_firefly_: Alrighty, found this VERY interesting. It is from CNN
_firefly_: dated today
_firefly_: Iraq plans bond offering for brave investors
_firefly_: Looking to spice up your portfolio? Try investing in Iraq.
_firefly_: The oil rich country is hoping to borrow $6 billion from international investors, and could sell the first slice of bonds worth $2 billion as early as this week. It has been trying to drum up investor interest over the past few days. If the bond offering is successful, it will be the nation's first debt offering since 2006. But investing in these bonds is only for those with nerves of steel. The country is wracked by political instability, a large swath of its territory is now controlled by ISIS, and oil prices have collapsed. Iraq's economy is almost entirely dependent on oil exports and the slump in prices has wreaked havoc on its finances.
BGG _firefly_: of course, "brave investors"...
_firefly_: Note: So all those people telling us the bonds went on sale and are a failure .... well lol
BGG _firefly_: this only further points out exactly what I have been saying (great find - BTW)
_firefly_: Related: Oil could hit $20Unsurprisingly, investors who are willing to take the risk will expect high returns. According to boutique investment bank Exotix Partners, the yield on Iraq's existing bonds -- maturing in 2028 -- could rise to 12.5% as prices continue to slide. The country's debt is rated as junk by both Standard & Poor's and Fitch. And their analysis of the situation is grim. "Political risk and insecurity are among the highest faced by any sovereign rated by Fitch," wrote analysts at the ratings agency. They estimate Iraq's budget deficit will exceed 10% this year due to weak oil prices, the cost of war and civil conflict.
BGG _firefly_: they may well sell SOME bonds... BUT - they need some real action to stir investor confidence and get these things moving...
_firefly_: Unsurprisingly, investors who are willing to take the risk will expect high returns.
_firefly_: Related: Iraq is pumping more oil than ever But if you expect the situation has already hit rock bottom and oil prices will soon rise, this may be a bet worth taking. "Iraq benefits from massive oil reserves and high oil exports. Projected large increases in oil production will, in our view, support economic growth and help alleviate fiscal and external pressures over the medium term," noted Standard & Poor's analysts. Iraqi representatives will be in Boston and Los Angeles this week to present their investment case. They were in London last week.
_firefly_: Iraqi representatives will be in Boston and Los Angeles this week to present their investment case. They were in London last week.
_firefly_: Related: Saudi Arabia is having to borrow money--CNN's Schams Elwazer contributed to this report. CNNMoney (London) September 14, 2015: 11:00 AM ET _firefly_: http://money.cnn.com/2015/09/14/inve...sis/index.html
BGG _firefly_: personally - the political situation has "hit rock bottom" some time ago...
BGG _firefly_: and..
BGG _firefly_: is clearly on the "uptick"... IMHO
CanTWaitwoRV _firefly_: wow it finally comes out on the Saudi's
BGG _firefly_: Thanks for that - further bolsters our commentary for some time now... Thanks so much.
_firefly_: Oh yeah, certainly my thoughts as well
_firefly_ BGG: Very welcome. It's important to get facts rather than internet hocus pocus and false rumors
_firefly_ BGG: As we can see
_firefly_ BGG: THE BONDS HAVE NOT GONE LIVE YET !!!!!!!
CanTWaitwoRV _firefly_: good luck on going live too successfully
BGG: Listen folks - I have been saying this for a while now... this Bloomberg article and this one don't scare me - in fact, it just solidifies what I have been thinking - bonds or no bonds - they need monetary reform ASAP
BGG: they have to deal with the corruption - PERIOD.
_firefly_ BGG: exactly !!!!!!!!!
diagyAAAE: BGG all or nothing
diane1: CAN THEY DO BOTH AT THE SAME TIME?
BGG diane1: YES
diagyAAAE: All these fine details mean nothing when it comes to Iraq falling off the face of the earth so to speak
BGG: Maliki and ALAK (who - BTW was the one qouted in the Doomberg article today) can steal 6 billion in a month or less...
CanTWaitwoRV: so much attention put on garbage bonds lol
BGG: if they don't handle them - this bond offering will matter very little.
jtank: meaning alaq and M
_firefly_ BGG: IMO this event won't happen until AFTER the fact
BGG CanTWaitwoRV: Do you have an article for us today??
ddboys1626 _firefly_: event = RV
mfree05: Speaking of the Maliki & Alak . I was always of the opinion that one of the main possible reasons that Maliki put Keywords in as Gov was so that he could alter or destroy incriminating records from inside the CBI. If so, he would have had a years head start on the project. Just speculating of course.
BGG mfree05: I think you are onto something there...
BGG: but interestingly - these are ALL THE VERY ISSUES talked about last September and main reasons some kind of "emergency currency move" was being discussed...
CanTWaitwoRV BGG: true good recall
_firefly_ BGG: I'm still putting 2 and 2 together from last weeks news WINK, Very telling
BGG: I think (IMHO) once Maliki is fully marginalized - an "emergency currency move" (up - not down like knuckle head talked about) become a very real possiblity. Abadi needs the money to keep after ISIS...
diagyAAAE: IMO ISIS is the forefront Jihad behind spreading Islam throughout the whole world....
wilson6060: BGG do you think the WB will really blacklist Iraq if they do not get everything done by the 1st...or is that just a loud threat
BGG wilson6060: I think they would - but I also think Iraq will get the AML Law passed (or close) before then... obviously, it's not just the Law they want - they want it enforced.
BGG wilson6060: NO MONEY LAUNDERING.
_firefly_ BGG: IMPLEMENTATION
BGG wilson6060: so the point is - it's not just the Law - it's Maliki they want (and everyone else it seems)...
Dr Dave: with the AML...do not they have to vote and wait 2 weeks to get it into the gazette..beyond the Oct 1 deadline
BGG Dr Dave: I don't recall a 2 week waiting period.
_firefly_ BGG: Never heard of that one either
BGG Dr Dave: and I suspect as long as the vote is taken - (or some other serious effort) they will be fine.
BGG Holly1: Thanks so much - I was breezing thru that last one - BUT...
BGG Holly1: it seems the watch word is...
BGG Holly1: corruption, corruption, corruption...
_firefly_: 123 politicians were dismissed last week. Also there is 2000 names that CAN NOT LEAVE Iraq
CanTWaitwoRV _firefly_: them special forces
BGG Holly1: Abadi dealing with it (hopefully) as Shammari is pointing out.
BGG _firefly_: that reference to the US - was a poor translation - a better one said "Special Forces" and then went on to say the records they were after was from 2003 when the US forces, blah, blah, blah... and that is how "Special Forces and US" got tangled up in the same article...
BGG _firefly_: which is what I was pointing out - soooooo
_firefly_ BGG: Yes that is how I read it as well
_firefly_ BGG: But .... I believe that NEEDED to be done !
BGG _firefly_: it appears both their sovereignty and constitution remain intact.
BGG _firefly_: it appears both their sovereignty and constitution remain intact.
pamie27: BGG sorry .. just got in.. haven't been in - in awhile... just got a frantic call from someone with dinar.. he said you said if the dinar didn't rv by ocktober 1st, we may as well burn it... now my first thought is he is a very negative person.. always sees demons, and the world is ending... I have looked and can't find anywhere where you said anything like that... do you knnow what he is talking about????
BGG pamie27: that is not even remotely what I said.
BGG pamie27: how in the WORLD??
pamie27: bgg... lol I thought so... I just don't know what to do with him any more... He is sooo depressing to be around... he goes to our church group..... AHHHHHHHHHH
CanTWaitwoRV BGG: at the same time I also think if Abadi wants or needs additional support he's got the heads up from Sistani for that green light to do so
_firefly_ BGG: lol, welcome to my world
Dr Dave: Once laws passed 10-14 days to make it to the gazette making it law....not law until it is in print for the general public...in the event that they need to make ammendments
BGG Dr Dave: I don't think they can go back and ammend once it is read the second time - much less been voted on - but that is off the top of my head. I may well be wrong.
BGG Dr Dave: for an ammendment or change it has to go clear back to the CoM or the President (after that second reading)...
Dr Dave: Laws need to be in print in the gazette ...hence the 2 weeks
BGG Dr Dave: of course... but I was just doing some reading on that very subject... and I don't think 2 weeks is mandatory - in either case,
Dr Dave: crunch time
BGG Dr Dave: IMHO a final vote or at least some significant progress towards a vote - will likely appease the WB...
BGG Dr Dave: but correct, crunch time...
Dr Dave: action talks louder than words
CanTWaitwoRV BGG: in other words, if he can't trust or rely on his own security to resort to whatever means necessary jmo of course
CanTWaitwoRV BGG: but they can't have citizens taking over buildings one province on average per week much longer
BGG CanTWaitwoRV: Abadi has great support from Sistani and others. .. and reportedly has embraced the opportunity to make these changes.
BGG CanTWaitwoRV: now all he has to do - is DO IT!!
_firefly_ BGG: According to the Library, Laws can be published in the Gazette AND the Library at the SAME time
firefly_ BGG: BINGO !!!!!!!!!!!!
natenate: I think that Iraq is going to use the ol Dallas Cowboys strategy and wait until the very last few seconds, when all hope is lost and everybody has turned off the TV's and left the bars, then Abadi is going to throw throw one in for the TD and win the game!!!
BGG natenate: laughing
Holly1: Zora's parliamentary Finance: strong and modern Iraqi dinar opposite just rumors Ruled out for "the collapse excluded the Parliamentary Finance Committee, the possibility for the collapse of the Iraqi national currency against the backdrop of the financial crisis that beset the country, and described the news you are talking about as "rumors" promoted by some currency traders in order to achieve an illegal advantage, as he emphasized that oil imports enough yet to pay Mozvin.oukal Committee member Masood Haider Rustam salaries in a statement for "Zora", yesterday: news that talk about for the collapse of the Iraqi national currency due to the financial crisis, are just "concerns incorrect and untrue," attributing the cause to that of the dinar Iraqi strong enough to survive. Rustam said: that the amount of the Iraqi dinar circulating in the market currently estimated at about 40 trillion dinars, and Iraq has a financial reserve of hard currency is estimated at 60 billion dollars, that is as much as 150% of the Iraqi currency. Said Rustam: that is the hard currency which gives the value of the Iraqi dinar, and therefore "these concerns intervention in the door of the rumors, the fact that some hard currency traders want to take advantage through the launch." And on salaries and the government's ability to pay regularly without problems, Rustam said that Iraq sells oil and imports enough to pay staff salaries, noting that Iraq is a real need to austerity, particularly as the number of employees in it is very large compared to neighboring and international standards countries, and it needs to program reform of government. Rustam believe: that the economic situation in Iraq and the world swing, and the economy can not be certain the occurrence of a certain thing or do not say for sure. So said a member of the parliamentary finance committee pros Hamadoun Hamid Hassan buckets for "Zora": The oil reserves in Iraq large, as well as the Central Bank's foreign currency reserves, they are "available and large", so the salaries in safety, and talk about the
BGG Holly1: Great find!! - Keep it coming...
BGG Holly1: best news of the DAY!!
Holly1: possibility of a "collapse in the former national currency early. " And on the financial liquidity showed a member of the economic and investment commission parliamentary Najiba Najib, the financial bond issuance will not meet the obligations of the financial state, as pointed out that Iraq is suffering from providing liquidity Almalah.oukalt Najib: that the issuance of securities is one of the means resorted to by the state after the fall in prices oil, comes from the phrase measures to increase fiscal revenue, indicating that the House of Representatives to grant powers and vacation legitimacy to issue bonds and sell them in international markets. Najib said: that the bond issue, amounting to $ 6 billion will not meet the financial obligations of the state and be covered under the current circumstances, pointing at the same time that Iraq is suffering from the provision of liquidity, but the government is moving to increase revenue. The central bank earlier announced his intention to launch bonds in favor of the Ministry of Finance worth two billion dollars, and as pointed out that the bonds due and payable by the end of 2016, confirmed that it can be used as collateral for loans or facilities require collateral.
BGG: Exactly what I said - Alak is a JACKWAGGON for putting out that garbage to Doomberg...
BGG: he'll be lucky to have a JOB in a month...
mimi3: That looks like a Whooopowwwww to me!!!
Holly1: that the House of Representatives to grant powers and vacation legitimacy to issue bonds and sell them in
BGG: the Parliamentary Finance committee has taken the time to rebuff his comments AS GARBAGE.
Holly1: international markets. Najib said: that the bond issue, amounting to $ 6 billion will not meet the financial obligations of the state and be covered under the current circumstances, pointing at the same time that Iraq is suffering from the provision of liquidity, but the government is moving to increase revenue. The central
BGG: I was just going back to copy that..
BGG: Najib (she's the one calling for removing of the 3 zereo's aka - an RV) says...
BGG: "...the bond issue, amounting to $ 6 billion will not meet the financial obligations of the state and be covered under the current circumstances, pointing at the same time that Iraq is suffering from the provision of liquidity, but the government is moving to increase revenue..."
BGG: saying EXACTLY what I have been...
Holly1 BGG: funny funny ... how many sees one article and all doom .... but now .... HA
CanTWaitwoRV BGG: ya garbage bonds
BGG: the bonds won't cover their deficit...
BGG: "...Iraq is suffering from the provision of liquidity, but the government is moving to increase revenue..."
BGG: where might they be coming up with this MAGICAL number??
Holly1 BGG: THHEY HAVE NO CHOICE IMO....
BGG: where is the "increased revenue" coming from??
BGG: Oil is going down - not up...
Holly1 BGG: FROM YOU BGG
BGG: Najiba Najib - KNOWS and just told us... or at least she's pointing something out here...
CanTWaitwoRV BGG: it's ok you can tell us BGG we won't hold you to it
BGG CanTWaitwoRV: I don't have to - she just did.
CanTWaitwoRV BGG: yep once again!
CanTWaitwoRV BGG: she said it last week and then now again
Holly1 BGG: THAT WAS A GREAT ARTICLE ....
BGG: OK - there is is... thanks for tuning in - GREAT ARTICLE Holly1
CanTWaitwoRV mimi3: Financial Times: September 13, 2015 5:23 pm Iraq to return to international bond markets Elaine Moore in London "The success of Baghdad’s first issuance, expected as early as this week, is likely to hinge on whether the US Federal Reserve will raise short-term interest rates on Thursday." http://www.ft.com/intl/cms/s/0/65c49...#axzz3ljdnIEdx
Holly1 BGG: I NEED TO GO FIND MORE NOW GOT ME IN THE MOOD TO SEARCH FOR NEWS
BGG: Thanks everyone for tuning in - Tune in for an "Extended News Time" with Millionday this evening at 7:30pm EST