Muscat—Dentons has advised National Bank of Oman (NBO) on its issuance of US$300 million Perpetual Tier 1 Capital Securities, which completed on 18 November 2015. The transaction represented the first ever issuance of Basel III-compliant securities in the form of Additional Tier 1 bonds for NBO and only the second ever issuance in Oman.

The Capital Securities were listed on the Irish Stock Exchange and were offered to sophisticated investors outside of the United States in reliance on Regulation S under the US Securities Act 1933. National Bank of Abu Dhabi and Standard Chartered Bank acted as Joint Global Coordinators and, together with Citigroup Global Markets Limited, Crédit Agricole Corporate and Investment Bank, Merrill Lynch International and NBO, as Joint Lead Managers on the issuance of the Capital Securities. First Gulf Bank acted as Co-Lead Manager on this landmark transaction.

Dentons Capital Markets Partner in Dubai, Alex Roussos, and Sadaf Buchanan, Banking Partner in Muscat, commented on the significance of the transaction for NBO as well as for Oman. Roussos added, "This represents NBO's first Additional Tier 1 issuance approved under the Basel III guidelines and following the establishment of NBO's debut EMTN Programme last year. All parties involved (including the regulator) have worked tirelessly and we are pleased to have taken part in this landmark transaction. Our involvement is a continuation of our Firm's strong tradition of advising on regulatory capital deals in the Middle East, including under the new Basel regime".

About Dentons

Redefining possibilities. Together, everywhere. For more information visit dentons.com