MIDEAST DEBT-Oman's bond market return to test credibility of reform path | Reuters:
Oman’s return to the international bond market this week will be a test of its ability to convince investors that long-awaited fiscal reforms have started to put it on a sustainable financial footing.
The oil-producing Gulf state, rated below investment grade by all the major credit agencies, announced on Monday plans to issue bonds with maturities of three, seven and 12 years, in what would be its first global debt sale this year.
Sultan Haitham, who became Oman’s ruler in January, has made shaking up state finances one of his priorities.
But investors would like to see more concrete steps being taken and, after a further sovereign downgrade last week, may require the new bonds to offer a significant premium over the country’s existing debt.
No comments:
Post a Comment