Jordan is due to start a bond roadshow on 2 November and plans to complete a deal before the end by mid-November.

The state of Jordan has appointed UK’s HSBC, the local Arab Bank, Switzerland’s Credit Suisse and the US’ JP Morgan to arrange the bond deal, which is expected to be around $500m, if not larger.

The deal is the first time that Jordan has issued a bond. It is hoping to capitalise on increased interest among international investors in Middle East credits as they seek a better yield in emerging markets because of low interest rates in the West.