Oman on 18 January signed a $1bn loan agreement with several international banks to partly finance the OR3.3bn ($8.6bn) deficit in the country’s 2016 budget. Lead managers were Citigroup, Gulf International Bank and Natixis.
Oman started marketing the five-year loan in November at a margin of 110 basis points over Libor. But it had to raise this margin to 120 basis points as investors demanded a higher return following the downgrading of Oman by rating agency S&P,...
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