Oman Electricity Transmission Company wins bond issuance award

The Oman Electricity Transmission Company (OETC) recently won two awards at the 2015 Middle East Bonds, Loans and Sukuk Award for its major bond sales this year.

The company won the Financing Deal of the Year award and was runner-up for Investment Grade Bond/Sukuk Deal of the Year award, one of the most prestigious awards for the debt securities sector. The Middle East Bonds, Loans and Sukuk Award is intended to set a higher competitive standard for the region’s financial sector. The award is the only one specifically for Islamic capital markets and aims to boost the Middle East’s financial organizations to global levels.

OETC won the award for a set of 10-year return bonds issued over the year that amounted to $1 billion. Those bonds will mature in 2025 at coupon rate of just under 4 percent. Moody’s gave the bonds a AAA rating, while Standard & Poor’s gave the OETC bonds a BBB+ rating.

The OETC bonds represent the largest international bond issuance in history for any Omani company. Ali bin Said Al Hadabi, an engineer and CEO of OETC. said the award is a great honor for the Omani company.

"We highly appreciate the efforts that OETC's employees have put into their work to get the company to achieve such great levels of excellence" Al Hadabi said.