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Jordan issues 500 mln USD in Eurobonds

Xinhua, April 26, 2017 Adjust font size:

Jordan issued 500 million U.S. dollars worth of Eurobonds on international markets, the Ministry of Finance said Wednesday.

The bond was sold with a yield rate of 5.88 percent, the ministry said in a statement.

The bond's maturity is in 2026 and the bond was more than three times oversubscribed with demand exceeding 1.7 billion dollars, according to the ministry.

Citigroup and JPMorgan Chase managed the issuance.

More than 150 investment funds representing major global investment funds in the U.S., Britain and in Asia as well as some funds from the Gulf Arab states were part of the oversubscription.

"The success in issuing Eurobonds reflects efforts in attracting investments and enhancing investors' confidence in the Jordanian economy," the ministry said.

The issuance is part of the government's plan to meet financial needs in 2017. The plan was developed with a view to diversify financing resources and reduce borrowing costs.

In 2016, Jordan issued one billion dollars Eurobonds on international markets.

The coupon rate on last year's issuance was 5.75 percent with a 5.80 percent yield. Endit