Oman has raised US$2.5 billion in a bond sale arranged by five international banks to help meet its budget deficit, the finance ministry said Saturday.

The ministry, quoted by the Oman News Agency, said the sultanate's bond issue was oversubscribed by almost three times. The value of the subscription applications by 524 investors stood at more than USD6 billion 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 4.750 percent, it said in a statement.

Source :WAM