DUBAI: Topaz Marine, a unit of Oman’s Renaissance Services, priced its $350m debut bond, a statement from the parent firm said on Sunday, in a rare high-yield transaction from the Gulf Arab region.
The five-year offering carried a coupon of 8.625 percent, the bourse filing from Renaissance said, adding that the issue was oversubscribed by investors. It did not elaborate.
The final interest rate was tighter than the initial guidance given on Thursday of between 8.75 and 9 percent. High-yield bond offerings from the Gulf are rare because local corporates can access bank finance at a much cheaper rate. Reuters