Tag Archives | bonds

Iraq to sell new USD Govt Bonds

By John Lee. The Financial Times reports that Iraq has appointed Citi, Deutsche Bank and JP Morgan as joint bookrunners for a new five-year government bond. The issue is described as a dollar-denominated, long-dated, benchmark-scale bond; investor meetings scheduled over the coming days. In January, Iraq raised $1 billion of five-year bonds, guaranteed by the US, […]

Genel Energy buys back Bonds at Discount

By John Lee. Genel Energy has decided to repurchase a nominal amount of USD 252.8 million of Bonds in connection with its recent Buy-Back Offer. The Bonds will be repurchased at the price offered by each bondholder up to and including 89.90% of par value. The Bonds are being repurchased at a weighted average price […]

Genel Energy announces Bond Buy-Back Offer

Genel Energy Holding Company Limited has announced a reverse tender offer (the 'Buy-Back Offer') to holders of Genel Energy Finance plc's ('the Issuer') USD 730 million GENEL01 PRO senior unsecured callable bonds with ISIN NO0010710882 (the 'Bonds'). All bondholders, subject to legal constraints, are invited to offer Bonds to the Company, being the sole shareholder […]

Fitch Revises Outlook on Iraq to Stable; Affirms at 'B-'

Fitch Ratings has revised the Outlook on Iraq's Long-Term Foreign-Currency Issuer Default Rating (IDR) to Stable from Negative and affirmed the IDR at 'B-'. The Country Ceiling has been affirmed at 'B-' and the Short-Term Foreign-Currency IDR at 'B'. KEY RATING DRIVERS The revision of the Outlook reflects the following key rating drivers: Iraq's fiscal […]

Fitch Affirms Iraq at 'B-'; Outlook Negative

Fitch Ratings has affirmed Iraq's Long-Term Issuer Default Rating (IDR) at 'B-' with a Negative Outlook. The Country Ceiling is affirmed at 'B-' and the Short-Term IDR at 'B'. KEY RATING DRIVERS Political risk and insecurity in Iraq are among the highest faced by any sovereign rated by Fitch. Progress has been made in pushing […]

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 […]

GKP Secures Extension of Bondholder Agreement

Shares in Gulf Keystone Petroleum (GKP) were trading down 4 percent on Wednesday despite an announcement that the company had secured a two-week extension of its standstill agreement with its bondholders: Further to the Company's announcement of 20 May 2016, Gulf Keystone announces today that, as discussions with the Ad Hoc Committee of holders of […]

Iraq sells $1.3bn in Local Bonds

By John Lee. According to a report from Reuters, the Central Bank of Iraq (CBI) has started selling local bonds worth 1.5 trillion Iraqi dinars ($1.29 billion). The first local bonds sale to the public since 2003 is aimed at relieving the government budget deficit caused by falling oil prices and the costs of fighting […]

Iraq Plans New Bond Issuance

By Simon Kent. Iraqi Central Bank Governor Ali Al-Alak has said that Iraq is issuing bonds to the value of around $2 billion in the next few months, following last year's aborted issuance after investors demanded too high a yield. At the time, investors demanded an 11% yield on the bonds, and the issuance was handled […]