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 Bloomberg, the bond program will be in tranches, with the first sale coming this year.

Fitch Ratings recently ranked Iraq five levels below investment grade in its first ratings for the country.

(Source: Bloomberg)

(Bonds image via Shutterstock)