Finance Minister: Iraq plans to sell bonds two billion dollars

by **Ponee** Fri Jun 03, 2016 9:02 am

{Baghdad} Euphrates News said Finance Minister Hoshyar Zebari said "Iraq expects to sell international bonds worth two billion dollars in the last quarter of this year, when the international aid begins to flow, it will help to reduce the cost of borrowing on Baghdad.

Zebari said in a press statement that "Iraq is a member of the Organization of Petroleum Exporting Countries {OPEC} expects to receive $ 600 million in September from the International Monetary Fund , the first of facilitating a $ 5.4 billion down payment where he is expected to get by Iraq from the fund over three years under the willing agreement was announced with him last month. "

it seeks Iraq to get international support after shrinking revenues due to the oil price collapse two years ago , where the government relies on oil for 95 percent of their income.

the last time selling the Iraq international debt instruments in 2006 when bonds issued $ 2.7 billion for the year 2028 until the interest rate of 5.8 percent.
said Kalta Moody 's and Fitch Ratings last month that Iraq 's agreement with the international Monetary Fund and a positive side also gave the credit rating Fitch B- Iraqi credit long Alogel.

06.03.2016

http://alforatnews.com/modules/news/article.php?storyid=118657

by **Ponee** Fri Jun 03, 2016 9:03 am

Iraq plans to sell two billion dollars of international bonds end of 2016

Friday 03-06-2016 | 10:28:48

Finance Minister: Iraq plans to sell bonds two billion dollars S4.reutersmedia.net_

Twilight News / Finance Minister Hoshyar Zebari said his country expects to sell international bonds worth two billion dollars in the last quarter of the year, when the international aid begins to flow as it will help to reduce the cost of borrowing on Baghdad.

Zebari said in an interview with Reuters that the member state of the Organization of the Petroleum Exporting Countries (OPEC) expects to receive $ 600 million in September from the International Monetary Fund, the first of facilitating a $ 5.4 billion down payment expected to be earned by Iraq from the fund over three years under the ready agreement was announced last month.

Iraq has been seeking international support after shrinking revenues due to the oil price collapse two years ago. The government relies on oil for 95 percent of their income.

The last time selling the Iraq international debt instruments in 2006 when he issued bonds by about $ 2.7 billion for the year until the 2028 yield of 5.8 percent.

She and Kalta Moody's and Fitch Ratings last month that Iraq's agreement with the International Monetary Fund from a positive point of credit. And it gave Fitch rating

http://www.ara.shafaaq.com/74284

by **Kevind53** Fri Jun 03, 2016 3:56 pm

They have a B- rating, junk that is junk bond status. They are going to have to offer 10% or better to even hope to sell them.

by **Ponee** Sun Jun 05, 2016 10:38 pm

IRAQ PLANS $2 BILLION BOND SALE END 2016 AS AID LOWERS BORROWING COSTS

Iraq expects to sell $2 billion in eurobonds in the last quarter of the year, when international aid starts coming in, helping lower its cost of borrowing, Finance Minister Hoshiyar Zebari said. The Opec nation expects to receive in September $600 million from the International Monetary Fund, the first tranche of a $5.4 billion facility that the organization is expected to provide over three years under a standby agreement announced last month, Zebari told Reuters in an interview.

Iraq sought international support after a collapse in oil prices two years ago caused its revenue to drop. The government relies on oil for 95 percent of its income. Iraq last sold international debt in 2006, when it issued about $2.7 billion of bonds due in 2028 with a coupon of 5.8 percent.

"The measures we're doing in terms of reforms, signing the SBA, all this help enhance our credit rating and get a better interest rate," Zebari said, adding that Iraq would like to see the yield on its debt drop to 5 or 6 percent. Moody's and Fitch Ratings last month said Iraq's IMF deal is credit positive. Fitch rated Iraq's long-term credit at B-, below investment-grade.

"The deal is likely to pave the way for further international support and may enable the government to issue international bonds," Fitch said on May 20. "Engagement with the IMF could bring some improvements to economic policy making and management." Oil's crash came just as Iraq needed more resources to fight Islamic State, the ultra-hardline group that took control of vast tracts of its northern and western regions. The war has displaced about 4 million people. The agreement with the IMF should unlock a total of $18 billion in international assistance over three years, said Zebari, citing the World Bank and the Group of Seven leading industrialized nations among other donors.

Copyright Reuters, 2016

http://iraqdailyjournal.com/story-z13265236

by **Ponee** Sun Jun 05, 2016 10:38 pm

Iraq plans to sell international bonds

6/4/2016 0:00

Two billion dollars put the end of 6102
BAGHDAD - Follow - up to the morning ,

Finance Minister Hoshyar Zebari said that Iraq is about to international bond sale worth two billion dollars in the last quarter of the year , when the international aid flow begins ,as it will help reduce the cost of borrowing for the country.

Zebari said in an interview with Reuters: that Iraq expects to receive $ 600 million in next September from the international Monetary Fund , the first of facilitating a $ 5.4 billion down payment is expected to be obtained by the country from the fund over three years under the willing agreement was announced last month.

according to observers was Aqaba Great that prevented Iraq from the issuance of sovereign bonds is international sanctions and get a credit rating as the existence of a sovereign credit rating on the bonds no matter what the degree reduces the interest rate and the discount in the event has been thrown support without credit rating will be a degree of risk , but also high that would be the discount rate the highest.

he received Iraq the first sovereign rating to him in the fourth quarter of 2015 after talks took time to settle classification at Grade B- in the first credit rating organization Fitch Ratings, the lowest six degrees on the classification of investment due to the absence of the general stability in the country.
as is known worldwide, the credit rating agencies of the three , Standard & Poor 's , and Moody 's and Fitch, the overall risks related to the issuance of debt securities , whether companies or governments to assess and prepare the source 's ability to meet payment of debt interest and premiums resulting from the most important indicator of creditworthiness upon which to build ratings by these agencies.
it seeks Iraq for international support after shrinking revenues due to the oil price collapse two years ago. The last time selling the Iraq international debt in 2006 tools when he issued bonds by about $ 2.7 billion for until the year 2028 a yield of 5.8 percent.

Said Kalta Moody 's and Fitch Ratings last month that Iraq 's agreement with the International Monetary Fund and a positive - side credit. And it gave Fitch rating B- Iraq's long - term credit.

http://www.alsabaah.iq/ArticleShow.aspx?ID=117485

Finance Minister: Iraq plans to sell bonds two billion dollars