Iraq Announces Second Construction Bond Issuance

By John Lee.

The Ministry of Finance has directed the Public Debt Department, in cooperation with the Central Bank of Iraq (CBI) to launch a second issue of construction bonds, which will be tradable on the stock market.

The bonds, also know as a "binaa bonds", will be available for trading for a period of one month, and will be sold in two forms:

  1. IQD500,000 bonds with annual interest of 6 percent for two years; and,
  2. IQD1,000,000 bonds with annual interest of 7 percent for four years.

These are the same terms as were offered in the first issue of binaa bonds, which were fully subscribed last month.

The Ministry did not specify the total value of the issue, but the first issue raised 1 trillion dinars (£685 million).

It has called on citizens wishing to purchase the bonds to submit their applications through authorized banks.

(Source: Ministry of Finance)


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