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The initial price thoughts (IPTs) on Oman’s USD benchmark sized Reg S seven-year long fixed rate sukuk is in the area of +95bps over US Treasuries.
The sultanate, rated Baa3 (stable) by Moody’s, BBB- (stable) by S&P and BB+ (positive) by Fitch, is the latest GCC sovereign state to tap international debt markets in recent weeks.
The expected rating of the ijara structure is Baa3 by Moody’s / BBB- by S&P, with a settlement date of 17 October 2025.
The sukuk is being issued through Oman’s Ministry of Finance, with banks mandated including Citi, JP Morgan and Standard Chartered Bank that are acting as Global Coordinators. Dubai Islamic Bank, Mashreq, KFH Capital and Sohar International Bank SAOG have also been appointed as Joint Lead Managers and Bookrunners.
The sukuk will be listed on the London Stock Exchange’s Main Market.
Oman has also announced a concurrent capped par tender offer for up to $500 million of its $2.5 billion 4.750% notes, due 2026.
(Writing by Bindu Rai, editing by Seban Scaria)
