Oman
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Bank Muscat's Islamic banking arm, Meethaq, has requested proposals from banks for its debut loan syndication. -
Bankers are confident that Oman can overcome the obstacles in the way of its borrowing capabilities, namely a large fiscal deficit and speculative grade ratings, in order to raise financing from international lenders.
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Middle Eastern borrowers are returning to the market in droves, picking up where they left off in September and making up for an underwhelming start to October.
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Two Middle Eastern borrowers printed seven year sukuk dollar benchmarks on Wednesday, restarting the market after a few weeks of flagging issuance.
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Oman has picked five banks to run the books for a seven year dollar benchmark, following an investor call scheduled for Tuesday.
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The National Bank of Oman hit screens on Tuesday, raising $500m of five year paper in a market still hungry for more Middle Eastern supply.
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National Bank of Oman will sell a new five year benchmark on Tuesday, following a tender offer completed on Monday.
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The National Bank of Oman has launched a tender offer to buy back half of a 2019 dollar benchmark as well as announcing a roadshow for a new five year deal.
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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.
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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.
