Oman’s Bank Dhofar plans to boost its tier 1 capital in the coming months as well as launch its first international bonds.
Shankar Sharma, chief financial officer, tells EMEA Finance that he expects to sell Omani rial or dollar-denominated perpetual notes “as early as possible” and to launch a bond programme to raise US$500mn over the next four years.
An international bond from Bank Dhofar would follow similar deals from National Bank of Oman and Bank Muscat. “They paved the way and there’s quite a lot of interest generated by those [deals],” Sharma says of his peers’ issuances. “There are always economic cycles with the oil price and other [issues] will have a bearing, but this is our plan.”
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