Iraq’s new bonds started official trading on Monday at prices below earlier indications but amid forecasts that future demand could be underpinned by investor demand for higher-yielding emerging market investments.
The bond issue, which has a face value of about $2.7bn, accounts for about $14bn of commercial debt dating from the Saddam Hussein era. The bond has had strong gains in trading in the so-called grey market on an “if, as and when issued basis”.
