Iraq Hires Banks Including Citigroup for $6 Billion Sale

[SocalDinar]

Iraq Hires Banks Including Citigroup for $6 Billion Sale

 

Iraq hired banks to help raise $6 billion in bonds as the country seeks to plug a widening fiscal deficit with its first international debt sale in almost a decade.

The government appointed Citigroup Inc., Deutsche Bank AG and JPMorgan Chase & Co. to arrange the bond program in tranches, Muneer Mohammed Omran, director general of the central bank’s investor department in Baghdad, said in a telephone interview Tuesday. The first sale will take place this year, he said. Spokesmen for the banks declined to comment.

Iraq, holder of the world’s fifth-largest oil reserves, is selling bonds to bolster its financial position amid civil conflict and a global slump in oil prices. Fitch Ratings issued its first rating on Iraqi debt this month, assigning it the fifth-worst junk grade, and said it expects a double-digit fiscal deficit for 2015 because of lower crude prices, higher military spending and costs associated with civil unrest.

The country’s most recent bond sale was a $2.7 billion issue in 2006, according to data compiled by Bloomberg. The yield on those notes due January 2028 rose 66 basis points this year, to 8.55 percent today.

Islamic State

Iraq has struggled to emerge from violence after the U.S.- led occupation, with the army now trying to recapture large areas of the country from Islamic State in a campaign backed by the U.S. Increased oil production has coincided with a market slump, and the International Monetary Fund approved $1.24 billion of emergency financing in July.

Government debt may equal 51 percent of Iraq’s gross domestic product by the end of 2015, with the ratio forecast to increase next year, Fitch said. Savings built up over years of high oil prices have largely been eroded, the ratings firm said.

Iraq’s crude production climbed to an all-time high of nearly 4.2 million barrels a day in July with record exports from southern terminals mostly unscathed by Islamic State militants.

http://www.bloomberg.com/news/articles/2015-08-18/iraq-hires-banks-including-citigroup-for-6-billion-sale

[tlars brother]

funny , this deal was inked quite a while ago...hmm, wonder why they are telling this now????she's about to blow

[Flamtap]

The snowball is rolling downhill, gaining mass and speed! Go RV

[leanonme]

They are definitely hooked into the global elite now. This was probably the real reason we went to war with Iraq in  order to crush the country.

[Texstorm]

Great post SD ! The bonds will help but Iraq also needs to ramp up their oil exports every chance they get just to stay away from the fiscal cliff and besides RV's aren't cheap ! LOL

[justchecking123]

Eliminating corruption goes a long way.

Bloomberg. Winning! Great news source.

The GOI keeps grinding away...

[sandfly]

THANKS

[drj]

funny , this deal was inked quite a while ago...hmm, wonder why they are telling this now????she's about to blow

 

I hope that you are right, Big Guy!  

[Laid Back]

Another BIG step forward.!

Go Iraq

Go CBI

Go bonds

Go dinar

Go increase exchange rate.

[Dinarian64]

How is it they are in debt and can revalue - help me not lose hope when I read these and enlighten me!

They are definitely hooked into the global elite now. This was probably the real reason we went to war with Iraq in order to crush the country.

Oil, control, power, money

[yota691]

Iraq is preparing to issue international bonds Qamnha six billion dollars and waiting for international banks

Economy and tenders

 Since 18/08/2015 18:41 pm (Baghdad time)

Follow-up T. scales News

Detect global site specializing economic news, Tuesday, for use of Iraq universal to banks to issue bonds international worth six billion dollars, returned it the first time carried out by Iraq such a move a decade ago to reduce the worsening fiscal deficit suffered by the size, while the view of analyst British economist, that Iraqi oil production registered record levels, likely enable him to overcome the financial crisis if what happened another rise in oil prices.

The transfer site Bzenz Bloomberg Bloomberg Business US economic news, an official at the Central Bank of Iraq, "Iraq used the universal banks of the issuance of international bonds worth six billion dollars for the first time in a decade in order to reduce the worsening fiscal deficit suffered by size.

The director of the investment department at the Central Bank of Iraq, Munir Mohammed Imran, in an interview with Bloomberg Bzenz Bloomberg Business US economic news, followed up (range Press), he said that "the government has identified both the Citigroup Foundation Citigroup Inc banking services, and the Bank of Deutsche Bank AG German, with JP Morgan JP Morgan US banking services, for use to issue international bonds worth six billion dollars, "noting that" the bond program will be in the form of payments, will go first is for sale during the current year 2015 ".

According to the site, that "Iraq, which includes the largest oil reserves in the world's fifth, seeks to strengthen the financial abilities amid difficult challenges represented by the war department in the country against al Daash, in conjunction with the sharp drop in world oil prices," expected to "inform the fiscal deficit in Iraq ratio During 2015, about 10 percent of gross domestic product because of the collapse of oil prices with high military effort expenses associated with the deterioration of the security situation in the country. "

Meanwhile, a British economic analyst, Anthony Saimund, from Aberdeen financial institution, according to the site by Bloomberg, said that "Iraq is now going through some economic difficulties caused by the war with al Daash," adding, "But oil production registered a high record levels, has undergone a significant change on the If these conditions are another rise in oil prices it has occurred. "

The Finance Minister Hoshyar Zebari announced that defeated Iraq issue five billion dollars worth of bonds, to cover the budget deficit caused by low oil prices and the war with Daash ".anthy 29 / d 25

[Freedomwish]

Iraq is preparing to issue international bonds Qamnha six billion dollars and waiting for international banks

Economy and tenders

Since 18/08/2015 18:41 pm (Baghdad time)

 

The transfer site Bzenz Bloomberg Bloomberg Business US economic news, an official at the Central Bank of Iraq, "Iraq used the universal banks of the issuance of international bonds worth six billion dollars for the first time in a decade in order to reduce the worsening fiscal deficit suffered by size.  The director of the investment department at the Central Bank of Iraq, Munir Mohammed Imran, in an interview with Bloomberg Bzenz Bloomberg Business US economic news, followed up (range Press), he said that "the government has identified both the Citigroup Foundation Citigroup Inc banking services, and the Bank of Deutsche Bank AG German, with JP Morgan JP Morgan US banking services, for use to issue international bonds worth six billion dollars, "noting that" the bond program will be in the form of payments, will go first is for sale during the current year 2015 ".

 

I feel like I'm about to pass out reading this.....feeling so, so dizzy right now 

 

Somebody please just tell me, to have a drink tonight to calm down......please.

[drj]

Iraq is preparing to issue international bonds Qamnha six billion dollars and waiting for international banks

Economy and tenders

 Since 18/08/2015 18:41 pm (Baghdad time)

Follow-up T. scales News

Detect global site specializing economic news, Tuesday, for use of Iraq universal to banks to issue bonds international worth six billion dollars, returned it the first time carried out by Iraq such a move a decade ago to reduce the worsening fiscal deficit suffered by the size, while the view of analyst British economist, that Iraqi oil production registered record levels, likely enable him to overcome the financial crisis if what happened another rise in oil prices.

The transfer site Bzenz Bloomberg Bloomberg Business US economic news, an official at the Central Bank of Iraq, "Iraq used the universal banks of the issuance of international bonds worth six billion dollars for the first time in a decade in order to reduce the worsening fiscal deficit suffered by size.

The director of the investment department at the Central Bank of Iraq, Munir Mohammed Imran, in an interview with Bloomberg Bzenz Bloomberg Business US economic news, followed up (range Press), he said that "the government has identified both the Citigroup Foundation Citigroup Inc banking services, and the Bank of Deutsche Bank AG German, with JP Morgan JP Morgan US banking services, for use to issue international bonds worth six billion dollars, "noting that" the bond program will be in the form of payments, will go first is for sale during the current year 2015 ".

According to the site, that "Iraq, which includes the largest oil reserves in the world's fifth, seeks to strengthen the financial abilities amid difficult challenges represented by the war department in the country against al Daash, in conjunction with the sharp drop in world oil prices," expected to "inform the fiscal deficit in Iraq ratio During 2015, about 10 percent of gross domestic product because of the collapse of oil prices with high military effort expenses associated with the deterioration of the security situation in the country. "

Meanwhile, a British economic analyst, Anthony Saimund, from Aberdeen financial institution, according to the site by Bloomberg, said that "Iraq is now going through some economic difficulties caused by the war with al Daash," adding, "But oil production registered a high record levels, has undergone a significant change on the If these conditions are another rise in oil prices it has occurred. "

The Finance Minister Hoshyar Zebari announced that defeated Iraq issue five billion dollars worth of bonds, to cover the budget deficit caused by low oil prices and the war with Daash ".anthy 29 / d 25

 

Based on this article, Iraq has not begun to sell bonds yet.  With credit to Tlar's Brother, he has been stating that there will be no bond sales without an increase in the IQD.  It looks like he is correct so far.    Thank you for the article, Yota!  

[WheresmyRV?]

International bonds! I'm loving it!

[A^ROK]

Iraq hired banks for its first international bond issue in almost a decade, seeking $6 billion to help plug a widening fiscal deficit.
The government appointed Citigroup Inc., Deutsche Bank AG and JPMorgan Chase & Co., said Muneer Mohammed Omran, director general of the central bank’s investor department in Baghdad. The bond program will be in tranches, with the first sale coming this year, he said by phone Tuesday. Spokesmen for the banks declined to comment.
Iraq, holder of the world’s fifth-largest oil reserves, is looking to bolster its finances amid civil conflict and the global slump in oil prices. Fitch Ratings expects the fiscal deficit to top 10 percent for 2015 because of lower crude prices, higher military spending and costs associated with civil unrest. It ranked Iraq five levels below investment grade this month in its first ratings for the country.
“Iraq is going through some difficulties at the moment because of its conflict with ISIS, but oil production is at a record high,” Anthony Simond, a London-based investment analyst who helps manage $13 billion of emerging-market debt at Aberdeen Asset Management Plc, said by e-mail. “Things could look a lot different if we see a rebound in oil prices.”
Investor Meetings
The country plans to meet with international investors as soon as next month, said two people familiar with the program, asking not to be identified because the talks are private.
Iraq’s bonds have fallen 4.5 percent in the past three months, more than double the loss on JPMorgan Chase & Co.’s EMBI Global Diversified Index. The yield on its notes due January 2028 rose 66 basis points this year to 8.55 percent today.
Iraq has struggled to emerge from violence after the U.S.- led occupation, with the army trying to recapture large areas of the country from Islamic State in a campaign backed by the U.S. Increased oil production has coincided with a market slump. The International Monetary Fund approved $1.24 billion of emergency financing in July.
Government debt may equal 51 percent of Iraq’s gross domestic product by the end of 2015, with the ratio forecast to increase next year, Fitch said. Savings built up over years of high oil prices have largely been eroded, the ratings firm said.
Iraq’s crude production climbed to an all-time high of nearly 4.2 million barrels a day in July, according to the International Energy Agency, with record exports from southern terminals mostly unscathed by Islamic State militants.

http://www.businessinsider.com/iraq-issuing-6-billion-in-debt-2015-8

 

 

 

http://www.bloomberg.com/news/articles/2015-08-18/iraq-hires-banks-including-citigroup-for-6-billion-sale

[Laid Back]

BIG players ready to sell bonds and make money.!

I Hope we see an increase of the exchange rate before they start selling bonds.

Go Iraq

Go CBI

Go increase exchange rate

Go bonds

[SocalDinar]

Bonds have to be paid back plus interest.

Bonds are debt.

[yota691]

Central Bank: the use of a global issue bonds to banks to six billion dollars in 2015 put the first

History of edits:: 19/8/2015 21:10 • 127 visits readable

[Follow-where] 
used the universal banks of Iraq to issue international bonds worth six billion dollars, and for the first time to reduce the worsening fiscal deficit suffered by the decline in the volume of oil imports.

The director of the investment department at the Central Bank of Iraq Munir Mohammed Omran, saying that "Iraq used the world to banks to issue international bonds worth six billion dollars for the first time in a decade in order to reduce the worsening fiscal deficit suffered by the size." 
He added, "The government identified both the Citigroup Foundation for banking services, and bank Deutsche German bank, with JPMorgan US banking services, for use to issue international bonds worth six billion dollars, "noting that" the bond program will be in the form of payments, will go first is for sale during the year The current 2015 ". 
seeks Iraq, which includes the largest oil reserves in the world's fifth, to strengthen the financial abilities amid difficult challenges represented by the war department in the country against al Daash, in conjunction with the sharp drop in world oil prices, amid expectations of fiscal deficits in Iraq Ratio for 2015 about 10 percent of gross domestic product because of the collapse of oil prices with high expenses of the military effort. 
As the British economic analyst, Anthony Saimund said, from Aberdeen financial institution, said that "Iraq is now going through some economic difficulties caused by the war with al Daash," adding that " oil production registered a high record levels, has undergone a significant change this situation if what happened another rise in oil prices ".anthy