Oman
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Oman's OQ launched the flotation of its oil drilling business, Saudi regulators approved IPO of TAM Development -
Issuance from the Gulf is coming to an end this year but volumes may surge in 2023
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Omani bank plans to raise $424m to fund growth
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The Omani lender Bank Dhofar has secured a loan facility from a consortium of international banks, in a deal led by two regional lenders.
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A brace of sukuk trades from the Gulf this week racked up enormous order books, demonstrating the voracious demand for Sharia-compliant paper. With a hungry investor base, sukuk issuance is expected to grow, despite some "teething problems".
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The Sultanate of Oman launched a dollar sukuk on Tuesday, which investors said would receive strong demand as investors hunt for high yielding Sharia-compliant paper.
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The Sultanate of Oman, one of only two sub-investment grade credits in the Gulf, is set to sell a sukuk. The government is seeking the dollar-denominated debt months after it last entered both the bond and syndicated loan markets to bolster its financial capacity.
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Market participants rejoiced this week as the primary market landscape returned to normal after US Treasury yield volatility subsided and a number of deals, both investment grade and high yield, came to the market.
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Omani state-owned oil company, OQ, has mandated banks to arrange a dollar bond offering, in what is likely to be a test of investor appetite for both high yield and oil credits.
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