Jordan has issued a $500mn Eurobond with a yield of 5.875%, due in 2026, the Ministry of Finance announced on 26 April. The bond, more than three times oversubscribed at $1.7bn, was managed by JP Morgan and Citigroup.
The Eurobond issue is part of Amman’s plans to meet its 2017 financing needs whilst diversifying the sources of financing and reducing the cost of borrowing. Jordan last tapped the debt market in October 2016, with a $1bn 10-year Eurobond which had a yield of 5.8% (MEES, 28 October 2016). The US has since 2013 backed Jordan with loan guarantee repayment agreements which have helped to access international markets and secure better pricing (MEES, 5 June 2015). (CONTINUED - 371 WORDS)