Oman Sells 150 Million Rials of Sukuk at Average Accepted 4.82 Percent, Offers 3 Mining Areas
Oman sold 150 million rials of local sovereign sukuk in its 12th issue, according to a statement published by the Ministry of Finance on 27 October. The 7-year certificates sold at an average accepted profit rate of 4.82 percent. The announced profit rate was 4.85 percent. Bids reached an estimated 273.17 million rials, the Oman Sovereign Sukuk Company said. On our calculation, demand covered the issue 1.82 times. The certificates will be issued on Thursday 29 October and mature on 29 October 2033.
Accepted rates ranged from 4.75 percent to 4.85 percent. At 150 million rials, the issue is 25 percent larger than the 11th, which sold 120 million rials in June, on our calculation.
Demand Ran an Estimated 123 Million Rials Above the Issue Size
Oman announced the offering on 18 October. The base size was 100 million rials, with an option to add up to 50 million more. The tenor was 7 years, at a profit rate of 4.85 percent a year. The final 150 million rials equals the base amount plus the full option, on our calculation. Bidding opened on 19 October and closed on 25 October.
Bids exceeded the amount sold by 123.17 million rials, on our calculation. Compared with the 11th issue, total bids rose by 23.36 million rials, or 9.35 percent, on our calculation. The amount sold rose faster, by 30 million rials, so cover eased to 1.82 times from 2.08 times, on our calculation.
Individuals had a separate route. A non-competitive track let them apply through designated bank apps at the fixed 4.85 percent, up to 10,000 rials per investor. The sukuk are open to buyers of any nationality, inside or outside Oman, and can be traded on the Muscat Stock Exchange.
Profit is paid 4 times a year, on 29 January, 29 April, 29 July and 29 October. Over 7 years that makes 28 payments, on our count. The 11th issue pays twice a year, in June and December.
Oman Local Sovereign Sukuk: 12th and 11th Issues
| Term | 12th issue | 11th issue |
|---|---|---|
| Results published | 27 Oct 2026 | 11 Jun 2026 |
| Amount sold (RO m) | 150 | 120 |
| Bids (RO m, est.) | 273.17 | 249.81 |
| Bid cover (times) | 1.82 | 2.08 |
| Average accepted rate | 4.82% | 4.19% |
| Accepted range | 4.75% to 4.85% | 4.17% to 4.20% |
| Announced rate | 4.85% | 4.2% |
| Tenor | 7 years | 5 years |
| Maturity | 29 Oct 2033 | 15 Jun 2031 |
| Payments a year | 4 | 2 |
Issue terms and results from the Ministry of Finance announcements of the two issues. Bids are the source’s approximate totals, 273,172,400 and 249,808,500 rials. Bid cover is our calculation.
Of the 5 bond and sukuk auctions of 2026 in the table below, the 12th issue sold the largest amount, on our count.
Demand at 5 Oman Bond and Sukuk Auctions in 2026
| Issue and result date | Amount sold | Bids | Cover |
|---|---|---|---|
| Development bond 80, matures 2031 (1 Feb) | 100 | 173.37 | 1.73 |
| Development bond 81, matures 2036 (1 Feb) | 25 | 74.50 | 2.98 |
| Development bond 82, matures 2033 (31 Mar) | 87.33 | 162.33 | 1.86 |
| Sukuk 11, matures 2031 (11 Jun) | 120 | 249.81 | 2.08 |
| Sukuk 12, matures 2033 (27 Oct) | 150 | 273.17 | 1.82 |
Results as published on the ministry’s news page. Amounts sold and bids are in millions of rials. Bids for bond 81 and both sukuk are the source’s approximate totals. Development bonds 83 and 84 are not included. Cover, in times, is our calculation.
How the 4.82 Percent Average Sits Against Oman’s Other Government Paper
The average accepted rate sat 3 basis points under the announced 4.85 percent, and the top accepted rate matched it, on our calculation. The 11th issue had the same shape: its ceiling of 4.20 percent equalled the announced 4.2 percent, and its 4.19 percent average sat 1 basis point below, on our calculation.
The Central Bank of Oman’s Treasury bill results give a short-dated benchmark. The state news agency reported them on 26 October, and the bank’s own release is dated 27 October. The 28-day bill averaged 3.92248 percent. The 91-day bill averaged 4.19600 percent, and the 182-day bill 4.26765 percent. The 7-year sukuk priced 55 basis points over the 182-day bill and 90 basis points over the 28-day bill, on our calculation. The bank’s repo rate stands at 4.50 percent, 32 basis points below the sukuk average, on our calculation.
The same tender issued 39.4 million rials of bills. The 28-day bill took 22 million rials of that, the 91-day 11.9 million and the 182-day 5.5 million.
On our reading, the nearest comparison is development bond 82, a 7-year bond whose results came out on 31 March and which matures on 2 April 2033. Its average accepted yield was 4.23 percent on a 4.25 percent coupon. The 12th sukuk’s average is 59 basis points higher, on our calculation.
Oman Government Rates in 2026
| Instrument | Date | Average rate |
|---|---|---|
| Sukuk 12, 7 years | 27 Oct | 4.82% |
| Repo rate | 26 Oct | 4.50% |
| Treasury bill, 182 days | 26 Oct | 4.26765% |
| Development bond 82, 7 years | 31 Mar | 4.23% |
| Treasury bill, 91 days | 26 Oct | 4.19600% |
| Sukuk 11, 5 years | 11 Jun | 4.19% |
| Treasury bill, 28 days | 26 Oct | 3.92248% |
Sukuk and bond figures are average accepted rates from the ministry’s statements. Bill figures are average yields from the Central Bank of Oman’s tender results, reported on 26 October and dated 27 October on the bank’s site; the same results state the repo rate.
3 Mining Areas Covering 2,062 Square Kilometres
Separately, the Ministry of Energy and Minerals offered 3 new mining concession areas with a combined 2,062 square kilometres at the International Mining and Resources Conference and Expo in Sydney, ONA reported on 27 October. The ministry attended the 3-day event with 6 companies from the minerals sector.
Area 25-F is the largest at 830 square kilometres, or 40.25 percent of the total on our calculation. The agency lists manganese, nickel and laterite for it. Area 22-C, at 605 square kilometres, carries the longest list on our count: copper, chromite and gold, as well as marble and basalt.
Oman’s 3 New Mining Concession Areas
| Area | Size (km²) | Share of total |
|---|---|---|
| 25-F | 830 | 40.25% |
| 25-C | 627 | 30.41% |
| 22-C | 605 | 29.34% |
| Total | 2,062 | 100% |
Areas and minerals as reported by ONA, which lists manganese, nickel and laterite for 25-F; manganite, nickel and laterite for 25-C; and copper, chromite and gold, as well as marble and basalt, for 22-C. Shares are our calculation.
Over the past 5 years, 28 mining concession areas were awarded, according to the agency. Sector revenues grew 39 percent in 2025 over 2024. The rise coincided with copper production projects entering operation. The Mazoon Copper Mine is among the projects expected to support production. Application terms for the new areas are on the Taqa platform.
Mohsin Hamad Al Hadhrami, Undersecretary of the Ministry of Energy and Minerals, said mineral wealth pays off when it is combined with investment, knowledge and modern technology. He invited international companies to build long-term partnerships in the sector.
Why it matters: Oman is funding itself in its own currency and finding buyers at size. Its 7-year sukuk drew an estimated 273.17 million rials of bids, according to the issuer. The 150 million rials sold equals the base offer plus the full option, on our calculation. Individuals could apply through designated bank apps, investors of any nationality could bid, and the certificates trade on the Muscat Stock Exchange. The mining offer adds 3 new areas totalling 2,062 square kilometres, in a sector whose revenues grew 39 percent in 2025.
Outlook: The 12th sukuk settles on 29 October, and its first quarterly profit payment falls on 29 January 2027, on our reading of the payment schedule. The Treasury bill tenders will keep showing where short-term rial rates sit against the 7-year sukuk’s average accepted rate of 4.82 percent. On the minerals side, application terms for areas 25-C, 25-F and 22-C are on the Taqa platform, and the Mazoon Copper Mine is among the projects expected to support production.
Sources: Oman Ministry of Finance, Oman Sovereign Sukuk Company, Central Bank of Oman, Oman News Agency, The Edge.
