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Oman gets $1.75bln as sukuk comeback sees huge demand

(Source Zawya) –  Oman sold $1.75 billion in nine-year sukuk, or Islamic bonds, after drawing more than $11.5 billion in orders for its second international bond issuance this year, according a document shown Tuesday.

Abdul Kadir Hussain, head of fixed income asset management at Arqaam Capital, said that “the pricing is reflective of pent-up demand in the sukuk space”.

Oman is a small oil producer and is more sensitive than its neighbours to oil price swings. Infact it was hit especially hard by 2020’s historic price crash and the COVID-19 pandemic. But thanks to higher oil prices, some progress on fiscal consolidation and abundant global liquidity helped Oman become the first Gulf sovereign to issue bonds this year in a deal that drew over $15 billion in demand. In added, in January Oman raised $3.25 billion in that bond sale and later closed a $2.2 billion loan. 

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