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Sat 6 Mar 2010 07:50 PM

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Bank Muscat says $39m CDs again oversubscribed

Oman's biggest bank is targeting raising $649m and has so far received $473m.

Oman's Bank Muscat said on Saturday a $39 million issue of certificates of deposits (CDs) was 35 percent oversubscribed.

Total demand in the bank's regular auction was $52.33 million, the bank said in a statement.

The issue size was $38.9 million.

The CDs were issued on February 28 in three categories with maturity of 12, 36 and 60 months at interest rates of 3.5 percent, 4.5 percent and 5.5 percent respectively.

Oman's biggest bank is targeting to raise $649.3 million and has so far received $473.7 million from the previous ten auctions.

The bank's first CD issue was in September 2008. Bank Muscat also raised $195 million from seven year bonds in May last year. (Reuters)

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