Iraq is entering the global financial markets with great success

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Iraq is entering the global financial markets with great success

Post  Admin on Sun Aug 13, 2017 10:39 am

Sunday, August 13, 2017 - 9:45 AM


BAGHDAD / Following the joy of Al-Khafaf, the Iraqi Trade Bank announced the success of its participation as director of issuance in the process of issuing international bonds for the first time in Iraq, a financial expert confirmed that the plans of Prime Minister Dr. Haider al-Abadi succeeded.

The government issued 1 billion dollars worth of bonds on the world market for five and a half years at a 100 percent issuance rate and a yield of 6.75 percent.

 Citibank, JPMorgan and Deutsche Bank were co-directors of the bond issue, while the Iraqi Trade Bank was co-director.

 The bond is rated B-Stable by global rating agencies Fitch and S & P. ​​Bonds are also expected to fall into the Irish stock market.

The government, along with the banks that manage the bond issue, has organized a wide range of offerings in London, Boston and New York, as they received a very positive interest from investors from global investment funds.

 The proceeds exceeded the value of what was on the market more than seven times the amount required. Faisal Al-Hims, General Manager of the Iraqi Trade Bank, said: "We are proud to have been involved in the issuance of bonds worth one billion dollars for the first time by the Iraqi government."

 "We are also pleased with the positive result we have gained from the global capital market, as the proceeds of the IPO exceeded several times was not reflected the confidence of the global capital market in the economic future of Iraq."

 Prime Minister Dr. Haider al-Abadi said at the weekly press conference that "Iraq has issued a billion-dollar treasury bonds a few days ago without any external support." He added that "requests to buy the Iraqi bond is very large, although the interest rate is 6.7 percent."

 He explained that "Iraq launched two years ago Treasury bonds to support its budget, but the requests were weak and the interest rate is very high 11.5 percent," noting that "the government is working to provide an environment conducive to investment."

According to the financial adviser to Prime Minister Dr. "This measure gives a strong signal to investors to deal with Iraq with high confidence, as well as the possibility of financing the general budget flexible external or international sources are the global financial markets and not from countries or multilateral financial institutions."

 He pointed out that the important thing in this subject is the confidence of investors in the Iraqi economy and the strength of the national economy promising the victor in the front of the war on terrorism, and we are now reaping the results of the victory really.

The financial expert, Thamer al-Azzawi, told al-Sabah that the prime minister's plans have borne fruit, despite the circumstances that the country has undergone in the past period.

 He said: "The plans implemented by Dr. Abadi three years ago were well studied, especially with regard to capital.

We succeeded in maintaining the dinar exchange rate while continuing to pay salaries and dues, maintaining the war against the enemy and achieving economic victories parallel to security."

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