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Jordan has launched a $1.5bn sovereign bond issue which was more than three times oversubscribed with 100% take-up by international investors.
The bond is in two tranches: $1bn due in 2022 with a yield of 2.578%; and $500mn in 2025 with a yield of 3%, with interest paid semi-annually until maturity on both tranches, Jordan’s Minister of Finance Umayya Tuqan announced on 26 June. The minister said that the latest bond issue has allowed Jordan to borrow from the international market with US guarantees at competitive prices, compared to higher domestic interest rates, thereby helping to lower the burden of debt for the government.
The pricing compares to the 6% yield on Egypt’s $1.5bn Eurobond, the first in five years, launched on 4 June (MEES, 12 June). (CONTINUED - 744 WORDS)