Oman and Abu Dhabi invade the dollar bond market

RIYADH: Omani state energy company OQ and Abu Dhabi Ports are set to issue bonds in their first foray into the international fixed-income market, Bloomberg reported.

OQ is looking to raise at least $500 million, according to people familiar with the matter. It has hired Citigroup, HSBC Holdings and JPMorgan Chase to work on the seven-year dollar bonds. The initial yield talk is around 5.625 percent.

The government wants to leverage some of its hydrocarbon assets to bolster its finances, the people said.