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Jordan is marketing its Reg S dollar-denominated seven-year benchmark bond with initial price thoughts in the 6.375% area.
The kingdom, acting through the Ministry of Finance, is rated Ba3 (stable) by Moody’s, BB- (stable) by S&P and BB- (stable) by Fitch, with the bond rating expected to be in line with the issuer.
The senior unsecured notes will be priced on Tuesday, November 4, with a settlement date of November 12.
Proceeds will be used to finance the purchase of any or all the outstanding $1 billion 6.125% Notes due 2026 issued by Jordan. Any remaining proceeds will be used for permitted purposes under the Jordanian Public Debt Management Law.
The bond will be listed on the London Stock Exchange’s main market.
Citi and HSBC have been appointed as joint lead managers and joint bookrunner.
(Writing by Bindu Rai, editing by Seban Scaria)
