Walkingstick » June 22nd, 2015 FRANK...............
Iraqi Kurdistan hires banks to arrange bond roadshow in London
Posted on June 22, 2015 Deutsche Bank. Photo: Reuters
LONDON,— Kurdistan has taken a decisive step towards financial autonomy with plans to tap international capital markets for the first time.
The contested Kurdish region of northern Iraq is sending representatives to London this week to meet with potential investors ahead of the planned sale of debt.
The Kurdistan Regional Government KRG has hired Deutsche Bank and Goldman Sachs to arrange a series of meetings with international fixed income investors in London, which will be attended by KRG’s deputy prime minister Qubad Talabani along with senior government ministers.according to a statement on an official government website.
There could be “a potential transaction in the near future,” added the statement.
The roadshow announcement comes after Kurdistan passed a law that allows it to raise funds through international borrowing, the KRG can now issue up to $5bn and investors say they expect a deal to be priced early next week.
The money raised will be used to finance infrastructure projects.
These two banks first introduced KRG officials and fund managers last October. At the time the Kurdish delegation, led by the deputy prime minister, was sounding out investors about a potential debt financing, although a number of grey areas needed to be clarified.
But the passage of a law to raise funds through borrowing means the KRG is now in a position to issue in the capital markets.
Kurdistan, a semi-autonomous region of northern Iraq, needs money to meet a growing security bill, pay public-sector employees and fund much-needed infrastructure development.
The statement by Kurdistan Regional Government
Erbil: Following the passage of the Law to Raise Funds Through Borrowing by the Kurdistan Region – Iraq, Deutsche Bank and Goldman Sachs International have been mandated by the Kurdistan Regional Government to organize a series of meetings with international fixed-income investors in London, with a view to a potential transaction in the near future.
Safeen Dizayee Spokesperson Kurdistan Regional Government – Iraq
This announcement does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities, nor shall any part of it nor the fact of its distribution form part of, or be relied on, in connection with any contract or investment decision relating thereto, nor does it constitute a recommendation regarding any securities.
The information contained herein is not for publication or distribution, directly or indirectly, in or into the United States of America. This announcement is not an offer of securities for sale in the United States. No securities issued by the Kurdistan Region of Iraq may be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. The Kurdistan Region of Iraq has not registered, and does not intend to register, any securities in the United States and does not intend to conduct a public offering of securities in the United States.
This announcement is directed only at (i) persons in member states of the European Economic Area who are qualified investors within the meaning of Article 2(1)(E) of the Prospectus Directive (2003/7/EC), as amended, (ii) persons who are outside the United Kingdom, (iii) persons who have professional experience in matters relating to investments falling within article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”), (iv) high net worth entities falling within article 49(2)(a) to (d) of the Order, and (v) other persons to whom this announcement may be lawfully communicated without contravention of section 21 of the Financial Services and Markets Act 2000, as amended (all such persons collectively being referred to as “relevant persons”). This announcement may only be acted on or relied on by persons who are relevant persons.
Thunderhawk: » June 22nd, 2015, 12:58 pm
VIDEO: Depression in Greece Is Worse Than 1929 America
June 22 — Foreign Affairs Editor Gideon Rose discusses the Greek economy. He speaks on “Bloomberg Surveillance.”
Walkingstick » June 22nd, 2015, 1:03 pm
Tanzania: Kuwait, Oil Giant With World's Strongest Currency
21 JUNE 2015 OPINION By Lawi Joel
When I met for the first time the Ambassador of the State of Kuwait, Amb Jassem Alnajem earlier this year, he was staying at the Hyatt Regency, Kilimanjaro Hotel in Dar es Salaam.
"We are still looking a place for our embassy in the city," he said. "We want to be near the people. We want to live with them. That way you know the country and that makes your work easy."
Today the Kuwaiti Embassy is situated in the city's suburb of Masaki. Amb Alnajem said Tanzania and Kuwait have had diplomatic ties for a long time without embassies in the respective countries.
Tanzania operated from the embassy in Riyadh, Saudi Arabia. Kuwait operated from Kenya.
Amb Alnajem was impressed with the view from the façade of the Hotel by the Indian Ocean and thought there are a number of businesses the two states could do together. He said his country has given a lot of assistance, financial and technical to developing countries around the world.
Having gone around in the city of Dar es Salaam, he believes there is a to offer and he implied that Kuwait is all happy to improve Dar es Salaam where necessary.
Amb Alnajem is a genial man and I decided to find out more about Kuwait. Although Kuwait may not have wildlife it is a tourism magnate of its own kind as it boasts one of the tallest buildings in the world, the Al Hamra Tower. At 412.6 metres or 1, 354 feet, Al Hamra is the fourth tallest building in the world.
The nation's official language is modern standard Arabic. Kuwaiti Arabic is the country's colloquial dialect. Kuwaiti sign language is used by the deaf, but many people understand English which is widely used as a business language.
Kuwait is a monarch and as of 2014 had a population of 4.1 million people. Of these, 1.2 million are Kuwaitis. The rest 2.8 million are expatriates. The Head of the State is known as an Amir.
His Royal Highness Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah is Amir of Kuwait. Kuwait shares borders with Saudi Arabia and Iraq which invaded it in 1991 and caused major damage.
Its currency is the Kuwaiti Dinar one of the highest valued currency unit in the world. Petroleum accounts for nearly half of the nation's GNP and 94 per cent of export revenues and government income.
Kuwait is the Arab world's largest investor with 8.4bn dollars in Foreign Development Investment in 2013. It consistently tops regional rankings in FDI.
Over the last 10 years Kuwait has doubled investments in the UK to more than 24bn dollars. Whereas many Middle East nations rely on oil only as their economic base, Kuwait has diversified immensely away from its oil exports and has in fact been a pioneer in this field.
A record 33.4bn dollar-worth of contracts are expected to be awarded in 2014. Only 8.7bn-worth contracts were awarded in 2013. Interestingly, Kuwait treats it heterogeneous population with high liberalism.
Although the majority of the people are Muslims, government follows the civil law system modeled after the French legal system. "Kuwait legal system is largely secular. Sharia law governs only family law for Muslim residents..
Thunderwawk » June 22nd, 2015, 2:21 pm Backdoc Alert
Greece deal pushed back; crunch talks continue
The head of the Eurogroup of euro zone finance ministers said he hopes to reach a deal with Greece later this week—dashing hopes of an agreement Monday.
The comments came after the European Central Bank raised the Greece's emergency funding for the third time in a week, and officials held crunch talks in an effort to prevent the country from defaulting on its debt.
G T June 22, 2015
My Theory....This Is FOR SHOW!!! IMO The First DOMINO IS FALLING IN GREECE
Euro zone welcomes new Greek debt proposals, more work to do
By Renee Maltezou and Jan Strupczewski
BRUSSELS | Mon Jun 22, 2015 11:06am EDT
BRUSSELS (Reuters) - Euro zone finance ministers welcomed new Greek proposals for a cash-for-reform deal on Monday but said they required detailed study and it would take several days to determine whether they can lead to an agreement to avert a default.
Jeroen Dijsselbloem, chairman of the 19-nation Eurogroup, told a news conference: "We will work very hard in the next few days, the institutions with the Greek government, to get that deal this week."
The ministers agreed to reconvene later this week, after Greece has thrashed out details with its international creditors: the European Commission, the European Central Bank (ECB) and the International Monetary Fund (IMF).
Dijsselbloem described the Greek document as comprehensive and "a basis to really restart the talks" but said it remained to be seen whether the numbers added up to make Athens' public finances sustainable.
Heads of state and government of the euro zone were to hold an emergency summit on the crisis on Monday evening but officials made clear in advance that they would not negotiate on details of the programme, only agree on a political timetable for a deal. They dismissed a rumour in German media that the summit had been cancelled.
Asked for his assessment of the Greek proposals, transmitted to Brussels early on Monday, EU Economics Commissioner Pierre Moscovici said: "It's a solid, and at last global, basis (for negotiations), but there is more work to be done."
Athens has to make a 1.6 billion euro repayment to the IMF by June 30 or be declared in default, potentially triggering capital controls to stem a bank run and pushing Greece closer to the exit from the euro zone.
With anxious savers already withdrawing cash en masse, fearing emergency controls, the European Central Bank increased its emergency liquidity assistance to Greek lenders for the third time in a week.
But after months of acrimony between Greece and its creditors, the positive mood music in Brussels injected new hope that an agreement might be near.
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