Oman
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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. -
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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Oman's Bank Muscat this week returned to debt markets after a brief hiatus to sell a dollar bond. The deal was one of only a few across CEEMEA this week, as market participants say interest rate volatility is still deterring issuance.
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Oman Electricity Transmission Company, a partially state-owned utility company, entered the market on Wednesday for a dollar bond, just two weeks after the high yielding sovereign raised a dollar offering.
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Junk-rated emerging market sovereigns Benin and Oman sold bonds this week, with market participants saying their new issue premiums were minimal. However, bankers think total activity across CEEMEA over the last two weeks has been “underwhelming”.
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The Sultanate of Oman's return to debt markets is proof to some that the market is wide open for high yielding emerging market issuers. The sovereign mandated banks for a dollar deal as investors, hunting for yield, appear undeterred by volatility in the US rates market.
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Oman, one of only two sub-investment grade sovereign credits in the Gulf region, tapped two of its dollar bonds for $500m this week as it seeks to shore up state finances.
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Three borrowers in the Middle East are set to come to market for dollar benchmarks this week with a sudden rush of mandate announcements after a quiet few weeks in the region's debt capital markets.
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Oman, one of only two junk-rated sovereigns in the Gulf region, is tapping lenders for up to $2bn, as some say it could not find the right conditions in the bond market. According to bankers familiar with the deal, credit risk considerations are foremost and the sovereign will have to pay up to borrow.
