Oman (A1/A-) has mandated Bank Muscat SAOG as issue manager and Bank Muscat SAOG and its Islamic window Meethaq and Standard Chartered as joint lead managers to manage an OMR sukuk transaction for a potential rial sukuk. The mandate is another sign of how Gulf states are tapping their domestic markets to raise much-needed funds in the wake of depressed oil prices. Saudi Arabia sold its first sovereign bonds since 2007 in July through a SR15bn (US$4bn) deal as part of a fundraising programme to plug a growing budget deficit. A second SR20bn sale was undertaken in August. Riyadh had mainly been running down its financial reserves to cover the deficit.
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