Iraq's $2.7 billion issue, the 5.8 percent 2028's, has gained 45 percent since August 2007, according to Merrill Lynch & Co. The bond currently trades at a 484 basis point pick up to US treasuries.
Merrill's make light of the fact that the spread is narrower than for a number of Ohio banks including National City Corp. and KeyCorp, suggesting Baghdad may be safer for bond investors than Cleveland!
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