Sea Glider, a subsidiary of Sindbad Overseas and part of the Sindbad Group, successfully debuted its first bond on the Muscat Stock Exchange's Bonds and Sukuk Market in September 2025. The issuance marks a major milestone both for the company and for Oman's capital markets, representing the largest debut rial-denominated corporate bond arranged by an Omani institution.
Managed and collected by Oman Investment Bank (OIB), the four-year amortising guaranteed bond was originally targeted at RO 50 million but was upsized to RO 73 million (approximately USD 190 million) following strong demand. The final yield was set at 7%, attracting a broad range of investors, including leading Omani institutions and prominent private investors.
Proceeds from the issuance strengthen Sea Glider's balance-sheet structure, extend the company's debt maturity profile, and reduce overall financing costs. The transaction also represents the first issuance completed under the Sindbad Overseas medium-term note programme, reinforcing the Group's strategy of building a diversified, sustainable long-term funding base.
Sea Glider is a key vessel-owning entity within the Sindbad Group, which is engaged in chartering commercial cargo vessels and maritime assets worldwide. As of end-March 2025, the Group's portfolio comprised 45 vessels, with an estimated aggregate value of over RO 400 million based on international broker valuations. According to the bond prospectus, consolidated Group assets reached RO 308 million in FY2024, increasing to RO 355 million by March 2025.
OIB highlighted the transaction as a landmark event for the Omani market and a testament to the growing investor confidence in the Sindbad Group. The successful offering underscores the Group's commitment to innovative financial structuring, robust governance, and its role in advancing Oman's position as a regional hub for maritime and capital-market activity.
A detailed press article on the transaction was published by the Oman Daily Observer and can be accessed via PressReader at pressreader.com