The government of Jordan has asked banks to submit proposals to arrange a US dollar conventional or Islamic bond issue, sources familiar with the matter said yesterday.
The bond would be of benchmark size, said one of the sources, declining to be named because the information is private. Benchmark-sized bonds are generally upwards of US$500 million.
Jordan issued its first domestic sukuk last year, but should it opt for an Islamic bond, the planned debt sale would be the first international sukuk ever issued by the country.
Jordan's ministry of finance did not immediately respond to a request for comment.
Jordan raised $500m in April through a tap of its existing $500m bond issued in November 2015 and maturing in 2026. Under a bond tap, an existing transaction is reopened for subscription, using the same documentation as before.
It also issued last October a $1 billion bond maturing in January 2027, with Citi and JPMorgan leading the transaction.
Jordan's economy has been severely hit by the flow of refugees arriving from Syria since 2011. "Providing for the needs of the Syrian refugees in Jordan has materially impacted Jordan’s public finances and will continue to do so," said Jordan's latest bond prospectus, dated April 2017.
"If the Kingdom does not receive additional and sufficient assistance from the international community(...)the presence of large numbers of Syrian refugees in Jordan will continue to materially strain the general resources of the Government and negatively affect the Kingdom’s economy."
Jordan, rated B1 by Moody's and BB-minus by Standard & Poor's, is receiving support from the International Monetary Fund through a three-year, $723m extended fund facility, which was approved in August last year.
It also relies on funds from the World Bank and other international organisations. Before the issue of $500m in bonds in November 2015 as a standalone credit, Jordan issued bonds fully guaranteed by the US government through the US Agency for International Development (USAID).
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Jordan makes it easier for Syrian refugees to work
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Mobile phone packages comparison
Profile
Company name: Marefa Digital
Based: Dubai Multi Commodities Centre
Number of employees: seven
Sector: e-learning
Funding stage: Pre-seed funding of Dh1.5m in 2017 and an initial seed round of Dh2m in 2019
Investors: Friends and family
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
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