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Bond Market News
Oman Hires Banks for Long 7Y Dollar Sukuk Issuance; Launches Buyback of 2026s
October 9, 2025
Oman has issued a mandate with banks, for the issuance of a long 7Y dollar denominated sukuk, alongside a tender offer. The sovereign is currently rated Baa3/BBB-/BB+ (Moody’s/S&P/Fitch). The capped tender offer was launched to buy back up to $500mn of its outstanding $2.5bn 4.75% 2026s at par. The offer will expire on 15 October 2025 and acceptance of any notes for the buyback is conditional upon the successful completion of the new sukuk issuance. This adds to a spate of sovereign issuances in recent weeks from the GCC region where Saudi Arabia ($2bn), Abu Dhabi ($3bn), Kuwait ($11.25bn) and Bahrain ($2.5bn) have tapped the offshore debt markets. Some banking analysts highlight that GCC sovereigns are taking advantage of favourable market conditions, with low rates and spreads at their tightest levels ever.
Oman’s dollar bonds were trading stable, with its 6% 2029s at 105.3, yielding 4.5%.
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