Sovereign Analysis /
Iraq

Iraq: Downgrade to Hold as oil softens and elections approach

  • Rising oil prices and currency devaluation have boosted reserves, causing Iraq 23s to outperform index

  • Oil prices and reform momentum have peaked ahead of October elections, with eurobonds softening of late

  • Structural issues remain and upside now priced in; downgrade Iraq 23s to Hold from Buy

Iraq: Downgrade to Hold as oil softens and elections approach
Patrick Curran
Hasnain Malik
Hasnain Malik

Strategy & Head of Equity Research

Tellimer Research
26 August 2021
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