Republic of Iraq $1 billion 2.149% sovereign bond issue

18/1/2017
Investment grade bond/note issue, Sovereign bond issue

$ 1 billion

Completed

18/1/2017


Overview:

  • 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

Continue reading...

New to IFLR1000?

Register today for FREE:

  • Understand market dynamics, with data broken by deal type and more
  • Access law firms and lawyers involved in deals
  • Gain unique insight into lawyers recent work
REGISTER NOW

Sign in