Jordan issues $1.25 billion bond with U.S. guarantee

Jordan's $1.25 billion bond weakened slightly in initial trading on the secondary market. (File photo: Reuters)

The Kingdom of Jordan's $1.25 billion sovereign bond backed by the United States sold with a coupon of 2.503 percent, the U.S. Treasury Department said on Thursday.

Citigroup Inc, HSBC Holdings and J.P. Morgan Chase Inc were sale managers for the seven-year deal. Funds from the bond sale will be used to assist with Jordan’s economic reform program, according to a document from the lead managers.

In initial trading on the secondary market, the price of the bond weakened slightly. Its yield, which moves in the opposite direction of its price, rose by about 4 basis points above the coupon to 2.546 percent.

Last Update: Wednesday, 20 May 2020 KSA 09:41 - GMT 06:41