Tag Archives | Citigroup

Iraq Ready to Market Bonds

By John Lee. Reuters reports that Iraqi officials are planning to start marketing a new Eurobond following the Labor Day holiday in the U.S., which falls on 7th September. Citigroup, Deutsche Bank and JPMorgan Chase are to be the lead managers for the deal, which is expected to be unsecured. Iraq is hoping to raise […]

Int’l Banks hired for $6bn Bond Sale

By John Lee. The Iraqi government has reportedly appointed three major international banks to advise on its first international bond issue in almost a decade. Citigroup, Deutsche Bank and JPMorgan Chase will assist in placing $6 billion (7.2 trillion Iraqi dinars) of new government bonds, in an attempt to bridge the budget deficit. According to […]

Iraq Seeks Credit Rating before Bond Issue

By John Lee. Reuters reports that Iraq is approaching credit rating agencies to obtain a sovereign credit rating as it prepares for its first international bond sale for nine years. Finance Minister Hoshiyar Zebari (pictured) told the news agency: “We started the process … The banks are also trying to help us in that direction.” […]

Iraq to Issue $5bn in Bonds

By John Lee. Finance Minister Hoshyar Zebari (pictured) said on Wednesday that Iraq has decided to issue $5 billion in international bonds, as it attempts to finance a budget deficit of $25 billion for the current year. He told reporters in Washington that negotiations were in progress with Citibank and Deutsche Bank, but according to […]

Eversheds Advises Citi on Iraq Venture

Global law firm Eversheds has advised Citibank [Citigroup] on the registration of its representative office in Baghdad, Iraq, making it the first US bank to establish a presence in the country. According to Citi’s press release, the representative office in the Iraqi capital will support Citi’s clients in the country, and the New York-based bank […]

Citi Opens New Office in Baghdad

The U.S. Embassy in Baghdad hosted a reception to celebrate the opening of Citi’s representative office in Baghdad. Citi [Citigroup] is the biggest financial services corporation in the United States. U.S. Ambassador to Iraq Stephen Beecroft stated during the ceremony: “U.S. companies, such as Citi, are demonstrating tremendous commitment to Iraq. Our companies bring capital […]


Zain Takes Step towards IPO

By John Lee. Zain Iraq has moved a step closer to launching its mandatory initial public offering (IPO), by establishing a new holding company in Iraq through which it will list 25 percent of its shares on the Iraq Stock Exchange (ISX) towards the end of the year. The new company, named Al-Khatem Telecommunications, floated […]

Zain Iraq Plans IPO by July

John Lee. Zain Iraq‘s Chief Financial Officer, Wael Ghanayem (pictured), has told Bloomberg that the company plans to list 25 percent of its shares on the Iraq Stock Exchange  (ISX) by the end of June. But Geoffrey Batt, managing director of the $44 million Euphrates Iraq Fund, told the news agency: “A more realistic estimate is […]

Zain Iraq Invests $20m to List on Stock Market

Iraq’s biggest mobile phone operator, Zain Iraq, has invested about $20 million in its efforts to list on the local stock exchange, according to a report from Reuters. Chief executive Emad Makiya told the agency: “We have invested a lot of money. We have invested over $20 million in this. We have hired lawyers, we […]

Iraq Seeks up to $700bn Investment in Infrastructure

Sami al Araji, chairman of Iraq’s National Investment Commission (NIC), has told a business audience in New Delhi that his country needs $500-$700 billion in investment to rebuild its infrastructure. Araji compared the opportunities in Iraq to “Germany after the Second World War”, adding, “our message to the world is that we are open for […]