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FINANCIAL NEWS
Oman turns to other funding sources at USD 5-10bn
14 Jun 2016
(MENAFN) Oman is turning to other funding sources like procuring a USD 5bn to USD 10bn loan from the global market.
On the other hand, the Sultanate raised USD 2.5bn from its first global bond sale as it plans to plug a budget deficit caused by crude’s drop.
Additionally, Oman sold a USD 1bn of five-year notes at a yield of 245 basis points over the benchmark mid swap rate and USD 1.5bn of 10-year bonds.
Accordingly, falling state deposits among the downturn in oil prices led to moderate liquidity squeeze in the banking sector.
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