banks extended to us, and I am delighted that our first EMTN issue was a success.”
National Bank of Oman recently won two prestigious awards at the World Finance Banking Awards 2014, "Best Banking Group, Oman" and "Best investment Bank, Oman.” In both 2013 and 2014, the bank was named “Oman Asset Manager of the Year” at the MENA Fund Manager Performance Awards for its track record of performance and innovation.
Al Musalmi added: “National Bank of Oman has earned broad international acclaim for the strength and quality of our operations, and we are delighted to add two World Finance Banking Awards to our list of accolades.”
