Dubai, UAE – Jordan’s Ministry of Finance and Central Bank Wednesday said they have completed the issuance of $1.25 billion Eurobonds in global markets at a fixed coupon rate of 7.5 percent due in January 2029.
The Ministry has reduced the coupon rate by 25 basis points from 2022’s issue of 7.75 despite the US Federal Reserve raising interest rates seven times since the previous issue, said Jordan News Agency (Petra).
Finance Minister Muhammad Al Ississ said the issuance targeted a subscription size of $750 million but offers submitted by investors amounted to more than $4.7 billion, six times the target size.
Jordanian media reports said the number of subscribers exceeded 230, including some of the largest global investment houses in the US, the UK Europe, Asia and the Gulf Cooperation Council countries.
In June 2022, the kingdom issued $650-million worth of Eurobonds with a fixed coupon rate of 7.75 per cent and maturity date of 5.5 years in 2028. The issuance was oversubscribed more than three times over the targeted $500 million.