Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers B > Headlines for Bank Dhofar SAOG > News item |
Bank Dhofar opts not to call $300 million 6.85% perpetual notes
By Marisa Wong
Los Angeles, April 23 – Bank Dhofar SAOG has decided it will not exercise the upcoming option to call its $300 million 6.85% perpetual additional tier 1 capital securities (ISIN: XS1233710380), according to a notice.
The capital securities, issued in May 2015, have a first call date on May 27.
The bank said its decision takes into account market conditions, mainly, the current extraordinary market circumstances due to the Covid-19 pandemic.
After the first call date, the bank has a semiannual right to call the capital securities on any interest payment date, with the next possible call date being Nov. 27, 2020. Any subsequent potential redemption would take into account market conditions and the capital position of the bank at the time, the notice said.
Under the terms of the capital securities, the coupon will reset for the reset period starting from May 2020 will be the five-year mid-swap rate plus 512.8 basis points.
The bank is based in Muscat, Oman.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.