Iraq issues an international sovereign bond bearing the name "Euphrates"



August 6, 2017

Baghdad - Journal News

Iraq has issued an external sovereign bond in the international capital market for five years, with an interest rate of 6.75 percent paid every six months, the prime minister's finance adviser said Sunday.

"The bond was rated by Fitch Ratings B, and the number of international investment companies that bid for and competed with it was about 350 global investment companies with investment facts that increased by more than 12 trillion," Mohamed Saleh said in a statement read by the Journal News. Dollars ".

He added that the companies had applied for the purchase of the Euphrates bond, which was close to $ 6 trillion oversubscribed, including the Abu Dhabi Investment Fund, the Arab Monetary Fund and the Education Fund in California, one of the wealthiest funds in the US West Coast and the world.

"The sale took place in London by the underwriters." The bond was registered for sale and purchase in the Irish stock market as it uses EU standards and is one of the most accessible and efficient financial markets.

"The lowest subsidy category is $ 200,000 and it is compounded by multiples," he said. "Interest is paid half a year.

It is noteworthy that Iraq has issued in 2017 two successive international sovereign debt syndicates to trade in the international capital market until today: the first was (Tigris) interest 2,149% value of US $ 1 million guaranteed by the US government, and today issued the "Euphrates" mentioned earlier.

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