Bank Muscat launches capital guaranteed fund
Bank Muscat has launched a $20 million capital guaranteed fund, managed by Man Investment Products. The fund will initially be positioned to target returns of around 18 percent per annum over the medium-term with targeted volatility of around 13-14 percent per annum.
Bonds are available until October 15, 2003 and the minimum investment is $20,000, stated Man Investments in a company release. After an initial lock-in period of one year, bonds are redeemable monthly, subject to the terms and conditions outlined in the prospectus and any applicable redemption fee. The maturity date is set for October 31, 2013.
Two series of bonds will be offered, with each paying a coupon for each of the first three years. Coupons will be three percent of face value for Omani rial denominated bonds and 2.5 percent of face value for US dollar denominated bonds.
Bank Muscat is the largest bank in the Sultanate of Oman with assets in excess of OR 1.3 billion ($3.4 billion). Main shareholders of the Bank include the governmental Diwan of Royal Court and Societe Generale who are represented on the Board of the Bank. — (menareport.com)
© 2003 Mena Report (www.menareport.com)