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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Standard Chartered PLC    STAN   GB0004082847

STANDARD CHARTERED PLC

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Oman reopens dual-tranche bond sale, raises $500 million

11/23/2020 | 11:20am EST

DUBAI, Nov 23 (Reuters) - Oman raised $500 million on Monday through a reopening of two bonds issued last month, drawing orders of more than $3 billion for the additional tranches, a document showed.

Rated below investment-grade by all major credit ratings agencies, Oman has piled on debt over the past few years and faces a yawning fiscal deficit of 10% this year, according to an International Monetary Fund forecast.

The Gulf state initially sold the bonds due in October 2027 and October 2032 last month, raising $2 billion. Orders totalled $3.8 billion amid subdued investor appetite but the bonds have since performed well.

"They always intended to do more than $2 billion so this is a good way to top up now the bonds have finally performed," a debt banker away from the deal said.

Monday's sale on the same terms saw Oman sell $200 million of the 2027 bonds at a yield of 6.3% and $300 million of the bonds due in 2032 at a yield of 6.9%, the document from one of the banks on the deal showed.

It tightened both tranches by 30 basis points from its initial price guidance earlier on Monday.

The outstanding bonds due in 2027 were issued at a yield of 6.75% and were trading at 6.305% on Monday, according to Refinitiv data. Its 2032 bonds were issued with a yield of 7.375% and were trading at 6.973% on Monday.

The prospectus for last month's bond sale said Oman had begun preliminary discussions with some Gulf countries about financial support. Bahrain, the only other "junk" rated Gulf country, averted a credit crunch in 2018 when it was bailed out with a $10 billion aid package from its wealthy Gulf neighbours.

Sources told Reuters last week that Oman is in talks for a loan of around $1 billion.

Oman's finance ministry did not respond to a request for comment on the debt sale.

Citi, HSBC, Natixis and Standard Chartered arranged the deal, according to the document.

Those banks, along with Bank Muscat, First Abu Dhabi Bank and Societe Generale arranged last month's $2 billion bond sale. (Reporting by Yousef Saba; Editing by Catherine Evans)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BANK MUSCAT SAOG -0.50% 0.396 End-of-day quote.0.51%
FIRST ABU DHABI BANK P.J.S.C. -0.27% 14.92 End-of-day quote.15.66%
HSBC HOLDINGS PLC 0.80% 401.437 Delayed Quote.5.08%
NATIXIS 4.74% 3.223 Real-time Quote.10.33%
SOCIÉTÉ GÉNÉRALE 2.91% 16.074 Real-time Quote.-8.26%
STANDARD CHARTERED PLC 1.74% 463.2 Delayed Quote.-2.36%
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Financials (USD)
Sales 2020 14 887 M - -
Net income 2020 789 M - -
Net Debt 2020 - - -
P/E ratio 2020 27,2x
Yield 2020 1,78%
Capitalization 19 584 M 19 550 M -
Capi. / Sales 2020 1,32x
Capi. / Sales 2021 1,32x
Nbr of Employees 82 494
Free-Float 93,9%
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Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 6,96 $
Last Close Price 6,22 $
Spread / Highest target 45,3%
Spread / Average Target 11,8%
Spread / Lowest Target -20,8%
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William Thomas Winters Group Chief Executive Officer & Executive Director
José Viñals Group Chairman
David Whiteing Group Chief Operating Officer
Andrew Nigel Halford Group Chief Financial Officer & Executive Director
Michael Gorriz Group Chief Information Officer
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