Iraq Bonds Slump on Mosul Seizure as Stocks Drop Most Since 2012 - Bloomberg

Iraq Bonds Slump on Mosul Seizure as Stocks Drop Most Since 2012 - Bloomberg:



"Iraqi bonds plunged and stocks fell the most in two years after fighters from a breakaway al-Qaeda group took control of Mosul in a move highlighting Prime Minister Nouri al-Maliki’s weakening grip on the country.



The yield on the nation’s $2.7 billion of bonds due in January 2028 climbed 49 basis points to 6.99 percent at 2:09 p.m. in London, the biggest jump in a year on a closing basis, according to data compiled by Bloomberg. The ISX General Index lost 4.6 percent in Baghdad, the most since June 3, 2012. 




Mosul, Iraq’s second-biggest city, is entirely in the hands of the Islamic State in Iraq and the Levant, or ISIL, with no army or police presence remaining, Noureddin Qablan, the vice chairman of Nineveh provincial council, said by phone late yesterday. Tribal gunmen allied to al-Qaeda were close to capturing Baiji, north of Baghdad and home to Iraq’s biggest petroleum refinery, Al-Jazeera television reported today."



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