eurobond

Jordan to Issue $1 Billion Eurobond in November – Report

Jordan is planning to issue a $1 billion Eurobond on international markets in November, Minister of Finance Omar Malhas told The Jordan Times.

The move aims to refinance maturing debt and other budget requirements within approved debt limits, Malhas told the newspaper on the sidelines of last month’s Euromoney Jordan Conference, adding there was a “huge demand” for the Kingdom’s Eurobonds in the United States and in the UK.

In October 2017, Jordan issued $1-billion worth of Eurobonds on international markets at an interest rate of 7.375 percent and under a maturity period of 30 years.

Underwriting applications for the bonds surpassed $4.3 billion; more than 400 percent of the issuance value, the Ministry of Finance said, adding that more than 240 investors, including major investment funds from the United States and Europe participated in the underwriting.

While in April 2017, the Kingdom issued $500 million worth of Eurobonds on international markets with a yield rate of 5.875 percent.

The underwriting applications for the bonds, due in 2026, amounted to more than $1.7 billion, or more than 300 percent of the issuance value, the ministry said, adding around 150 major investment funds from the United States, the UK, Asia, and Arab Gulf countries participated in the underwriting.