Government of the Sultanate of Oman’s Return To The International Debt Capital Markets

Clifford Chance has advised the Government of the Sultanate of Oman on its return to the international debt capital markets in 2019 with a US$3 billion dual-tranche offering (US$2.25 billion 6.000 per cent. Notes due 2029 and US$750 million 4.875 per cent. Notes due 2025) under the Sultanate’s Global Medium Term Note Programme.

The transaction settled on 1 August 2019 and the ssuance was coordinated by a lead manager group comprised of Citigroup Global Markets Limited, First Abu Dhabi Bank PJSC, J.P. Morgan Securities plc, MUFG Securities EMEA plc, Natixis, Société Générale and Standard Chartered Bank.

The proceeds from the debt-raising enable the Sultanate to meet a significant portion of its expected funding needs for the year. The bonds were offered and sold in reliance on Rule 144A and Regulation S and were admitted to trading on Euronext Dublin.

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

Al Busaidy Mansoor Jamal & Co (AMJ) advised the Sultanate on the Omani law aspects of the transaction.

Involved fees earner: Alex Bafi – Clifford Chance; Ryan Bosch – Clifford Chance; Nicholas Brock – Clifford Chance; Rafé Khokhar – Clifford Chance; Olivier Plessis – Clifford Chance; Stuart Ure – Clifford Chance;

Law Firms: Clifford Chance;

Clients: Government of Oman;

Author: Michael Patrini.