Bank Muscat, Oman's largest bank by market value, has invited banks to bid on arranging a planned bond issue under an $800 million programme, IFR, a unit of Thomson Reuters, reported.

Bank Muscat said last month it will establish a Euro Medium Term Notes programme, subject to shareholder approval at a Feb. 6 extraordinary general meeting.

IFR said the lender is looking at a conventional bond and banks are to submit proposals by the end of February.

The request for proposals from banks did not specify the amount to be issued but bankers said it could raise up to $500 million from any future issue, according to IFR. - Reuters