Millionday newstime 8/19/15 Part 1 of 2
WELCOME TO NEWSTIME WITH MILLIONDAY AT DINARUPDATES.COM
Millionday: NOTE -- WE ARE GOING TO LOOK AT A COUPLE THINGS BUT LOOK AT THIS ORDER FROM YESTERDAY FIRST
Millionday: Invitation to Iraqi banks and the Arab and international banks to apply for the implementation of the Custodian service in Iraq Stock Exchange.
Millionday: NOTE -- TO APPLY FOR IMPLEMENTATION -- SMILE
Millionday: NOW LOOK AT THIS -- SAME DAY
Millionday: Iraq hired banks for its first international bond issue in almost a decade, seeking $6 billion to help plug a widening fiscal deficit. The government appointed Citigroup Inc., Deutsche Bank AG and JPMorgan Chase & Co., said Muneer Mohammed Omran, director general of the central bank’s investor department in Baghdad.
The bond program will be in tranches, with the first sale coming this year, he said by phone Tuesday. Spokesmen for the banks declined to comment.
Millionday: NOTE -- THE INTERNATIONAL BANKS ARE HIRED --- HUGE INFO WITH THIS REPORT
Millionday: Iraq, holder of the world’s fifth-largest oil reserves, is looking to bolster its finances amid civil conflict and the global slump in oil prices.
Fitch Ratings expects the fiscal deficit to top 10 percent for 2015 because of lower crude prices, higher military spending and costs associated with civil unrest. It ranked Iraq five levels below investment grade this month in its first ratings for the country.
Millionday: NOTE -- REMEMBER THE CREDIT RATING WE READ ABOUT
Millionday: “Iraq is going through some difficulties at the moment because of its conflict with ISIS, but oil production is at a record high,” Anthony Simond, a London-based investment analyst who helps manage $13 billion of emerging-market debt at Aberdeen Asset Management Plc, said by e-mail. “Things could look a lot different if we see a rebound in oil prices.”
Millionday: NOTE -- NOW LOOK AT THIS PART
Millionday: The country plans to meet with international investors as soon as next month, said two people familiar with the program, asking not to be identified because the talks are private. Iraq’s bonds have fallen 4.5 percent in the past three months, more than double the loss on JPMorgan Chase & Co.’s EMBI Global Diversified Index. The yield on its notes due January 2028 rose 66 basis points this year to 8.55 percent today.
Millionday: NOTE -- JP MORGAN CHASE
Millionday: Iraq has struggled to emerge from violence after the U.S.- led occupation, with the army trying to recapture large areas of the country from Islamic State in a campaign backed by the U.S. Increased oil production has coincided with a market slump.
The International Monetary Fund approved $1.24 billion of emergency financing in July. Government debt may equal 51 percent of Iraq’s gross domestic product by the end of 2015, with the ratio forecast to increase next year, Fitch said. Savings built up over years of high oil prices have largely been eroded, the ratings firm said
Millionday: NOTE -- IT IS NOT HARD TO KNOW CORRUPTION HAS TAKEN FROM THE GAINS THEY BUILT UP
Millionday: Iraq’s crude production climbed to an all-time high of nearly 4.2 million barrels a day in July, according to the International Energy Agency, with record exports from southern terminals mostly unscathed by Islamic State militants.
Millionday: SO AS WE SEE -- THEY EXPECT TO BE MEETING WITH INTERNATIONAL INVESTORS NEXT MONTH AND OBVIOUSLY ARE WORKING WITH BANKS AND ISX IMPLEMENTATION
Loop: So they start meeting with investors in the coming month. That is just before educational purposes. Is that correct or is there more to that?
Millionday: NO NOT EDUCATION -- THESE ARE INTERNATIONAL BANKS GLOBAL -- THEY ARE PAST THE EDUCATION STAGE -- THEY TALKING INVESTMENTS -- MOOLAH
Millionday: NOTICE THEY SAID INTERNATIONAL BANKS ON THE ISX ANNOUNCEMENT AS WELL
itsaboutjesus (IAJ): implementation of the Custodian service in Iraq Stock Exchange
do you have the link for that report?
Millionday: LINK >>>http://static.mubasher.info/File.Mix...3A59D014D9.pdf
Millionday: Baghdad - Detect global site specializing economic news, Tuesday, for use of Iraq universal to banks to issue bonds international worth six billion dollars, returned it the first time carried out by Iraq such a move a decade ago to reduce the worsening fiscal deficit suffered by the size, while the view British economic analyst, that Iraqi oil production registered record levels, likely enable him to overcome the financial crisis if another rise in oil prices is what happened.
Millionday: NOTE -- HERE IS THE REPORT ABOUT WHAT WE JUST LOOKED AT
Millionday: The transfer site Bloomberg Bzenz Bloomberg Business US economic news, an official at the Central Bank of Iraq, as I followed the (long-Presse), saying that "Iraq used the world to banks to issue international bonds worth six billion dollars for the first time in a decade in order to reduce the worsening fiscal deficit size who suffers from it.
Millionday: NOTE -- SORRY FOR BAD TRANSLATION
Millionday: NOTE -- THEY ARE GOING TO ISSUE BONDS THROUGH THE INTERNATIONAL BANKS
Millionday: The director of the investment department at the Central Bank of Iraq, Munir Mohammed Imran, in an interview with Bloomberg Bzenz Bloomberg Business US economic news, followed up (range Press), he said that "the government has identified both the Citigroup Foundation Citigroup Inc banking services, and the Bank of Deutsche Bank AG German, with JP Morgan JP Morgan US banking services,
for use to issue international bonds worth six billion dollars, "noting that" the bond program will be in the form of payments, will go first is for sale during the current year 2015.
Millionday: I LOVE THE CURRENT YEAR
Millionday: MUSIC PLEASE
Millionday: According to the site, that "Iraq, which includes the largest oil reserves in the world's fifth, seeks to strengthen the financial abilities amid difficult challenges represented by the war department in the country against al Daash, in conjunction with the sharp drop in world oil prices,"
expected to "inform the fiscal deficit in Iraq ratio During 2015, about 10 percent of gross domestic product because of the collapse of oil prices with high military effort expenses associated with the deterioration of the security situation in the country.
Millionday: NOTE -- THIS IMPACTS THE INTERNATIONAL EQUATION --- GDP DUE TO OIL PRICES -- SO THIS INVESTMENT GAIN IS GREAT NEWS AND CASH INTO THE ECONOMY
Millionday: Meanwhile, a British economic analyst, Anthony Saimund, from Aberdeen financial institution, according to the site by Bloomberg, said that "Iraq is now going through some economic difficulties caused by the war with al Daash," adding, "But oil production registered a high record levels, has undergone a significant change on the If these conditions are another rise in oil prices it has occurred.
Millionday: READ EVERY WORD >>>The Finance Minister, Hoshyar Zebari, said in (the 22 of June 2015), the determination of Iraq issuance of five billion dollars worth of bonds, to cover the budget deficit caused by low oil prices and the war with (Daash).
The media sources recently revealed the use of the Iraqi government in all of JP Morgan, Citibank and Deutsche Bank to arrange the first bond issue in nine years in order to cover the budget deficit,
indicating that Zebari and Iraqi officials others met with the three banks and institutions of credit rating Fitch and Moody's ( 16th of June 2015) to arrange it.
Millionday: SMILE >>>These sources also quoted Iraqi Minister of Finance, it is likely to start promoting those bonds, the end of July or early August 2015, in preparation for the issuance thereafter, stressing that every "thing going on the right track."
Millionday: SO AS WE SEE A MEETING HAS OCCURED AND THEY ARE NOW PLANNING TO MOVE FORWARD WITH PROMOTING FOR ISSUANCE --- HUGE NEWS
tubbyone: What do you make of this?
tubbyone: From US News: Iraq also revived a long-delayed plan to redenominate the Iraqi dinar by knocking three zeroes off the nominal value of its banknotes, said Ihsan Shamran al-Yassiri, the head of Iraq Central Bank Issuing and Vaults Department.
The plan is set to be implemented by 2017 after restructuring dinar by issuing two large banknotes — a 50,000 dinar note before the end of this year and 100,000 banknote next year — and canceling small ones.
Millionday: WE HAVE READ MANY TIMES THAT THE NEW CURRENCY MAY TAKE TWO YEARS TO BE COMPLETE SO >>>> after restructuring dinar by issuing two large banknotes — a 50,000 dinar note before the end of this year and 100,000 banknote next year — and canceling small ones.<<<
tubbyone: Hard to interpret it, it can go both ways
Millionday: NOTE -- ALSO IT READS THAT THE PLAN IS REVIVED
Millionday: NOT IMO
buck: with the bonds being sold in the near future, it does not make fiscal sense to sell them with a rate of 1166 then revalue and pay them off with a higher rate. it seems that a change in value of the currency would proceed the sale of the bonds, or a change in value would be put off for sometime. does that not make economic sense or am i missing something????
Millionday: IMO -- IT SOUNDS LIKE ECONOMIC LOGIC TO ME HUN -- WE DON'T HAVE A DATE ETC BUT --- THIS IS MORE THAN US BANKS AND ALSO INFORMS US THAT THEY WILL IMPLEMENT AFTER PROMOTE -- HOW DO YOU PROMOTE PAPER?
Baxter1243: End of Last week Saudi Arabia announced they will be selling up to 20 billion in Bonds... due to the low oil prices... their stock exchange has lost over 20 Per cent in the last month... Seems every country in the Middle East is selling bonds to stay above water....
My question is... who would you buy bonds from... Saudi Arabia with a AAA credit rating and a currency with value... or Iraq...with a B minus...and no currency....Mean while..US CRUDE today closed barely above 40 dollars... the lowest in almost seven years
Baxter1243: There is going to be a lot of bonds for sale... thats all I am saying... a lot
Millionday: THE REASON THAT AN INVESTOR WOULD CHOOSE ONE INVESTMENT OVER ANOTHER IMO IS ---- THE ABILITY OF GROWTH OR RAISE IN VALUE BEFORE PAY-OFF OR IN THIS CASE MATURITY
itsaboutjesus (IAJ) Millionday: I really believe the Custodian service and the ISX are VERY telling of where Dinar is at concerning going to international ... it seems that they are on schedule, and the they can't miss the train
Millionday: ITS -- GOOD POINT - AND THE REPORT WE HAD STATES THAT ALL IS ON TRACK
tubbyone: Haven't been able to find anything regarding bonds being valued in dinars or USD
Millionday: THEY ARE IRAQI BONDS AND EVERYTHING IN IRAQ IS DINAR VALUED BY LAW NOW -- REGULATIONS -- THE VALUE IN DINAR HAS NOT BEEN RELEASED YET –
BUT THE BONDS IT WOULD SEEM TO ME WHEN PROMOTED DUE TO REGULATIONS SHOULD BE PROMOTED IN DINAR SO -- WE HAVE TO WAIT BUT ACCORDING TO THIS JUST UNTIL NEXT MONTH -- MOST IS IMO
tubbyone: Do you think they can sell them at 1166. They seem to delay or circumvent everything else.
Millionday: I KNOW THE RESPONSE IS -- WELL THIS WAS ORIGINALLY STATED TO BE FROM OIL FUNDS -- US DOLLAR -- BUT IT WOULD STILL NEED A VALUE WORTH PROMOTING IN DINAR IMO
paul-o: Last night you mentioned that the 2nd round of reforms are scheduled to be complete by September 1. Do you think that includes all outstanding and important laws, including the HCL? Any ink on the tariffs?
Pablo: Third round. Second round was yesterday.
Millionday: YES -- THERE IS SOMETHING OUT ON TARIFFS I SAW --- NOT ON HCL --- AND I THINK IT HAD TO INCLUDE THE LABOR LAW AND INVESTMENT LAW
msbrat: THE LABOR LAW that is a done deal right?
Millionday: YES ACCORDING TO REPORT THE LAST PARAGRAPHS WERE VOTED THROUGH -- 159 FIRST SESSION AND THE REST NEXT
msbrat: cool and investment law coming pdq (PRETTY DARN QUICK)
Millionday: IT LOOKS AS THOUGH IT IS ON THE WAY
Baxter1243: Ok.... lets say the bonds are in Dinar... and they do issue them at 1166... and then six months from now... we have an RV of 1 dollar... would that bond then be worth 1000 times of what it was purchased at?
Millionday: WHEN IT MATURES --- SOME OF THE PROFITS WOULD BE USED TO REMOVE THE BUGS FROM YOUR TEETH IMO
itsaboutjesus (IAJ): That's why they have to RV 1st before releasing bonds; else they don't RV
Comments may be made at the end of Part 2 Thank You