Iraq begins Thursday to promote an international bond issue six billion dollars
Iraq begins Thursday to promote an international bond issue six billion dollars
08/09/2015 11:09 GMT
Follow-up – and babysit – banking sources said that the Iraqi government will begin promotion campaign next Thursday for the first international bond issue in nine years as it seeks to finance a budget deficit because of falling oil prices and the war against Sunni Islamist al Daash.
Sources familiar with the matter told Reuters that “Baghdad want to combine up to six billion dollars in a series of versions of dollar bonds, but the first version is expected to be much smaller.”
Mrtbo versions and said that “the banks Citigroup, Deutsche Bank, JP Morgan arranging version and will begin meetings with investors in the United Kingdom and the United States.”
In spite of the political risk in Iraq is expected to contribute to Baghdad put the largest oil producer in the Organization of Petroleum Exporting Countries as the second [OPEC] to reassure buyers on entitlements and the large oil fields in the south of the country was not exposed to fight directly in addition to that Iraq adopt an ambitious plan It will continue for several years to increase its production of oil.
It is expected that Baghdad pay a high price for borrowing with a 10.37 percent return on Iraq’s dollar bonds due in 2028.
Prior to the sale this month, Iraq won the first sovereign credit rating gave him his where Bretton Standard & Poor’s and Fitch rating B- a rating below six degrees of investment grade.
The Finance Minister Hoshyar Zebari said in 22 of the last June that Iraq has begun promoting overseas bonds worth up to six billion dollars.
And the government much-needed liquidity as it expects a deficit of about $ 25 billion this year in the size of the budget of about $ 100 billion.
alrayy.com
