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Iraq Revives $2 Billion Bond Plan, Will Likely Seek IMF Aid  DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

Iraq Revives $2 Billion Bond Plan, Will Likely Seek IMF Aid

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Iraq Revives $2 Billion Bond Plan, Will Likely Seek IMF Aid  Empty Iraq Revives $2 Billion Bond Plan, Will Likely Seek IMF Aid

Post by RamblerNash Wed Feb 24, 2016 3:23 am

Iraq Revives $2 Billion Bond Plan, Will Likely Seek IMF Aid

Alaa Shahine
February 22, 2016 — 2:34 AM PST  Updated on February 22, 2016 — 4:07 AM PST


  • Oil slump, war with Islamic State has bled nation's finances

  • May tap bond markets in second half of year, Zebari says


Iraq, struggling with low oil prices and a war with Islamic State militants, may raise $2 billion in Eurobonds this year and will probably ask the International Monetary Fund for more aid.

OPEC’s second-biggest oil producer may tap international bond markets in the second half of 2016, Finance Minister Hoshyar Zebari said in a telephone interview on Monday. A planned sale was halted last year because investors demanded yields that the government deemed too high. Iraq is rated B- by Standard & Poor’s, six levels below investment grade, on par with debt-laden Lebanon and Greece.

The debt auction “is on the agenda,” he said. “We are in a better position this year to issue than last year, when interest rates were too high.”

Iraq raised oil output last year by 20 percent to make up for lost revenue after crude prices plummeted. The government, which has forced Islamic State militants from some key cities and has pledged to attack the group’s Iraq stronghold of Mosul, has agreed to an IMF staff-monitored program that may eventually pave the way for more aid from the Washington-based lender.

The yield on the nation’s only dollar bonds, a 5.8 percent debt due in 2028, jumped last month to 12.5 percent, the highest level since April 2009, as Brent crude sank to the lowest in more than 12 years. It fell to 11.9 percent as of 11:14 a.m. in London.

The IMF provided $1.25 billion in emergency assistance to Iraq last year to plug the country’s budget deficit. Authorities and the fund will hold more talks, and Iraq will “likely consider” asking for more assistance, Zebari said. It was too early to decide on the size of the possible loan, he said.


http://www.bloomberg.com/news/articles/2016-02-22/iraq-revives-2-billion-bond-plan-will-probably-seek-imf-aid
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Iraq Revives $2 Billion Bond Plan, Will Likely Seek IMF Aid  Empty Re: Iraq Revives $2 Billion Bond Plan, Will Likely Seek IMF Aid

Post by Kevind53 Wed Feb 24, 2016 3:00 pm

This could prove to be the definition of insanity. The conditions have not changed, their rating is still at junk bond levels, corruption is still rampant, even systemic, internal security is abysmal, and large swaths of the country are still held by hostile forces. Investors deemed the risk was too high for the returns offered last year, and stayed away in droves, assuming the same rates, I expect the same results. However that will not keep the pooroos from taking this and using it to pump dinar...

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