By Reshmi Basu
New York, May 11 - Bank Muscat priced $250 million of floating-rate notes (Baa3/BBB-/BBB) due 2009 at 99.855 to yield Libor plus 73 basis points, according to a news release.
The offering was the inaugural tranche under the bank's $800 million euro medium-term note program, which is intended to raise funds for development projects in Oman.
Gulf-based investors accounted for 50% of the order book while Europe comprised 43% and Asia made up 7%.
Demand totaled more than $350 million.
ABN Amro and HSBC Bank were the lead managers for the Regulation S deal.
Issuer: BankMuscat SAOG
Amount: $250 million
| Issue: | | | Floating-rate notes
|
| Maturity: | May 26, 2009
|
| Coupon: | 3-month Libor plus 70bps
|
| Issue price: | 99.855
|
| Spread: | 3-month Libor plus 73 bps
|
| Pricing date: | May 11
|
| Settlement date: | May 26
|
| Maturity: | May 26, 2009
|
| Lead managers: | ABN AMRO, HSBC Bank
|
| Ratings: | Moody's: Baa3
|
| Standard and Poor's: BBB-
|
| Fitch: BBB
|
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