Anita Yadav - Head of Fixed Income Research
Published Date: 11 January 2018
The Government of Oman, rated BB/Baa2/BBB- by S&P, Moody’s and Fitch respectively, yesterday raised $6.5 billion via issuance of bonds with tenure of 5yr at T+190bps ($1.25bn), 10yr at T+310bps ($2.5 bn) and 30yr at T+395bps ($2.75 billion). Much as in 2016 and 2017, Oman is likely to follow the bonds issuance with a sukuk offering soon, possibly of a size between $1.0 - $2.0 billion to fund projected budget deficit of circa $7.8 billion in 2018. In light of the new issues, presented below is a recap of key credit characteristics of the Oman sovereign.
Source: Bloomberg, Emirates NBD Research
GCC Bond Market In Search of New Supply
Relative Value in Sukuk