jordan’s eurobonds enjoy strong demand among investors
Last Updated : GMT 09:40:38
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Last Updated : GMT 09:40:38
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After latest measures

Jordan’s Eurobonds enjoy strong demand among investors

Themuslimchronicle, themuslimchronicle

Themuslimchronicle, themuslimchronicleJordan’s Eurobonds enjoy strong demand among investors

Minister of Finance Omar Malhas
Amman - Muslimchronicle

Jordan has successfully 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, according to a Ministry of Finance statement. Underwriting applications for the bonds surpassed $4.3 billion; more than 400 per cent of the issuance value, the ministry said, adding that more than 240 investors, including major investment funds from the US, the UK and Europe participated in the underwriting.

Minister of Finance Omar Malhas said Tuesday that the issuance comes within “the set limits” in the General Budget Law, stressing that it will not push public debt above that targeted level and does not deviate from the government’s financial reform plans. Malhas noted that Jordan has indulged in a financial reform program in cooperation with the International Monetary Fund to reduce the public debt ratio to GDP from 95 percent to 77 percent by 2022.

For his part, Secretary-General of the Ministry of Finance Ezzedine Kanakariya said the yield on these bonds would be used to finance the treasury’s needs, including paying off local bonds that will be matured by the end of the year. He added that the issuance would secure the local private sector access to funding to implement its financial plans.

Notably, a team from the Ministry of Finance and the Central Bank made a tour last week to market the Eurobonds, during which the members met more than 60 international companies from the largest investment funds and presented the economic, financial and procedural developments and plans for implementing Jordan’s financial reform program.

Khalid Darwish from JP Morgan and Ziad Qutami from Citigroup managed the issuance process in global markets. Jordan’s Ministry of Finance announced in April that it had successfully issued $500-million worth of Eurobonds on international markets. The bond was sold with a yield rate of 5.875 percent, the ministry said.

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jordan’s eurobonds enjoy strong demand among investors jordan’s eurobonds enjoy strong demand among investors

 



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