DUBAI (Reuters) - Oman has started marketing a two-part U.S. dollar bond issuance comprising seven- and 12-year bonds, according to a document seen by Reuters, in the Gulf state’s first international bond issue this year.

The document, issued by one of the banks leading the deal, showed Oman is marketing the seven-year paper in the 7% area and the 12-year paper in the 7.625% area.

Oman had also announced plans on Monday to issue a three-year tranche.

Rated below investment grade by all major credit agencies, Oman is expected to raise upwards of $3 billion with the deal, sources have previously said, as the oil producing country seeks to boost state finances badly hit by the coronavirus crisis.

Bank Muscat, Citi, First Abu Dhabi Bank, HSBC, Natixis, Societe Generale and Standard Chartered have been hired to arrange the deal, which is expected to close later on Wednesday.

Source: Reuters

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