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Ammon News - Jordan has successfully issued $650-million worth of Eurobonds on international markets, with a fixed coupon rate of 7.75 per cent and maturity date of 5.5 years in 2028, the Ministry of Finance and the Central Bank of Jordan (CBJ) said Wednesday.

Finance Minister Mohamad Al-Ississ said that the issuance targeted a $500 million subscription, but offers submitted by investors exceeded three-fold of the issuance, with a total value of $1.8 billion.

More than 100 major global investment funds in the US, the UK, Europe, Asia and GCC countries were part of the oversubscription, which enabled the ministry to raise the issue's value to $650 million.

CBJ Governor, Adel Sharkas, said that the high demand for the issuance reflects the confidence of global investors in Jordan's stability and wise leadership, in addition to the strength of the Jordanian economy's basis, supported by its prudent fiscal and monetary policies, especially since Jordan is the fourth emerging market country that has succeeded in accessing international markets to obtain foreign financing, in light of the turmoil that financial markets are now suffering from due to a shortage of financial liquidity.

This issuance is part of the financing budget included in the 2022 general budget law. Thus, the Ministry of Finance will amortize the Eurobonds at the end of this month, at a value of $1 billion, and therefore this issuance will not increase the public debt.