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Oman to issue $260m development bond

20 Oct 2010

(MENAFN) The Central Bank of Oman (CBO) said that it plans to issue a four-year development bond worth $260 million at an interest rate of 3.25 percent per year, Reuters reported.

The subscription period for the bond will be from October 24 to November 4 and the auction will be held on November 8, the bank said in a statement.

Interest will be paid every six months. The bonds are available to all international as well as local investors and will be traded on the Omani bourse.

Oman is planning to spend around $3.5 billion in the next five years to increase oil output and generate cash for infrastructure projects.

The global financial crisis slashed growth rates and froze credit in the world’s top oil exporting region last year, forcing governments to embark on massive fiscal spending.

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