Oman's Bank Muscat said on Saturday a RO15 million ($39 million) issue of certificates of deposits (CDs) was 35 per cent oversubscribed.

Total demand in the bank's regular auction was RO20.15 million, the bank said in a statement. The issue size was RO15 million.

The CDs were issued on February 28 in three categories with maturity of 12, 36 and 60 months at interest rates of 3.5 per cent, 4.5 per cent and 5.5 per cent respectively.

Oman's biggest bank is targeting to raise RO250 million and has so far received RO182.4 million from the previous ten auctions.

The bank's first CD issue was in September 2008. Bank Muscat also raised $195 million from seven-year bonds in May last year. – Reuters