Oman mandates banks for 7-year dollar sukuk sale

DUBAI: The government of Oman has hired banks to arrange a global investor call ahead of a planned sale of dollar-denominated sukuk, or Islamic bonds, a document issued by one of the banks leading the deal showed on Monday.

Gulf International Bank, HSBC, JPMorgan, KFH Capital and Standard Chartered Bank have been mandated as joint lead managers and bookrunners for the potential sale.

Oman, rated Baa3 by Moody’s, BB by S&P and BBB-(minus) by Fitch, plans to sell seven-year benchmark sukuk, according to the document. Benchmark bonds are generally meant to be upwards of $500 million (Dh1.84 billion).

— Reuters