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The stock market announces the launch of the circulation of national bonds issued by the Central Bank of Iraq


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On 7/18/2017 at 1:21 PM, DinarThug said:

Iraq plans to sell us dollar bond deal in coming weeks - sources

July 18, 2017, 12:01:00 PM EDT By Reuters
 
 
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LONDON, July 18 (IFR) -

The new bond, expected to go up to US$1bn, which could be announced as early as the end of the month.   

 

It's Going Down For Reals ! :o 

 

:D  :D  :D 

 

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7-24-2017   Newshound Guru G-Lin   Article:  "Increase the capital of the Central Bank to one trillion dinars

 

Quote:  "...the new law aims to "increase the capital of the Central Bank of Iraq and to keep pace with global economic development..."  

 

  New amendments to the CBI Bank Law.

 

We have been waiting a while for this.

 

IMF is not playing anymore.

 

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First Reading

 

First reading of the Second Amendment to the law of the Central Bank of Iraq issued by order No. 56 of 2004 on the Coalition Provisional Authority (dissolved)
July 8, 2017 62 views
Supervisory Committee: Finance Committee



 

Law of the Second Amendment to the Central Bank of Iraq Ordinance No. 56 of 2004 concerning the Coalition Provisional Authority (dissolved)

 

First reading
Vote
Deployment


 

In the name of the people
Presidency of the Republic
Based on the approval of the Chamber of Deputies and ratified by the President of the Republic on the basis of the provisions of article 61 (i) and (iii) of article 73 of the Constitution
The following law was promulgated:
No. () of 2017
Act of the Second Amendment to the Central Bank of Iraq Ordinance No. 56 of 2004 concerning the Coalition Provisional Authority (dissolved)
Article 1 abolishes the text of article 5, paragraph (1), of the Central Bank of Iraq Act No. 56 of 2004, concerning the Coalition Provisional Authority (dissolved), which is replaced by:
1. The capital of the Central Bank of Iraq (1000000000000) shall be one trillion dinars wholly owned by the state.
Article 2 Add the following to article 10 of the Act and paragraph (3) shall:
3 The board is directly linked to the Audit and Inspection Committee and consists of (3) three non-bank members who possess the scientific qualifications and practical experience in the areas of financial management, accounting, Law and economics and organizes its functions and work mechanisms with instructions prepared by the Council in accordance with international standards and best practices of central banks and issued by the governor.
Article 3 removes and replaces sections (c) and (d) of article 11 of the Act as follows:
C One of the bank's directors general.
(d) Five members from outside the central Bank of Iraq with expertise and competence in finance, banking or legal matters.
Article 4 abolishes the text of article 27 of the Act and replaces the following:
Article 27 1 The Central Bank of Iraq shall hold transactions on foreign assets and administer the official reserve of foreign funds to the State in accordance with the best international practices and monetary policy objectives The board may invest such a reserve in any or all of the following assets:-
(a) gold coins located in the coffers of the central Bank of Iraq;
(b) Foreign currency and coins that are usually used in the performance of international accounts held by the Central Bank of Iraq or for its account.
C. credits payable upon request or payable after a short-term payment in respect of foreign currency normally used in the performance of international accounts maintained by the Central Bank of Iraq in its accounts or those that are invested through repurchase and repurchase agreements and multiple fixed-term deposits.
(d) Special Drawing Rights (SDRs) available for the Iraq account with the International Monetary Fund (IMF).
(e) Status of Iraq's reserve with the International Monetary Fund.
and any securities for tradeable debts issued or fully trusted and accredited by foreign governments, central banks or international financial institutions and authorities foreign domestic agencies, which are paid in foreign currencies, are usually used to perform international accounts held by or for the central Bank of Iraq.
2 The bank uses financial derivatives in the investment portfolios as a tool for hedging.
Article 5 Add the following to article 30 of the Act and (c) shall:
(c) The loan granted to the bank in exchange for interest determined by the banks in accordance with the requirements of the market.
Article 6 Add the following to article (33) of the Act and paragraph (6) shall have:
6-The central Bank of Iraq to issue non-negotiable commemorative coins.
Article 7 repeals paragraph (2) of article 48 of the Act and replaces the following:
2. The Central Bank of Iraq shall, with the approval of the Minister of Finance, select an international company to perform the functions of external review and financial audit for five years and shall not be repeated for a period of more than 10 years.
Article 8 abolishes the text of article 72 of the Act and replaces the following:
Article 72 no seizure shall be made of the funds of the Central Bank of Iraq, including gold, special drawing rights, cash, credit, deposits, securities or any revenues of the central Bank of Iraq.
Article 9 (securities) replaces the words (bonds and treasury bills), wherever they are contained in the law.
Article 10 implements this act from the date of its publication in the Official Gazette.
Positive reasons
For the purpose of increasing the capital of the central Bank of Iraq to keep pace with the world economic development, to grant bank powers, to increase the number of members of the bank's board from outside the bank and to set up an audit committee and issuing commemorative coins and charging interest on bank loans to commercial banks and maintaining its funds from judicial decisions.
This law is sponsored by

 

 

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IRAQ EYES FIRST INDEPENDENT BOND SALE IN A DECADE
Oil rich but war-ravaged nation looks to tap investor demand for yield
Iraq, July 29, 2017

Iraq is bidding to make its first independent return to the capital markets in more than a decade, canvassing investors’ interest in a five-year bond after successfully launching a US-backed $1bn fundraising earlier this year. The oil-rich but war-ravaged Middle Eastern country has appointed three banks as bookrunners and will be meeting with prospective investors in the coming days. In late 2015 Iraq called off plans to return to the bond markets for the first time since the official end of US occupation, citing the excessively high cost investors were demanding in order to buy into the issuance. Its attempt to revive the plan last year was also abandoned, before it succeeded in raising $1bn of five-year bonds in January this year. That sale was guaranteed by the US and paid a coupon of 2.149 per cent. The new bond is being offered to investors without a US guarantee, leaving them dependent on Iraq’s own credit quality. The Republic of Iraq has a high-risk credit rating of B minus from both S&P and Fitch Ratings. Fitch in March revised its outlook upwards from negative to stable, citing an improved fiscal position. The budget deficit narrowed to 8.1 per cent of gross domestic product in 2016, from 12.3 per cent the previous year, and the rating agency forecasts it will fall further to 5.1 per cent this year. Baghdad agreed a $5.4bn IMF bailout programme last summer which, Fitch said, “has helped Iraq’s financing options”. The country has also received funding from the World Bank and bilateral project loans. Iraq has $2.7bn of bonds outstanding that were sold in 2006, but has issued no new long-term debt in the past decade. Its bid to return to the capital markets is the latest sign of a buoyant environment for sovereign debt issuers, coming two days after Greece raised €3bn in its first deal since 2014, and a month after Argentina issued debt with a 100-year maturity. Iraq will hold a series of investor meetings in the coming days with a view to drum up appetite for the dollar-denominated, long-dated, benchmark-scale bond, and has mandated Citi, Deutsche Bank and JPMorgan as joint bookrunners on the deal. Investors who buy into the bond will be taking on an uncertain political and economic situation. The country’s economy was badly hit by falling oil prices and regional observers fear the waning power of Isis could precipitate further instability. Jan Dehn, head of research at emerging markets specialist Ashmore Group, said the prospect of an Iraq bond was appealing. “There is a lot of bad noise of course because there are real problems but that has not impacted on Iraq’s ability to pay,” he said. “So you get a nice risk premium compared to other countries in the region. Iraq is in a bad neighbourhood but it has done a lot of adjustment to lower oil prices and we feel they are able to service their debts.” Even without an explicit US guarantee, any new Iraqi debt issuance would be regarded by investors as having “the implicit backing” of the US, Mr Dehn said, given the geopolitical regional importance of the country “remaining in the US sphere of influence”.



http://iraqdailyjournal.com/story-z15667999

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EEMEA MIDDAY: Iraq confirms comeback trade

July 27, 2017, 07:19:00 AM EDT By Reuters
 
$
 
Reuters
LONDON, July 27 (IFR) - Confirmation that Iraq is poised for its first
standalone bond deal in more than 10 years came this morning after the sovereign
announced a mandate for a long five-year note.

    The trade will follow a three-day roadshow in Europe and the US, which
ends in New York on Tuesday.

    Citigroup, Deutsche Bank and JP Morgan will be lead managers.

    Iraq tried to sell a bond through the same three banks in September 2015,
but after finishing a roadshow it decided not to go ahead with the transaction
as pricing became prohibitive.

    At the time, Iraq's outstanding 2028s were trading at a yield-to-maturity
north of 11.50%, although they are now quoted at around 7.8%.

    Investors IFR spoke to last week said they would be interested in a new
issue despite the security and economic challenges facing the Iraqi government.

    "We already own the 2028s, so, yes, we would like to see a deal," said
one investor in London. "I wouldn't say it's an improving credit story, but I
expect ongoing support from the US."

    The plunge in oil prices since 2014 and rising humanitarian and security
costs resulting from Iraq's conflict with ISIS militants have significantly
weakened public finances.

    The government deficit was 12% of GDP in 2016, according to an IMF
statement in March, while total public debt jumped to 64% of GDP from 32% during
2014-16.

    Oil is by far the most important economic resource to Iraq, which has the
world's fifth largest proven crude reserves. The commodity contributes over 50%
of GDP, 90% of government revenues and more than 95% of exports, according to an
S&P note from February affirming the sovereign's B- rating.

    One positive economic development is a US$5.34bn stand-by arrangement
with the IMF that was approved a year ago. A US$600m payment was made in
December, while a further US$800m could be disbursed following a second review
of the arrangement, which could take place in August.

    Elsewhere, Turkey's central bank has left the benchmark rate at 8% and
the late liquidity window rate at 12.25%. "It is encouraging that the CBRT has
discovered orthodoxy," said Tim Ash, EM senior sovereign strategist at BlueBay,
who added that the policy was sensible given the local lira selling seen
recently.

    In broader markets, 10-year Treasuries are back inside 2.30% with the
market now not expecting another rate hike until December at the earliest.
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  • yota691 changed the title to For the first time in 10 years .. Iraq alone in the bond market

for the first time in 10 years .. Iraq alone in the bond market

For the first time in 10 years .. Iraq alone in the bond market

      

Twilight News    

 

 one hour ago

 

 

(Reuters) - Iraq began to sell $ 1 billion in bonds in the first international debt issue it has been selling since 2006 in a bid to break decades of unrest.

Iraq, with its vast oil reserves, is seeking to attract emerging market investors with attractive profits, which will be necessary to ease concerns over the record of war and the rise of a hawkish organization.

Iraq issued $ 1 billion in bonds in January but the offer was fully guaranteed by the US government. Iraq alone this time.

A document issued by one of the banks managing the process showed that the initial indicative pricing of the five-and-a-half-year bonds is at the early 7 percent.

This level is "attractive" from the perspective of some fund managers, where it yields a good return compared to other emerging markets suffering from conflicts such as Ukraine.

The deal is expected to attract a large demand from US and European investors looking for emerging markets that generate revenue they can not get elsewhere.

Fund managers said pension funds, fund managers and sovereign wealth funds were likely to grab a good share of the issue.

Iraq needs external funding to fill a widening budget deficit as falling oil prices since 2014 and the slow pace of fiscal reforms the country badly needs to inflate the deficit to 25 trillion dinars ($ 21.44 billion) in 2017, according to the bond issue.

There are also 23.3 trillion dinars expected to be collected through domestic and external borrowing according to Iraq's supplementary budget for 2017.

Commercial banks, bond investors and international lenders, including institutions like the IMF, the World Bank and the Organization for Economic Co-operation and Development, are expected to contribute about 11.5 trillion dinars.

The support Iraq receives from development projects financing institutions is a supposed guarantee for investors.

* Next election                   

When compared to countries with similar ratings at emerging market levels such as Ukraine and Ghana, Iraq has the advantage of a lack of concern about its ability to repay and substantial donor pledges for reconstruction.

Iraq has low credit risk from other similar countries but the upcoming parliamentary elections in the spring of 2018 and the subsequent political instability pose risks that will be taken into account at final pricing, fund managers said.

Iraq's bonds may also benefit from excessive liquidity, which comes from the need for high-risk investors to get out of high-risk assets.

Representatives from Iraq made a promotional tour during which they met fixed-income investors in the United States earlier this week and also held interviews in London, Boston and New York. 

Citigroup, Deutsche Bank and JPMorgan manage the process. Iraq is rated B with a stable outlook from Standard & Poor's and Fitch Ratings.

         

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  • yota691 changed the title to Iraq enters the bond market solo for the first time in 10 years to raise a billion dollars
 
Editor Mustafa Saad - Wednesday 2 August
 
 
Search Bigger
 
 
 
 
 

BAGHDAD (Reuters) - Iraq
began to sell $ 1 billion in bonds in the first international debt issue it has been selling since 2006 in a bid to break decades of unrest. Iraq, with its vast oil reserves, is seeking to attract emerging market investors with attractive profits, which will be necessary to ease concerns over the war record and the rise of the Da'ash organization. Iraq issued $ 1 billion in bonds in January but the offer was fully guaranteed by the US government. Iraq alone this time.

 

A document issued by one of the banks managing the process showed that the five-and-a-half-year-long benchmark pricing of the bonds is at the early 7 percent. 

This level is "attractive" from the perspective of some fund managers, where it yields a good return compared to other emerging markets suffering from conflicts such as Ukraine . 

The deal is expected to attract a large demand from US and European investors looking for emerging markets that generate revenue they can not get elsewhere. 

Fund managers said pension funds, fund managers and sovereign wealth funds were likely to grab a good share of the issue. 

Iraq needs external funding to fill a large budget deficit. The fall in oil prices since 2014 and the slow pace of fiscal reforms the country badly needs to inflate the deficit to 25 trillion dinars. 44 billion dollars) for the year 2017 according to the bond issue prospectus. 

There are also 23.3 trillion dinars expected to be raised through domestic and external borrowing according to Iraq's supplementary budget for 2017. 

Commercial banks, bond investors and international lenders, including institutions such as the IMF, the World Bank and the Organization for Economic Cooperation and Development, are expected to contribute about 11.5 trillion dinars. 

The support Iraq receives from development projects financing institutions is a supposed guarantee for investors. 

When compared to countries with similar ratings at emerging market levels such as Ukraine and Ghana, Iraq has the advantage of a lack of concern about its ability to repay and substantial donor pledges for reconstruction. 

Iraq has low credit risk from other similar countries but the upcoming parliamentary elections in the spring of 2018 and the subsequent political instability pose risks that will be taken into account at final pricing, fund managers said. 

Iraq's bonds may also benefit from excessive liquidity, which comes from the need for high-risk investors to get out of high-risk assets. 

Representatives from Iraq made a promotional tour during which they met fixed-income investors in the United States earlier this week and also held interviews in London, Boston and New York. Citigroup, Deutsche Bank and JPMorgan manage the process. Iraq is rated B with a stable outlook from Standard & Poor's and Fitch Ratings. Iraq's bonds may also benefit from excessive liquidity, which comes from the need for high-risk investors to get out of high-risk assets. Representatives from Iraq made a promotional tour during which they met fixed-income investors in the United States earlier this week and also held interviews in London, Boston and New York. Citigroup, Deutsche Bank and JPMorgan manage the process. Iraq is rated B with a stable outlook from Standard & Poor's and Fitch Ratings. Iraq's bonds may also benefit from excessive liquidity, which comes from the need for high-risk investors to get out of high-risk assets. Representatives from Iraq made a promotional tour during which they met fixed-income investors in the United States earlier this week and also held interviews in London, Boston and New York. Citigroup, Deutsche Bank and JPMorgan manage the process. Iraq is rated B with a stable outlook from Standard & Poor's and Fitch Ratings.
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808.jpg
Currency

Economy News Baghdad:

BAGHDAD (Reuters) - Iraq began selling $ 1 billion in bonds in the first international debt issue it has been selling since 2006 in a bid to break decades of unrest.

Iraq, with its vast oil reserves, is seeking to attract emerging market investors with attractive profits, which will be necessary to ease concerns over the record of war and the rise of a hawkish organization.

Iraq issued $ 1 billion in bonds in January but the offer was fully guaranteed by the US government. Iraq alone this time.

A document issued by one of the banks managing the process showed that the five-and-a-half-year-long benchmark pricing of the bonds is at the early 7 percent.

This level is "attractive" from the perspective of some fund managers, where it yields a good return compared to other emerging markets suffering from conflicts such as Ukraine.

The deal is expected to attract a large demand from US and European investors looking for emerging markets that generate revenue they can not get elsewhere.

Fund managers said pension funds, fund managers and sovereign wealth funds were likely to grab a good share of the issue.

Iraq needs external funding to fill a widening budget deficit as falling oil prices since 2014 and the slow pace of fiscal reforms the country badly needs to inflate the deficit to 25 trillion dinars ($ 21.44 billion) in 2017, according to the bond issue.

There are also 23.3 trillion dinars expected to be collected through domestic and external borrowing according to Iraq's supplementary budget for 2017.

Commercial banks, bond investors and international lenders, including institutions like the IMF, the World Bank and the Organization for Economic Co-operation and Development, are expected to contribute about 11.5 trillion dinars.

The support Iraq receives from development projects financing institutions is a supposed guarantee for investors.

* Next election

When compared to countries with similar ratings at emerging market levels such as Ukraine and Ghana, Iraq has the advantage of a lack of concern about its ability to repay and substantial donor pledges for reconstruction.

Iraq has low credit risk from other similar countries but the upcoming parliamentary elections in the spring of 2018 and the subsequent political instability pose risks that will be taken into account at final pricing, fund managers said.

Iraq's bonds may also benefit from excessive liquidity, which comes from the need for high-risk investors to get out of high-risk assets.

Representatives from Iraq made a promotional tour during which they met fixed-income investors in the United States earlier this week and also held interviews in London, Boston and New York. Citigroup, Deutsche Bank and JPMorgan manage the process. Iraq is rated B with a stable outlook from Standard & Poor's and Fitch Ratings.

 

 

Views 488   Date Added 02/08/2017

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  • yota691 changed the title to Investors rush to buy Iraq’s first independent bond
 

 

Investors have rushed to buy Iraq’s first independent bond sale in additional than a decade, in an indication of a continued wave of demand for riskier debt throughout worldwide markets.

The $1bn bond, which matures in 2023, had introduced in $6.6bn of orders when books had been reported on Wednesday afternoon. The yield was fastened at 6.75 per cent, decrease than preliminary pricing expectations of greater than 7 per cent.

The excessive ranges of demand for the debt got here amid sturdy urge for food for danger throughout capital markets as low rates of interest push buyers to search out greater returns.

Last week, Greece, which has undergone a number of bailouts by the EU and International Monetary Fund, raised €3bn in its first bond sale for 3 years. In June Argentina was ready to borrow $2.75bn of 100-year bonds at a yield of about eight per cent, regardless of its lengthy historical past of sovereign defaults.

The Iraqi debt sale is a important second for Baghdad, which has by no means bought a totally syndicated bond of this sort independently. The nation, struggling to overcome years of inner strife that adopted the 2003 US-led invasion, has $2.7bn of bonds excellent that had been bought in 2006, and got here as a part of a restructuring of earlier obligations.

“This is their first ever marketed and syndicated international bond issue,” stated Samad Sirohey, head of debt capital markets for rising Europe, the Middle East and Africa at Citigroup. “The response has been a strong endorsement of what the country has achieved in recent years”.

The Republic of Iraq additionally issued $1bn of bonds assured by the US this yr, which got here with a coupon of two.149 per cent, and was linked to a global help bundle. Baghdad agreed a $5.4bn bailout programme with the International Monetary Fund in mid-2016.

Iraq’s excellent bonds rallied barely on Wednesday after the IMF launched an announcement on the nation on Tuesday.

“The economic policies implemented by the Iraqi authorities to deal with the shocks facing Iraq — the armed conflict with Isis and the ensuing humanitarian crisis and the collapse in oil prices — are appropriate,” stated the IMF’s David Lipton in an announcement.

“In the fiscal area, the authorities are implementing a sizeable fiscal adjustment, mostly through retrenchment of inefficient capital expenditure while protecting social spending,” he added.

The IMF additionally stated that the authorities are appropriately sustaining the peg of the Iraqi dinar to the US greenback, which supplies a “key anchor” to the economic system.

Iraq had beforehand deliberate to faucet capital markets in 2015, however the sale was referred to as off due to points round pricing.

Fitch, the score company, boosted its outlook for Iraq from damaging to steady in March this yr, in an indication of its financial state of affairs bettering. The nation’s economic system had been hit by weaker oil costs and political instability.

The excessive ranges of demand for Iraq’s bond comply with on from vital gross sales of rising market debt this yr. Emerging market international locations bought report ranges of presidency debt within the first quarter this yr, in accordance to Dealogic information.

Iraq’s bond was rated B- by each S&P and Fitch, the score companies. Citigroup, Deutsche and JPMorgan had been joint lead managers on the deal.

 
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Iraq Sells Bonds, Greed Beats Fear

 
 
 
Aug 2, 2017 11:00 PM EDT
 

If Argentina can raise money for 100 years, and Greece can print bonds despite still being in a bailout -- then why not Iraq?

The war-torn country has defied conventional logic by issuing a $1 billion five-year security on Wednesday, without the backing of the U.S. The state's declaration of victory over Islamic State in Mosul, the country's second-largest city, has clearly provided the impetus to brave issuing debt on its own.

Investor demand was huge -- the deal was seven times oversubscribed. This enabled the lead managers to lower the indicated yield by 25 basis points to a final 6.75 percent. This is lower than what's available from a similar Ukraine bond, though it is well above the recent five-year issue from Greece, which trades at 4.6 percent. The credit ratings are similar.

Joining The Club
Iraq's yield is within what's appropriate, given where peers are trading.
Source: Bloomberg
Note: Greece issues in euros. Iraq bond matures in March 2023, making it a "long" five-year security.
 

So what's the appeal? Iraq does have the benefit of being able to export oil again. Holders of the 2028 bond comprise all the major emerging market investors, and it is likely they have queued up to take part in this new deal. An issue of this size will enter the emerging market bond indexes, and with an order book so strong it is likely to perform well. It becomes a self-fulfilling must-buy if investors are not to under perform their peers. 

IRAQ'S BOND OVERSUBSCRIBED BY A FACTOR OF

7

But that should not be an investment principle.

Welcome Territory
The yield on Iraq's existing 10-year bond has dropped steadily, creating perfect conditions to issue new debt
Source: Bloomberg
 
 

This is another example of the insatiable demand for yield that so worries central banks and market commentators. This would seem to define the very idea of a credit bubble: A wholly insufficient reward for what must be seen as a considerable risk, as Iraq is still in the midst of a serious civil conflict in the most unstable region in the world.

Return of capital seems to have taken a back seat to a decent coupon.

This column does not necessarily reflect the opinion of Bloomberg LP and its owners.

 

To contact the author of this story:
Marcus Ashworth in London at mashworth4@bloomberg.net

To contact the editor responsible for this story:
Jennifer Ryan at jryan13@bloomberg.news

 

https://www.bloomberg.com/gadfly/articles/2017-08-03/iraq-s-new-bond-is-swamped-with-orders-greed-beats-fear

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Huge Demand for Iraqi Govt Bonds

By John Lee.

 

Iraq opened the books yesterday on its first independent bond sale in a decade.

Investor demand was huge,” writes Marcus Ashworth at Bloomberg. “The deal was seven times oversubscribed.

 

The $1-billion, dollar-denominated bond, maturing in March 2023, was expected yield 7 percent, but demand enabled that to be cut to 6.75 percent.

In January, Iraq raised $1 billion of five-year bonds, guaranteed by the United States, at a coupon of 2.149 percent, but this latest bond is not guaranteed and depends on Iraq’s own creditworthiness. It is rated B- by both S&P and Fitch.

Iraq appointed Citi, Deutsche Bank and JP Morgan as joint bookrunners for the issue.

Meanwhile, the yield on the Iraqi 10-year bond (2028) has fallen from 9.3 percent in November to 6.7 percent.

(Sources: Bloomberg, Financial Times)

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  • yota691 changed the title to The stock market announces the launch of the circulation of national bonds issued by the Central Bank of Iraq

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