{"id":198284,"date":"2021-06-10T03:35:02","date_gmt":"2021-06-10T03:35:02","guid":{"rendered":"https:\/\/www.bnreport.com\/?p=198284"},"modified":"2021-06-10T03:35:05","modified_gmt":"2021-06-10T03:35:05","slug":"oman-sukuk","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/oman-sukuk\/","title":{"rendered":"Oman issues international sukuk of $1.75bn worth"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">The Sultanate of Oman announced the issuance of international <a href=\"https:\/\/www.google.com\/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=&amp;cad=rja&amp;uact=8&amp;ved=2ahUKEwj-mLP_kIzxAhV5A2MBHS1eBQQQFjACegQIAxAD&amp;url=https%3A%2F%2Fwww.investopedia.com%2Fterms%2Fs%2Fsukuk.asp%23%3A~%3Atext%3DA%2520sukuk%2520is%2520an%2520Islamic%2Claw%2520commonly%2520known%2520as%2520Sharia.%26text%3DThe%2520issuer%2520must%2520also%2520make%2Cfuture%2520date%2520at%2520par%2520value.&amp;usg=AOvVaw3hJs2wxix5RC3C_DdxAD2h\">sukuk <\/a>worth $1.75 billion with a maturity period of nine years. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This is the second time the Oman resorts to obtaining financing from international markets this year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Ministry of Finance in the Sultanate stated in a statement that the issuance comes within the financing operations included in a government plan approved at the beginning of this year.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>International instruments<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Oman had issued $3.25 billion in sukuk in January 2021, amid the pressures of the emerging Coronavirus pandemic.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThe Sultanate&#8217;s financial needs are based on the principle of financial discipline and maintaining the level of public debt,\u201d the statement said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The statement indicated that the sukuk witnessed a high demand by international investors and asset management and investment institutions.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The interest rate for the offering was 4.875%, which is lower than the price offered by the Omani government.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The bids varied geographically between the Gulf, Asian, European and American markets, according to the statement.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Oman is damaged<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Oman, with a population of 4.6 million people, more than 40% of whom are foreigners, has been hit hard by the drop in crude oil prices since 2014. The country also has been dealt a new blow due to COVID-19.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The country, which is seeking to boost the tourism sector to diversify its economy, saw its gross domestic product shrink by 6.4% in 2020. The government debt rose to 81% of GDP, compared to 60% in 2019, according to the International Monetary Fund.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A previous report by Fitch Ratings said that the next three years will be a critical test of the financing resilience that Oman has shown in the past.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Fitch expected a large fiscal deficit for the Sultanate&#8217;s budget with the maturity of external debts, between $12 billion and $14 billion annually in the period 2020-2022.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Informed sources had revealed that the Sultanate of Oman had held talks with a number of banks to participate in a possible dollar-denominated sukuk offering during the current year 2021.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The sources said that the discussions of the Sultanate of Oman are still in the initial stages.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A document also stated that the Sultanate has appointed banks for its second issuance of international bonds this year, which is a planned issuance of nine-year US dollar-denominated sukuk.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Sultanate of Oman announced the issuance of international sukuk worth $1.75 billion with a maturity period of nine years. This is the second time the Oman resorts to obtaining financing from international markets this year. The Ministry of Finance in the Sultanate stated in a statement that the issuance comes within the financing operations [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":198285,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[278,960],"class_list":["post-198284","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-featured","tag-oman"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Oman Issues International Sukuk Of $1.75bn Worth | BNReport<\/title>\n<meta name=\"description\" content=\"BNReport -The Sultanate of Oman announced the issuance of international sukuk worth $1.75 billion with a maturity period of nine years.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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