Iraq plans $2bn Bond Sale

By John Lee.

Reuters reports that Iraq expects to sell $2 billion in eurobonds in the last quarter of this year, when international aid starts coming in, helping lower its cost of borrowing.

Finance Minister Hoshiyar Zebari (pictured) told the news agency that Iraq expects to receive $600 million in September from the International Monetary Fund (IMF), as the first tranche of a $5.4-billion facility that the organization is expected to provide over three years under a standby agreement announced last month.

Moody’s and Fitch Ratings last month said Iraq’s IMF deal is credit positive. Fitch rated Iraq’s long-term credit at B-, below investment-grade.

(Source: Reuters)

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