The first international Iraqi bond issue of $1 billion was oversubscribed
The Trade Bank of Iraq co-managed the successful closure of the first Iraqi Government International Bond Issue.
The Iraqi Government raised $1 billion from the international capital markets for the five year bond 100 per cent issue price with a yield of 6.75 per cent.
Citibank, JP Morgan Chase and Deutche Bank were the lead managers and The Trade Bank of Iraq was the co-manager for the bond issue. The Bond was rated as B- stable by Fitch and B- stable by S&P. Listing of the bond is expected on the Irish Stock Exchange.
The Iraqi Government team and issue managers team held extensive road shows in London, Los Angeles, Boston and New York and the interest among international institutional investors was overwhelmingly positive where the issue was 7X oversubscribed.
"We are very proud to be the co-manager in raising $1 billion for the First Iraqi Government International Bond issue. We are also pleased with the positive reaction of the international capital markets where the bond issue was many times oversubscribed reflecting the confidence of the capital markets in the economic future of Iraq,” Faisal Al Haimus, the Chairman of The Trade Bank of Iraq said.