Oman to sell first sukuk on October 8
To expand its capital market, Oman will sell its first sovereign Islamic bond this week, the sultanate’s Ministry of Finance has announced. The country will open subscriptions for its first issue of sovereign sukuk on October 8 and close them on October 22. The rial-denominated issue will have a tenor of five years and will mature in 2020, with its profit rate set through a uniform price auction, according to the ministry. The issue will be open to sophisticated investors – usually taken to mean fund managers, banks and other institutions, as well as wealthy individuals – with a minimum subscription of OMR500,000 ($1.3 million).
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