MSX Debut Listing of RO 73 Million Sea Glider Bond: What Investors and Businesses Need to Know
MUSCAT: The Muscat Stock Exchange (MSX) announced the listing of Sea Glider LLC’s inaugural bond on its Bonds and Sukuk Market earlier this week.
Oman Investment Bank (OIB), serving as the Issue Manager and Collecting Bank for the offering, reported that the four-year amortising guaranteed bond, offering a yield of 7%, successfully raised RO 73 million (around $190 million).
OIB described the transaction as the largest debut Omani corporate bond issuance, noting that the deal was increased from its initial cap of RO 50 million due to strong demand from a wide range of investors, including leading Omani institutions and prominent private investors. The bond issuance has allowed Sea Glider to extend its debt maturity profile while reducing overall financing costs.
Sea Glider operates as a subsidiary of Oman-based Sindbad Overseas, a company engaged in chartering commercial cargo vessels and other assets globally. As of the end of March 2025, the Sindbad Group’s fleet comprised 45 vessels with a combined value exceeding RO 400 million, based on international broker valuations, according to the bond prospectus.
The prospectus also revealed that, based on the audited consolidated financial statements for the fiscal year 2024 (at the Guarantor level), the Group’s total assets reached RO 308 million. According to management data, total assets as of March 2025 had increased to RO 355 million.
Commenting on the successful issuance, OIB stated: “Oman Investment Bank is proud to have acted as Issue Manager and Collecting Bank for this landmark transaction, which also represents the first issuance under Sindbad Overseas’ medium-term note programme. This milestone underscores our commitment to providing tailored and innovative financing solutions while promoting Oman as a vibrant capital market hub.”
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The successful debut bond issuance by Sea Glider LLC, raising RO 73 million at a competitive 7% yield, signals growing investor confidence in Omani corporates and the expanding capital market infrastructure. For businesses, this highlights enhanced opportunities to diversify funding sources and optimize financing costs through bond markets. Smart investors and entrepreneurs should now consider leveraging Oman’s maturing debt markets to support growth while monitoring shifts in institutional investment appetite.
