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AMJ has advised the joint lead managers (JLMs) as Oman Counsel on the update of National Bank of Oman’s (NBO) US$1.5 billion Euro Medium Term Note programme (Programme) and the issue of US$500 million 5.625% notes due 25 September 2023 thereunder.

The JLMs comprised Arab Banking Corporation (B.S.C.), Citigroup Global Markets Limited, Crédit Agricole Corporate and Investment Bank, Emirates NBD Bank PJSC, First Abu Dhabi Bank PJSC, NBO and Standard Chartered Bank.

The Bank simultaneously undertook a liability management exercise, the first of its kind in Oman, to buy back US$300 million face value of notes out of its existing USD 600 million five-year notes maturing in October 2019. The new issue of USD 500 million, which was oversubscribed by more than two times, was priced at 5y Mid-swap plus 270 basis points. The Programme and issue are rated (Baa3, Moody’s) and listed on Euronext Dublin (formerly the Irish Stock Exchange).

AMJ’s team was led by senior partner Mansoor Malik supported by senior associate Asad Qayyum.