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Sat 17 Nov 2012 04:47 PM

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Oman set to issue bonds worth $260m

Central bank says subscription of government bonds will start on November 18

Oman set to issue bonds worth $260m

Oman will issue five-year government development bonds worth OR100m ($260m) at an annual interest rate of 3.25 percent, a statement from the central bank of Oman said on Saturday.

The subscription of the bonds will start on November 18 and last until November 29. An auction will take place on December 3, the statement said.

Interest on the bonds will be paid on June 5 and December 5 every year until maturity is reached on December 5, 2017.

The bonds will be traded in the Muscat Securities Market.

The central bank statement did not elaborate on the reason for the sale, but in the past Omani bonds have been used to fund infrastructure projects.

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