Oman sells $500m six-year sukuk

30/06/2016 11:42 AST

Oman's government has sold a $500 million six-year sukuk in a private placement, a document from the lead manager showed on Wednesday.

The sukuk's profit rate is 3.5 per cent and the Ijara-structured instrument will be repaid in three equal instalments after four, five and six years, according to the document from Standard Chartered.

Ijara is a common sharia-compliant sale and lease-back contract.

Gulf governments are turning to debt markets to raise money to make up for budgetary shortfalls following the sustained slump in oil prices. Oman has already raised a $2.5 billion two-part bond and a $1 billion loan from banks in 2016.


Reuters

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