Oman
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Omantel has released price guidance for its long five and 10 year dual tranche bond at a level one EM trader in London is calling “real cheap” at 100bp over the Oman sovereign curve. -
Bank Muscat cut through a weaker market to raise $500m with a new five year senior bond which “all things considered went really well,” and landed flat to where a new Omani sovereign five year would come, according to a banker on the deal.
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Bank Muscat has taken orders north of $1bn for its new five year Reg S dollar bond on Wednesday, allowing the leads to launch the deal at the tight end of final guidance.
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Oman’s Bank Sohar has successfully closed the syndication of a $300m loan, underwritten by Bank ABC and Commerzbank in December.
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Bank Muscat, Oman’s largest bank by assets and capital, has named leads for a five year dollar note.
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Bank Sohar, the Omani bank, is expected to sign an oversubscribed three year loan for $300m by the end of February. Demand for the facility has been high from international banks despite the country’s rising budget deficit.
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Axis Bank’s presence in the top group of a recent loan for Oman’s Bank Sohar has once again put the focus on Indian lenders’ efforts to expand their overseas balance sheets. Banks from the south Asian country see FIG deals as a safe gateway to business in unfamiliar geographies — and are keen to step up their game. Shruti Chaturvedi reports.
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Oman’s Bank Sohar has enlisted three lenders to arrange a $300m new money borrowing.
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Fund flows into emerging market bond funds hit a 76 week high in the week ending January 12, according to EPFR data, culminating a week of strong primary markets that a wobble in US Treasuries could do nothing to derail.
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Several big name investors this week called the start of a bond bear market after a back-up in 10 year US Treasury yields but there was little sign of reticence from the emerging markets buy-side, with three sovereigns pulling in jumbo order books.
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Strong demand enabled Oman to secure a larger than expected $6.5bn of funding on Wednesday, taking it a considerable way towards covering its Omr3bn ($7.8bn) deficit for 2018.
