Iraq intends to issue international bonds by $ 2 billion next year
Iraq intends to issue international bonds by $ 2 billion next year 2015-11-18
(Voice of Iraq) – Baghdad Governor Ali al-allaq, Wednesday, Iraq's intention to issue international bonds by $ 2 billion in 2016 with the guarantee from the World Bank for up to half that amount.
Allaq said, quoted by the "Reuters" seen by the sumaria news, "would amount to $ 2 billion, but the value (WB) and ensure the transfer of 40 or 50 percent. This will open a wider market-will-to attract more investors ", noting that the Government placed bonds in their accounts for the next year's budget to fund a deficit estimated at $ 21 billion in budget size of around 95 billion dollars.
He predicted that the new bond yields are "a lot less" serious yield 11.5 percent demanded by investors during a promotional tour in Europe and the United States.
Iraq appointed three major global banks to arrange a release are Citigroup, Deutsche Bank and j.. Morgan Chase, but many investors and institutions were reluctant because of the risks.
Iraq had agreed last week on a program of the International Monetary Fund to monitor the economic policies of Baghdad in preparation for a possible funding programme in 2016.