Citigroup Boost for Iraqi Bond Amplified by UN Vote: Arab Credit - Bloomberg

Citigroup Boost for Iraqi Bond Amplified by UN Vote: Arab Credit - Bloomberg:

"Citigroup Inc. (C)’s decision to open in Iraq and the easing of United Nations sanctions dating back to the Saddam Hussein era are driving yields on the OPEC oil producer’s bonds down from a four-year high.
Yields on the Middle Eastern nation’s $2.7 billion security due January 2028 slid 137 basis points to 7.43 percent in the eight days from June 24 after Citigroup became the first U.S. lender to venture into Iraq since Hussein was toppled a decade ago. That compares with a 39 basis-point drop to 5.19 percent in the HSBC/Nasdaq Dubai Middle East Conventional Sovereign US Dollar Bond Index in the period. Iraq’s bonds yielded 7.4 percent at 4:20 p.m. today in Baghdad.
Citigroup, JPMorgan Chase & Co. (JPM) and Standard Chartered Plc (STAN) are the latest international banks to expand in the second-largest producer in the Organization of Petroleum Exporting Countries. The UN Security Council added to investor confidence by voting on June 27 to remove the threat of military enforcement on the issues of Kuwaiti people, property and archives missing since Iraq invaded the country in 1990."

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