Thursday 09, March 2017 by Georgina Enzer

Clifford Chance advises the Government of Oman on its largest ever debt capital markets issuance

International law firm Clifford Chance has advised the Government of the Sultanate of Oman on its return to the international debt capital markets in 2017 with a $5 billion triple tranche offering ($1 billion 3.875 per cent notes due 2022, $2 billion 5.375 per cent notes due 2027 and $2 billion 6.5 per cent notes due 2047).

The transaction settled on 8 March 2017 and marks the largest ever issuance by the Sultanate. The proceeds from the debt-raising enable the Sultanate to meet a significant portion of its expected funding needs for this year. The bonds were offered and sold in reliance on Rule 144A and Regulation S and were admitted to trading on the Irish Stock Exchange.

This issuance follows a total of $4.5 billion bond and Sukuk offerings by the Sultanate issued in 2016, which Clifford Chance also advised on. These issuances included a five-year ($1 billion 3.625 per cent notes due 2021) and 10-year ($1.5 billion 4.750 per cent notes due 2026) dual-tranche issuance, issued on 15 June 2016, as well as a tap issuance which settled on 4 October 2016, adding $500 million to the five-year notes and $1 billion to the 10-year notes. This was the Sultanate's first international debt capital markets issuance since 1997. Clifford Chance also acted on the Sultanate's $500 million Sukuk, which was privately placed and settled on 14 July 2016.

The Clifford Chance team was led on English law matters through its UAE offices by partner Stuart Ure and senior associate Rafé Khokhar, and on US law matters through its Paris office by US partner Alex Bafi, supported by US senior associate Olivier Plessis and US associate Ryan Bosch.

The March 2017 issuance was coordinated by a lead manager group comprised of Bank Muscat, Citi, Deutsche Bank, HSBC, ICBC Standard, J.P. Morgan, Société Générale and Standard Chartered Bank.

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