(Bloomberg) -- Oman is back in the debt market for the third time in less than three months just as yields on the cash-strapped sultanate’s existing bonds tick higher.

The largest oil exporter outside of OPEC is selling benchmark bonds in tranches. The initial price thoughts for the 10-year notes are in the 6.625% area and the 30-year securities at between 7.625% and 7.750%, according to people familiar with the matter. It is tapping its 2025 bonds at the 4.875% area, the people said, asking not to be identified because the details are confidential.

Books are expected to close on Thursday.

Oman may need to borrow about $4.2 billion this year to cover a fiscal shortfall that has swelled after lower oil prices and the coronavirus pandemic battered the finances of one of the Gulf’s weakest sovereigns.

Yields on the nation’s $2.75 billion of bonds due in January 2048 have climbed 34 basis points to 7.08% since falling to a 10-month low on Jan. 8.

The sultanate is trying to win over investors concerned about its dwindling reserves by reducing spending and introducing a 5% value-added tax this year. In the meantime, it’s in talks to win fiscal support from some regional neighbors, easing fears about any risk of devaluation pressure on its currency peg.

The country last raised $500 million in a tap of its bonds due in 2027 and 2032 in November. It returned to international debt markets for the first time in more than a year in October, when it raised $2 billion in seven- and 12-year bonds.

Citigroup Inc., HSBC Holdings Plc, JPMorgan Chase & Co. and Standard Chartered Plc are the global coordinators for the latest sale, joined by Bank Dhofar SAOG, Gulf International Bank BSC, Natixis SA and QNB Capital as joint lead managers.

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