Jordan’s performance divides opinion
The Hashemite Kingdom of Jordan served plenty of yield up to investors on Monday, proving that it is not just the double-A rated names which enjoy access to long dated funding in emerging market bonds. The deal traded up two cash points on Tuesday which drew a mixed response from market participants.
Jordan, rated B1/BB-, raised $1bn with its new 7.375% 2047 bond on Monday but pricing the deal at a cash price of 98.50 to yield 7.5%.
The deal had traded up to par by Tuesday morning leading one EM credit trader to say it was “wildly mis-priced.”
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