Oman has raised $2.5 billion in a bond sale arranged by five international banks to help meet its budget deficit resulting from low oil prices, the finance ministry said Saturday. The ministry, quoted by the Oman News Agency, said the sultanate's first international bond issue in two decades was oversubscribed by almost three times.
The Gulf state sold $1 billion in bonds to mature in five years at an interest rate of 3.625 percent and a 10-year issue worth $1.5 billion at 4.75 percent, it said in a statement.