MUSCAT: National Bank of Oman has mandated four banks for a potential capital-boosting bond issue that it plans to print after the summer, banking sources said on Wednesday.
The country’s third largest bank by market capitalisation has picked Citigroup, Credit Agricole, National Bank of Abu Dhabi and Standard Chartered to arrange investor road shows.
The US dollar-denominated bond would boost the bank’s Tier 1 (core) capital. Earlier this month, shareholders of the bank approved the issuance of a Tier 1 instrument of up to $300 million.
Bond markets in the Gulf have become less active with the approach of the holy month of Ramadan, which will start on Thursday.
