Oman Issues USD 1.75 Billion Worth of International Sukuk to Meet Government’s Financial Requirements

Oman’s Ministry of Finance has issued USD 1.75 billion worth of international Sukuk with a nine-year maturity, in the country’s second Sukuk issuance for 2021. The issuance, which took place on the 8th of June 2021, drew in an order book in excess of USD 11.5 billion, and was oversubscribed over 6.5x, according to media reports.

Why it Matters?

The issuance, which is Oman’s first USD-denominated Sukuk sale since 2018, is part of the Government of Oman’s funding operations plan endorsed earlier in 2021 to meet its financial requirements based on managing public debt levels and fiscal control. According to the Sukuk prospectus, low oil prices and the on-going impact of COVID-19 means that Oman expects to continue to have signific...