Oman back to debt markets with multi-tranche dollar bond offering | Reuters
Oman started selling U.S. dollar-denominated multi-tranche bonds on Thursday, a document showed, as the debt-burdened Gulf oil producer seeks fresh funding to cover a large fiscal shortfall.
Oman is selling bonds with maturities of 10 and 30 years, and it re-opened $750 million bonds due in 2025, according to a document issued by one of the banks leading the deal and seen by Reuters.
Oman, rated below investment grade by all major credit ratings agencies, has piled up debt at breakneck speed over the past few years to offset a decline in oil prices and cover widening deficits.
On Thursday, it started marketing the 10-year paper at around 6.625% and the 30-year at 7.625%-7.75%, while the re-opening, or “tap”, of the 2025 bonds was marketed at around 4.875%.
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