- The Republic of Iraq has issued a $1 billion US guaranteed bond in what was the country's first international capital markets issue.
- The bond has a coupon of 2.149% and matures in five years.
- Proceeds from the bond will be used by Iraq to plug a budget deceit caused by the low oil price.
- United States Agency for International Development (USAID) guaranteed the bond on the condition Iraq makes certain reforms.
- The US' commitment to honour the bond in the event of Iraq defaulting, enabled Iraq to market the bond internationally.
Ben Naylor - Regional editor
Read further analysis of this deal on IFLR.com