Bank Dhofar establishes $500 million Euro Medium Term Note program

Bank Dhofar has established a $500 million Euro Medium Term Note (EMTN) program.

Bank Dhofar has established a $500 million Euro Medium Term Note (EMTN) program and was recently advised by Dentons that the program has been assigned long-term senior unsecured provisional ratings of (P) Baa1 by Moody's and BBB (EXP) by Fitch and is listed on the Irish Stock Exchange.

“We are delighted to have been able to continue our involvement in Bank Dhofar's venture into the capital markets after the Additional Tier I bond the bank issued last year,” Dentons Capital Markets Partner Alex Roussos said. “The establishment by the bank of its EMTN program is evidence of the fact that issuers are increasingly looking into alternative debt funding structures as the capital markets in Oman continue to develop.”

The National Bank of Abu Dhabi and HSBC partnered with Bank ABC, Credit Agricole CIB and BNP Paribas to arrange the program.

“It was a privilege to work with the Bank Dhofar team again on their second debt capital markets transaction and to explore further opportunities with them to also market to both the Oman and international market,” Dentons Banking and Finance Partner in Muscat Sadaf Buchanan said.

Executives with the Dentons team included Senior Associate Beene Ndulo and Associate Sana Siddiqui in Dubai and Senior Associate Justine Harding, Associate Yasser Taqi and Trainee Budoor Moosa in Muscat.