Essdar Capital’s bid to buy bonds related to the troubled Blue City property development in Oman is receiving a 'strong response from the market', with many holders accepting a 50% discount on their bonds, a top executive says.

The fund is trying to obtain at least 75% of two classes of bonds for the project in a 'high-risk, high-return strategy', said Suketu Sanghvi, the senior managing director of Essdar.

'I think the response is coming because for a very long time these bonds have been extremely illiquid,' Sanghvi said. 'Many of the investors wanted to get out of this investment.'

The National