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Higher Iraq oil exports boost government bonds
- Iraq: Monday, November 05 - 2012 at 02:24
Iraqi bond yields have dropped more than three times as much as the average on Middle Eastern debt as Opec's second-biggest producer pumped the most oil in 33 years and agreed to restore crude exports from its Kurdish region, Bloomberg has reported. The rate on 5.8% dollar-denominated Iraqi government bonds maturing in January 2028 has dropped by 216 basis points from June 1 and stood at 6.48% on October 31, the report said. "That is a really positive signal for Iraq's creditworthiness," Liz Martins, senior economist at HSBC Holdings in Dubai, said. "The security environment has not improved. But recent numbers show that while this will clearly hurt the non-oil sector, investor confidence and quality of life in general, it does not have to hinder oil production volumes being ramped up."
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