Oman plans to prepay OMR 512mn ($1.3bn) loans as the country benefitted from persistent higher oil prices and fiscal reforms. As per Oman News Agency, the government is considering bond buybacks, local debt sales, and prepayments to replace high-cost funds, and improve its maturity profile. This is expected to bring about cost savings of OMR 127mn ($330mn). The cost savings will be spent on projects aiming to boost its credit ratings and investor confidence. Last month Oman announced a tender offer to buy back up to $1.75bn of dollar bonds. The government completed a $701mn buyback transaction saving $232mn in cumulative interest cost. Oman is proactively managing its debt on the back of stronger revenue and improving fiscal metrics
Oman’s dollar bonds were trading higher with its 4.875% 2025s up over 0.24 points to 98.67, yielding 5.44%.
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