In March, Bank Muscat closed a US$650m loan, while in February Oman Gas Co signed an US$800m facility. However, Oman is more vulnerable to oil price swings than most of its wealthier Gulf neighbours and some banks are still cautious about further Omani exposure, having lent a significant amount to it already. The pricing is attractive, but it will be limited to relationship banks and those who know the Omani government,” the second banker said. “I think there will be enough appetite for U$2bn. The Omani Ministry of Finance sent out a request for proposals to lenders on June 18 and initial commitments are due by the end of this week.īanks are being asked for tickets of US$300m for the role of mandated lead arranger and bookrunner and two regional banks are in the running for the role of coordinator, which will be decided shortly. However, as market conditions have improved since March, Oman - one of the weakest economies in the oil-rich Gulf - has returned for a one-year loan, even though it suffered a second downgrade by Moody’s to Ba3 from Ba2 on June 23.
In March, the sultanate was forced to put a US$2bn sovereign loan on hold after it was hit by falling oil prices, the impact of Covid-19 and a downgrade by Fitch to BB from BB+, making the cost of a loan too expensive.
LONDON, July 2 (LPC) - Oman is in the market for a US$2bn bridge loan from international and regional lenders, which bankers expect the sultanate to complete successfully despite it being downgraded further into junk territory.
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