Tuesday 14, February 2017 by Georgina Enzer

Iraq said to be planning a second $1 billion bond issue

Trade Bank of Iraq (TBI) is working with Citi, Deutsche Bank and JP Morgan on a second $1 billion bond issue for Iraq.

In January Iraq successfully closed a $1 billion issuance guaranteed by the USA (see story here)

Sources told Banker Middle East that a second tranche of a further $1 billion sovereign issuance by Iraq is likely to come to market before the end of the first quarter of 2017. The five-year bond issued in January had a coupon of 2.149 per cent.

The Iraqi government is seeking to lower its international borrowing costs after the country was badly hit by the slump in oil prices. Iraq relies on oil exports for around 95 per cent of government revenues.

Features & Analyses