Jordan has appointed a group of banks to raise a $500m bond issue, the first time the country has approached the capital markets for funding.

The banks appointed are the UK’s HSBC, the local Arab Bank, Switzerland’s Credit Suisse and the US’ JP Morgan.

The deal will be a five-year bond and is expected to be issued by early October.

Jordan announced in June that it planned to borrow from the capital markets and began seeking banks to run the issue. Other banks understood to have pitched for the work include France’s BNP Paribas, Germany’s Deutsche Bank and the UK’s Standard Chartered.