MUSCAT: Oman priced its five-year dollar-denominated bond at a yield of 4.125 per cent late on Wednesday evening, raising $1.25bn. Its $2.5bn, 10-year tranche priced at 5.625 per cent and its $2.75bn paper priced at 6.75 per cent. Although the total $6.5bn that Oman raised is dwarfed by some of the debt-raisings by other Middle Eastern sovereigns late last year, it is substantial in relation to the country’s economy, equating to 10 per cent of its GDP. The pricing is only slightly higher than what Oman paid for a slightly smaller debt-raising last spring. Since then the Middle Eastern nation’s credit rating has been on the slide, with both Fitch and S&P downgrading it late last year, citing concerns over its budget deficit. Several other emerging market countries have taken advantage of the positive market conditions to make an early start on their annual fundraising requirements. Turkey raised $2bn in 10-year debt on Tuesday priced at 5.2 per cent, while Israel raised $2bn in 10-year and 30-year debt on Wednesday, priced at 3.334 per cent and 4.178 per cent respectively.