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State-owned Oman Electricity Transmission Company (OETC) has raised $500mn from a 10-year international bond issue which was eight times oversubscribed. The bond issue, listed on the Irish Stock Exchange, was managed by OETC and Nama Holding along with JP Morgan and Bank Muscat, all acting as joint bookrunners. The issue, which was initially priced at mid-swaps plus 300bps, was sold at mid-swaps plus 285bps, following the tightening of its pricing after encountering strong market demand. The debt issue was rated Baa1 by Moody’s and BBB by Fitch, three and two notches inside investment grade respectively and both in line with the agencies’ Oman sovereign ratings. (CONTINUED - 397 WORDS)