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Wed 23 Jun 2010 06:54 PM

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Oman plans to issue 5yr bonds worth $260m

Bank will issue the bonds on July 26, with subscription running from June 28-July 15.

Oman plans to issue 5yr bonds worth $260m
BOND ISSUE: Omans central bank plans to issue five year development bonds worth $259.7m, with a 4% coupon. (Getty Images)

Oman's central bank plans to issue five year development bonds worth 100 million rials ($259.7 million) with a 4 percent coupon, the state news agency ONA said on Wednesday.

The subscription period will run from June 28 to July 15 for the bonds which will be issued on July 26 and mature on July 26 2015, the agency said.

Oman's central bank head said in March that the Gulf state would likely issue $316.8 million in domestic bonds to replace the same amount of debt maturing in November, but did not expect to tap international markets in 2010.

The sultanate's government has maintained a tight control of public debt in the past years. The non OPEC oil producer's debt fell to 5.6 pct of gross domestic product in 2009, from 34 percent in 1999.

The country, rated "A" by Standard & Poor's, has outstanding debt worth $655 million, according to Reuters data.

Analysts expect Oman's fiscal surplus at 3.7 percent of GDP in 2010 despite a 12 percent spending rise as oil prices are seen holding well above the budgeted scenario.

Oman had based its 2010 budget on a projected oil price of $50 a barrel and expected a deficit of $2.07 billion given plans to finance a range of infrastructure projects. (Reuters)

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