LONDON, 22 October 2025 – Baker Botts L.L.P., a leading international energy, technology, and life sciences law firm, served as English and U.S. counsel to the Sultanate of Oman in its $1 billion sovereign sukuk issuance and concurrent tender offer. The transaction marks Oman’s first international capital markets transaction and liability management exercise since 2021.

The $1 billion trust certificates due 2033 were issued under Oman Sovereign Sukuk S.A.O.C.’s updated Trust Certificate Programme and are listed on the main market of the London Stock Exchange. The offering closed on 17 October 2025 and was structured pursuant to an ijara (lease-based) arrangement. Citigroup, Dubai Islamic Bank, J.P. Morgan, KFH Capital, Mashreq, Sohar International Bank and Standard Chartered Bank acted as managers on the sukuk issuance. 

Oman’s tender offer for up to $500 million of its $2.5 billion 4.750% Notes due 2026 settled on 20 October 2025, with $303.3 million in aggregate principal amount accepted for purchase. Citigroup, J.P. Morgan, and Standard Chartered Bank served as dealer managers.

Baker Botts’ London capital markets team included partners Patrick Lyons and Jennifer Rees with senior associate Amy Rees in London.

These transactions represent the latest chapter in the team’s history of working with the Omani Ministry of Finance. The transaction also follows the team’s work with Egypt on its dual-tranche U.S.$1.5 billion sovereign sukuk issuance and Bahrain on its U.S.$2.5 billion dual-tranche sovereign bond and sukuk issuance, which each closed in October 2025. 

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