Republic of Iraq $1 billion 2.149% sovereign bond issue

Investment grade bond/note issue, Sovereign bond issue

$ 1 billion




  • 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

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