Stephenson Harwood advises the Republic of Iraq

Stephenson Harwood has advised the Republic of Iraq, acting through the Iraqi Ministry of Finance, on the issuance of its first bond in the international financial markets.

The five year bond, which has a total value of USD1 billion, has a 2.149 per cent yield. It is guaranteed by the United States Agency for International Development.

“The proceeds of this offering will be used to partially cover Iraq’s budget deficit in 2017,” said Salem Chalabi, partner, Stephenson Harwood. “Entering the international financial markets represents a significant step forward for Iraq, and we were pleased to have been able to assist them in this landmark transaction.”

The Stephenson Harwood team was led by corporate partner Salem Chalabi, who was supported by corporate associate Brendan Sheehan and corporate paralegal Sara Faryadi.

Stephenson Harwood and Cleary Gottlieb advised the Republic of Iraq, acting through the Ministry of Finance. The underwriters were JP Morgan, Citigroup and Deutsche Bank.