IslamicFinance.de

#Oman's Mazoon Electricity Company successfully priced its debut $500 million 10-year Sukuk offering. The Sharia-compliant Ijara structure was adopted for issue of the Sukuk Certificates and the profit rate was set 5.20%. The final order book had $5 billion from 300 orders, representing more than 10 times oversubscription. The final order book distribution by geography comprised of 47% from the Mena region, 17% Asian investors, 23% from European investors and 13% from US investors. The transaction marks the first international corporate Sukuk issue out of the Sultanate. The issuance is rated Baa2 (Negative) by Moody’s and BBB (Negative) by Fitch. A comprehensive global roadshow was conducted in Asia, UAE, London, Boston and New York. Mazoon CEO Zahir Abdulla Al Abri attributes the success of the Sukuk to the regulatory mechanism, support of the Government and consistent growth of the company.