justchecking123 Posted April 30, 2015 Report Share Posted April 30, 2015 Hmm. They don't have a credit rating? No international bonds for almost 10 years? The mechanization of both are LARGE undertakings. I would think this would take some time... Link to comment Share on other sites More sharing options...
SgtFuryUSCZ Posted April 30, 2015 Report Share Posted April 30, 2015 Hmm. They don't have a credit rating? No international bonds for almost 10 years? The mechanization of both are LARGE undertakings. I would think this would take some time... ***/// We're old, JC123... so like months, years...? What're we talkin' here..... 1 Link to comment Share on other sites More sharing options...
DinarThug Posted April 30, 2015 Report Share Posted April 30, 2015 ***/// We're old, JC123... so like months, years...? What're we talkin' here..... Can We Get Them A Cosigner ? 2 Link to comment Share on other sites More sharing options...
k98nights Posted April 30, 2015 Author Report Share Posted April 30, 2015 Markets | Thu Apr 30, 2015 7:02am EDT Exclusive: Iraq seeks credit rating before jumbo bond issue DUBAI | BY HADEEL AL SAYEGH Iraq's Finance Minister Hoshiyar Zebari speaks during a news conference in Baghdad February 26, 2015. REUTERS/KHALID AL-MOUSILY (Reuters) - Iraq plans to obtain a sovereign credit rating and is approaching rating agencies as it prepares for a jumbo $5 billion bond issue needed to cover a budget deficit caused by low oil prices, its finance minister said on Thursday. "We started the process," Hoshiyar Zebari told Reuters by telephone. "The banks are also trying to help us in that direction.” Iraq has said it will issue $5 billion of debt in its first international bond sale for nine years. Its need for cash is acute; the government has projected a budget deficit of about $25 billion this year, in a budget of roughly $100 billion. Obtaining a credit rating from a major agency, which Iraq currently lacks, could help to persuade global fund managers and banks to subscribe to the issue. Zebari said Iraq was trying to approach two or three rating agencies, which he did not name. It has been discussing its bond issue plan with Citibank and Deutsche Bank. The process of obtaining a credit rating could be a delicate one for Iraq, requiring it to open its books to the agencies and disclose new information on its finances. Zebari did not say when he expected the process to be completed. Iraq's huge oil reserves in its southern fields, which have not been touched by the Islamic State insurgency, are expected to draw buyers to its bonds. But many fund managers think it would struggle to sell $5 billion in a short space of time, even with generous pricing. Asked if $5 billion was too ambitious, Zebari said: "We have in the budget a commitment to issue $6 billion. So this is the low - this is how we plan to cover our deficit. But there’s no way we can do it in one tranche.” Iraq has an outstanding U.S. dollar bond maturing in 2028 462652AA6=; panic selling late last year as oil prices plunged pushed its yield to a record high of 10.49 percent from around 7.2 percent in September, but it has since dropped back to 8.04 percent. Iraqi five-year credit default swaps IQGV5YUSAC=MP, used to insure against any sovereign default, are at 539 basis points, near their highest levels since late 2009. In addition to the international bond issue, Iraq has introduced or is planning other fiscal measures including a local currency bond issue to banks, taxes on some consumer goods and public wage cuts. It has also been considering whether to ask for aid from the International Monetary Fund. http://www.reuters.com/article/2015/04/30/us-iraq-debt-ratings-idUSKBN0NL1AX20150430 Link to comment Share on other sites More sharing options...
SgtFuryUSCZ Posted April 30, 2015 Report Share Posted April 30, 2015 Can We Get Them A Cosigner ? :D ***/// Who's gonna co-sign fer Iraq --- surely not hobummer-the-Iraq-hater ! He's more an Iran guy.... The Predatory-Cannibal-Klinton-Klan is rolling in international dough -- maybe they will ! Wonder what 'promises' she made as SoS to Abadi & Company whilst on her whirlwind tour of the ME to load up her personal coffers...? ***/// 2028.... we don't have to wait THAT long, do we...? Link to comment Share on other sites More sharing options...
Wiljor Posted April 30, 2015 Report Share Posted April 30, 2015 (edited) Great news K98 what a find, and with Buzzy in da house, even better. Amazing, things are quiet for a few day's, week's, then all of a sudden BANG!!!! outta the blue, something huge. This has to be the biggest adrenaline rush as of late. And, thanks Adam for chiming in, much appreciated for both. Hey Captl1......MAS TEQUILA? ????? Edited April 30, 2015 by Wiljor 4 Link to comment Share on other sites More sharing options...
Markinsa Posted April 30, 2015 Report Share Posted April 30, 2015 4 Link to comment Share on other sites More sharing options...
wbuse984 Posted April 30, 2015 Report Share Posted April 30, 2015 Thanks for the post Woody, and great that Buzzy is buzzin' ... lol ... 3 Link to comment Share on other sites More sharing options...
jg1 Posted April 30, 2015 Report Share Posted April 30, 2015 :cigar: I'm SO looking forward to NOT having to sqeeze cigars into my budget! (being laid off sick SUCKS) Ya, I got laid off the end of march myself. Still have a roof over my head and I see my boy 50% of the time, I know its bad but lets be happy for the things we have right. 3 Link to comment Share on other sites More sharing options...
k98nights Posted April 30, 2015 Author Report Share Posted April 30, 2015 Most welcome! This is HUGE news!! Ya, I got laid off the end of march myself. Still have a roof over my head and I see my boy 50% of the time, I know its bad but lets be happy for the things we have right. Lost my career after almost 20 years so an RV now would be a life saver for me! 6 Link to comment Share on other sites More sharing options...
davis411 Posted April 30, 2015 Report Share Posted April 30, 2015 Ya, I got laid off the end of march myself. Still have a roof over my head and I see my boy 50% of the time, I know its bad but lets be happy for the things we have right. my thoughts and prayers to both of you, life sucks, so take it and do the best we can. Get hit hard get back up and ask for another god bless davis 4 Link to comment Share on other sites More sharing options...
jg1 Posted April 30, 2015 Report Share Posted April 30, 2015 This Is so great I am going to quit my job, oh thats right I'm laid off. 3 Link to comment Share on other sites More sharing options...
SocalDinar Posted April 30, 2015 Report Share Posted April 30, 2015 Awesome, Lets hope for a favorable rating Thanks Link to comment Share on other sites More sharing options...
jg1 Posted April 30, 2015 Report Share Posted April 30, 2015 Thanks you guys. I'm learning my type of career is mostly temp work. At least thats what its become. I thank you for helping me remember to keep my head up. Link to comment Share on other sites More sharing options...
davis411 Posted April 30, 2015 Report Share Posted April 30, 2015 Thanks you guys. I'm learning my type of career is mostly temp work. At least thats what its become. I thank you for helping me remember to keep my head up. every job is like that now, Canada the same, they talk about all the work and jobs, they are all temp work, or shared part time brutal, cant even get a job that is semi full time any more. All real good paying jobs are even contract, work so many months and then laid off. This way they dont have to pay the extras cause you are not full time, Then they hire you back in 6 months. Sucks big time davis Link to comment Share on other sites More sharing options...
Popular Post easyrider Posted April 30, 2015 Popular Post Report Share Posted April 30, 2015 (edited) this is a REAL sign Iraq is at the end of their monetary reform and is ready to go international with a reality rate. The hide and seek game ends here with the public, the world will soon know how much Iraq is worth and their people will soon know how rich Iraq truly is. Edited April 30, 2015 by easyrider 19 Link to comment Share on other sites More sharing options...
k98nights Posted April 30, 2015 Author Report Share Posted April 30, 2015 Yeah I'm scared I'm gonna lose my house within two months if something doesn't happen for me. 3 Link to comment Share on other sites More sharing options...
justchecking123 Posted April 30, 2015 Report Share Posted April 30, 2015 (edited) ***/// We're old, JC123... so like months, years...? No clue, I'm not that smart or connected. I bought the currency years ago but never really believed in Iraq's government because of the infighting, or the revaluation because of the US being in control of the economic playing field (just my perception of the market)...maybe this has some validity. Only when Maliki was ousted was I even remotely intrigued.Reading the cash-in guide on the site, which I believe was copyrighted in around 2010-11 it doesn't seem dated, and everything talked about seems to be part of a bigger plan that was always in the works, who knows? It's been fun watching people here get prepared and informed. just like you, it's a gamble for me. Hopefully the man upstairs will be good to us. Edited April 30, 2015 by Markinsa Fixed Quote Box Link to comment Share on other sites More sharing options...
caz1104 Posted April 30, 2015 Report Share Posted April 30, 2015 Man K98 I hope that doesn't happen.............I wish you the best. 4 Link to comment Share on other sites More sharing options...
FatMan Posted April 30, 2015 Report Share Posted April 30, 2015 Well today would be nice... I'm broke and tired and would like a monster energy drink. And maybe a new pair of pants. COME ON RV! 1 Link to comment Share on other sites More sharing options...
lupine49 Posted April 30, 2015 Report Share Posted April 30, 2015 Forgive my ignorance, but isn't tying yourself up with the central banks a bad thing? After all they want to control everything. Link to comment Share on other sites More sharing options...
k98nights Posted April 30, 2015 Author Report Share Posted April 30, 2015 Thanks Caz! 1 Link to comment Share on other sites More sharing options...
TexAg91 Posted April 30, 2015 Report Share Posted April 30, 2015 So we all know that Iraq is seeking the credit rating and that there is to be a jumbo bond issue. My question is timing. The bond issue comes after the credit rating, so that investors will have some idea what the bonds are worth, And the credit rating comes after an RV? I mean, how useful would a credit rating be for a country still using programmed exchange rates and a currency only useful inside its borders? If this is the case, when would the credit rating be likely assessed? You have to assume that an RV would come at or before that time. So that might help to determine when a hypothetical RV might occur. 2 Link to comment Share on other sites More sharing options...
SocalDinar Posted April 30, 2015 Report Share Posted April 30, 2015 every job is like that now, Canada the same, they talk about all the work and jobs, they are all temp work, or shared part time brutal, cant even get a job that is semi full time any more. All real good paying jobs are even contract, work so many months and then laid off. This way they dont have to pay the extras cause you are not full time, Then they hire you back in 6 months. Sucks big time davis Yep. I know the CEO with a large retailer here in Socal called Big 5 sporting goods. They went part time because of Obamacare. Yes these were never great paying jobs. The skills needed are very minimal to run a cash register. Now they need two of these low paying jobs to make ends meet. The logistics alone makes that near impossible for many people. 1 Link to comment Share on other sites More sharing options...
429 Posted April 30, 2015 Report Share Posted April 30, 2015 Hell, Hand me the papers..I'll sigh'em... Hand me the papers and I'll roll one.... Oops, previous life, previous life. 2 Link to comment Share on other sites More sharing options...
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