Oman raises $1.75bn in oversubscribed global sukuk sale
Oman has successfully raised US$1.75bn this week through the sale of nine-year dollar sukuk in the international market, according to the Ministry of Finance.
The sultanate's issuance of sukuk, or Islamic bonds, attracted huge demand from international investors and asset management institutions. The sukuk issuance attracted more than US$11.5bn worth of orders and was oversubscribed by 6.5 times of the offered value, according to an Oman News Agency report.
The move comes as part of funding operations listed in the government’s plan endorsed earlier this year to meet its financial requirements based on fiscal control and management of public debt levels.
The sukuk issuance attracted bids from investors in the Gulf, Asia, European and American markets.
The data indicated that Oman's government was able to issue the dollar sukuk at a lower rate of 4.875 per cent against its initial price guidance.