Published on 1/26/2021 in the Prospect News Emerging Markets Daily.
New Issue: Oman sells $3.25 billion in 2025 add-on, 2031, 2051 new notes
By Taylor Fox
New York, Jan. 26 – The government of the Sultanate of Oman issued an additional $500 million of 4 7/8% notes due 2025 at 101.547, $1.75 billion 6 ¼% notes due 2031 at par and $1 billion of 7% notes due 2051 at 96.959, according to notices.
The add-on 2025 notes will be consolidated and form a single series with the existing $750 million of 4 7/8% notes due 2025. The original tranches were issued on Aug. 1, 2019.
The proceeds will be used for general budgetary purposes.
Citigroup Global Markets Ltd., HSBC Bank plc, J.P. Morgan Securities plc and Standard Chartered Bank are global coordinators and Bank Dhofar SAOG, Gulf International Bank BSC, Natixis and QNB Capital LLC joined them as joint lead managers.
Issuer: | Sultanate of Oman (through the Ministry of Finance)
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Issue: | Notes, add-on
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Amount: | $3.25 billion
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Managers: | Citigroup Global Markets Ltd., HSBC Bank plc, J.P. Morgan Securities plc and Standard Chartered Bank, Bank Dhofar SAOG, Gulf International Bank BSC, Natixis and QNB Capital LLC
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Counsel to issuer: | Dechert LLP, Al Busaidy, Mansoor Jamal & Co.
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Counsel to underwriters: | Allen & Overy LLP, Dentons and Co., Oman Branch
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Pricing date: | Jan. 21
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Settlement date: | Jan. 25
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Expected ratings: | Moody’s: Ba3
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| Fitch: BB-
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Distribution: | Rule 144A and Regulation S
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2025 notes
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Amount: | $500 million add-on
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Maturity: | Feb. 1, 2025
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Coupon: | 4 7/8%
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Price: | 101.547
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Yield: | 4.45%
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Total issuance: | $1.25 billion, including $750 million issued on Aug. 1, 2019
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2031 notes
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Amount: | $1.75 billion
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Maturity: | Jan. 25, 2031
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Coupon: | 6¼%
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Price: | Par
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Yield: | 6¼%
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2051 notes
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Amount: | $1 billion
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Maturity: | Jan. 25, 2051
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Coupon: | 7%
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Price: | 96.959
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Yield: | 7¼%
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