Oman bonds weaken on Moody’s review as other Gulf debt gains

      Published on Wednesday, 1 April , 2020      471 Views     
Oman bonds weaken on Moody’s review as other Gulf debt gains

  • Business

Oman’s debt weakened on Tuesday after Moody’s placed its rating under review for a downgrade, while other Gulf bonds gained.

The sultanate’s 30-year dollar bonds due in 2048 lost 1 cent to trade at around 65.3 cents on the dollar, Refinitiv data showed. Oman’s 10-year bonds maturing in 2028 lost 0.3 cents to trade at 71.7 cents on the dollar.

Oman’s bonds suffered sharper losses than other Gulf states on Monday after it was downgraded deeper into junk status by S&P.

Its Gulf neighbours posted gains on Tuesday, with Saudi Arabia’s 30-year bonds due in 2049 gaining 0.4 cents to trade at 107.3 cents on the dollar. Oil giant Saudi Aramco’s similar bonds gained 0.9 cents to trade at 98.9 cents.

Qatar’s 30-year bonds due in 2049 rose 1.1 cents to trade at 117.3 cents on the dollar, while Abu Dhabi 30-year bonds maturing in 2047 gained 0.8 cents to trade at 107.9 cents.

Bahrain, the only Gulf sovereign besides Oman that is rated junk, gained 0.7 cents on its 30-year bonds due in 2047 to trade at 84.8 cents on the dollar.

Category Business | 2020/04/01 latest update at 5:15 PM
Source : Reuters | Photocredit : Google
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