DUBAI - OQ, formerly Oman Oil Company, is planning a sale of U.S. dollar-denominated seven-year bonds and has hired Citi, HSBC and JPMorgan for the transaction, an investors' note showed on Monday.
The banks will arrange investor calls starting on Monday, the note seen by Reuters showed. A bond issuance of benchmark size - generally at least $500 million - will follow, subject to market conditions.
The planned transaction is among a flurry of debt deals from the Gulf, where issuers have been taking advantage of low rates to raise debt as the region emerges from an economic downturn caused by the COVID-19 pandemic and last year's oil price plunge.
Reuters reported on Sunday that Qatar Petroleum, another of the region's state-owned oil and gas companies that is the world's largest LNG supplier, is planning its debut public dollar bonds sale.
Abu Dhabi Ports is also holding investor calls on Monday and Tuesday, to be followed by a dollar bonds sale. urn:newsml:reuters.com:*:nL4N2MJ1SK
(Reporting by Yousef Saba; editing by Emelia Sithole-Matarise) ((Yousef.Saba@thomsonreuters.com; +971562166204; https://twitter.com/YousefSaba))