Oman
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Bank Muscat, Oman’s largest bank by assets and capital, has named leads for a five year dollar note. -
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.
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Oman has hit the screens with a copycat trade of its 2017 triple tranche $5bn note, navigating a more volatile market than it may have hoped for after a back-up in US Treasuries on Tuesday.
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Oman Gas Co, Oman’s midstream natural gas transportation company, is expected to sign a $1bn loan with a club of banks.
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Oman became the first CEEMEA borrower to hit the screens this year with an official mandate. It has named five lead managers to arrange a triple tranche dollar bond as it looks to fund a Omr3bn ($7.8bn) budget deficit for 2018.
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Oman Telecommunications is expected to sign a $2.2bn loan in the coming weeks to finance its acquisition of a 21.9% stake in Kuwaiti telecoms company Zain Group.
