Thanks My Ladies for sending this to us today!
[11:38:57 AM] Princess: Im seeing that bond article came out earlier this year in March
Iraq, banks in talks for $6bn bond issue http://ift.tt/1J4g6wu
[9:35 AM] Princess DD: < I guess thats the first time they were thinking of doing it. Now they seem to be finally moving forward with it.
Princess DD: The first article about them getting their credit rating so they could sell those bonds came out in May. So it looks like all of that got done and they are finally ready for it.
Iraq seeks credit rating before jumbo bond issue http://ift.tt/1E3KlXR
MY LADIES: YEP…PRINCESS IF YOU REMEMBER BACK IN JAN OR FEB SALEH MADE A PROPOSAL TO USE THE BACKING OF THE CBI TO SELL DEBT IN ORDER TO CAPITALIZE THE GOI AND HELP THEM WITH A CREDIT RATING
....
[11:38:57 AM] Princess: Im seeing that bond article came out earlier this year in March
Iraq, banks in talks for $6bn bond issue http://ift.tt/1J4g6wu
[9:35 AM] Princess DD: < I guess thats the first time they were thinking of doing it. Now they seem to be finally moving forward with it.
Princess DD: The first article about them getting their credit rating so they could sell those bonds came out in May. So it looks like all of that got done and they are finally ready for it.
Iraq seeks credit rating before jumbo bond issue http://ift.tt/1E3KlXR
MY LADIES: YEP…PRINCESS IF YOU REMEMBER BACK IN JAN OR FEB SALEH MADE A PROPOSAL TO USE THE BACKING OF THE CBI TO SELL DEBT IN ORDER TO CAPITALIZE THE GOI AND HELP THEM WITH A CREDIT RATING
....
THAT TALK WENT ON THROUGH MARCH UNTIL THE CBI AGREED TO BACK THE BONDS. SEE THE CBI CAN NOT CAPITALIZE THE GOI OR JUST HAND THEM MONEY FOR NOTHING THAT IS WHAT THE SEPARATION WAS ABOUT.
AFTER THE CBI AGREED TO BE THE BACKING THE FINANCE MINISTER HAD TO FIND SOMEONE TO UNDERWRITE THE BONDS. THEY FINA
THERE IS A VERY LARGE PRODUCTION THAT GOES INTO SELLING DEBT VERY VERY LARGE.
WE STARTED HEARING ABOUT IT IN MARCH BUT THE GOI HAD TO STILL GET SOME ONE TO WRITE A DEFAULT CREDIT RATING TO GIVE ANY CREDIBILITY TO THE GOI.
THERE ARE 3 AGENCIES FITCH, MOODY’S AND STANDARD AND POOR’S. IN THIS CASE FITCH DID EVALUATIONS AT THE PROMPTING OF THE BANKS THAT WERE IN NEGOTIATIONS TO UNDERWRITE THE BONDS.
THE BEST FITCH COULD COME UP WITH IN THERE STANDARD MODEL OF DECIDING A RATING WAS A B- WITH A NEGATIVE OUTLOOK. BUT IT IS SOMETHING THAT THE UNDERWRITERS NOW HAVE TO WORK WITH.
SO FROM MAY UNTIL AUGUST FITCH WAS PUTTING IRAQ THROUGH THE REPORTING MODEL. NOW WITH A CREDIT RATING THE UNDERWRITERS AGREED TO TAKE ON THE IRAQI BONDS.
SO YOU SEE IT IS A VERY LENGTHY PROCESS AND THIS IS WHY WE HAVE BEEN HEARING ABOUT IT FOR SO MANY MONTHS. THEY HAVE BEEN GIVING US THE STEP BY STEP PROGRESS.
THERE IS STILL ONE STEP LEFT AND IT IS THE FINAL STEP, NOW THE UNDERWRITERS ARE TALKING TO THEIR INVESTORS TO GET A FEEL FOR THE APPETITE FOR THESE BONDS AND THIS WILL HELP THEM HAVE A STARTING POINT FOR THE SALE.
SO WE WILL SEE INVESTORS WEIGHING IN SOMETIME IN SEPTEMBER AND USUALLY NOT ALWAYS BUT USUALLY THESE ARE THE SAME INVESTORS THAT WILL PURCHASE THEM OR THEY WILL PUT THEM TO THE MARKET RIGHT ON THE HEELS OF THE INVESTORS OPINIONS,
SINCE THE OPINIONS WILL BASED ON THE CURRENT MARKET THERE WILL BE NO WAITING TIME AFTER THE INVESTORS MEET.
AND THAT IS HOW YOU HAVE BONDS GO FROM IDEA TO SALE.
[1:36:44 PM] - SAGER -: Thank you for the update Mary. So if the investors meet sometime in September, and since these are international bonds, and there will be no waiting time after the investors meet, we must see an international exchange rate of the iqd prior to them officially selling them, correct?Or am I off base?
[1:38:05 PM] MY LADIES: CORRECT
[1:38:25 PM] MY LADIES: I HAVE BIG NEWS HOLD ON
[1:38:33 PM] - SAGER -: Sweet! But just what you shared with the bonds is big news in itself!!
[1:41:05 PM] MY LADIES: PRINCESS PLEASE POST IT
[1:41:36 PM] Princess DD: August 18, 2015 Invitation to Iraqi banks and the Arab and international banks to apply for the implementation of the Custodian service in Iraq Stock Exchange
For more details please refer to the attached file
http://ift.tt/1UTCoIO
[1:56:15 PM MVL: Banks getting ready to clear market orders in the ISX inside and outside their border? That would require a rate, yes?
[2:00:02 PM] Princess DD: outside the border yes.
[2:04:13 PM] MVL: Awesome. Thank you. Well, we shall see what progresses. The deadline for filing with the ISX, I believe, is a week from tomorrow.
[2:30:51 PM] - SAGER -: In the .pdf there's a deadline of September 16 to receive the invitations.
[2:43:14 PM] MY LADIES: I ALREADY KNOW..VXXX TRANSLATED...I'M TRYING TO GET TO POINT...
[2:43:47 PM] AW: Isn't the custodian the means to settle the accounts on the ISX and transfer monies outside of Iraq?
[2:44:58 PM] MY LADIES: YES ALAN..AND HERE IS A VERY CRYPTIC TRANSLATION OF THE PDF, VERY MUCH IN SHORT HAND VERY CRYPTIC BUT YOU WILL GET THE POINT
BANKS NEED CUSTODIAN
1 CUSTODIAN SERVICE TAKE CARE OF INTERNATIONAL GUIDELINES
2 TO HAVE INVESTOR ACCOUNTS AND TO OVERSEE INVESTMENT ACCTS
3 DEPOSIT IRAQ CURRENCY TRANSFER TO DEPOSIT CUSTODIAN BANKS
4 FOLLOW UP PROFITS AND DISTRIBUTION FOR INVESTMENT ACCOUNTS
5 SETTLEMENT FOR CREDIT LINES FOR IMPORT AND EXPORT SETTLEMENT
6 INSTRUCTIONS FOR CONTRACTS TO INVESTOR IE/ LETTER OF CREDIT AND INSTRUCTIONS
7 ABILITY TO FREEZE AND LIEN AND KEEP assetts
8 SEND INVESTOR REPORTS. LIKE MERYLL AND MORGAN
9 MUST DEAL DAILY BETWEEN SWIFT AND CUSTODIAN AND INVESTOR
10 YOU MUST BE ABLE TO COMPLY WITH THESE TO BE CUSTODIAN
[2:46:04 PM] MY LADIES: SO WHY IS THIS SIGNIFICANT???
[2:46:32 PM] AW: Sounds like the one thing they are missing other than a tradable currency.
[2:47:40 PM] AW: Why would they need a custodian bank if they were never going to have a tradable currency?
[2:48:13 PM] AW: In other words.......it points to what we are waiting on.
[2:48:26 PM] AW: Dinar glasses
[2:48:32 PM] MY LADIES: AND STEP #9
[2:50:13 PM] eyeguy .: dealing with swift on a daily basis
[2:50:26 PM] AW: This appears to be another one of the instances where they are rushing up to the starting line.
[2:50:49 PM] AW: hopefully,.......they will not be there waiting too long.
[2:54:34 PM] MY LADIES: YES DEALING WITH SWIFT ON A DAILY BASIS...GOOD STUFF
[2:55:25 PM] MY LADIES: YOU SEE ISX CAN NOT BE AVAILABLE TO THE INTERNATIONAL CLIENT WIT OUT A MERRILL, OR MORGAN OR GOLDMAN BASICALLY IN A NUT SHELL A CUSTODIAN.
[2:56:03 PM] MY LADIES: SAME DEAL HERE YOU CAN NOT TRADE NYSE WITHOUT A CUSTODIAN BANK OR A MIDDLE MAN
AFTER THE CBI AGREED TO BE THE BACKING THE FINANCE MINISTER HAD TO FIND SOMEONE TO UNDERWRITE THE BONDS. THEY FINA
THERE IS A VERY LARGE PRODUCTION THAT GOES INTO SELLING DEBT VERY VERY LARGE.
WE STARTED HEARING ABOUT IT IN MARCH BUT THE GOI HAD TO STILL GET SOME ONE TO WRITE A DEFAULT CREDIT RATING TO GIVE ANY CREDIBILITY TO THE GOI.
THERE ARE 3 AGENCIES FITCH, MOODY’S AND STANDARD AND POOR’S. IN THIS CASE FITCH DID EVALUATIONS AT THE PROMPTING OF THE BANKS THAT WERE IN NEGOTIATIONS TO UNDERWRITE THE BONDS.
THE BEST FITCH COULD COME UP WITH IN THERE STANDARD MODEL OF DECIDING A RATING WAS A B- WITH A NEGATIVE OUTLOOK. BUT IT IS SOMETHING THAT THE UNDERWRITERS NOW HAVE TO WORK WITH.
SO FROM MAY UNTIL AUGUST FITCH WAS PUTTING IRAQ THROUGH THE REPORTING MODEL. NOW WITH A CREDIT RATING THE UNDERWRITERS AGREED TO TAKE ON THE IRAQI BONDS.
SO YOU SEE IT IS A VERY LENGTHY PROCESS AND THIS IS WHY WE HAVE BEEN HEARING ABOUT IT FOR SO MANY MONTHS. THEY HAVE BEEN GIVING US THE STEP BY STEP PROGRESS.
THERE IS STILL ONE STEP LEFT AND IT IS THE FINAL STEP, NOW THE UNDERWRITERS ARE TALKING TO THEIR INVESTORS TO GET A FEEL FOR THE APPETITE FOR THESE BONDS AND THIS WILL HELP THEM HAVE A STARTING POINT FOR THE SALE.
SO WE WILL SEE INVESTORS WEIGHING IN SOMETIME IN SEPTEMBER AND USUALLY NOT ALWAYS BUT USUALLY THESE ARE THE SAME INVESTORS THAT WILL PURCHASE THEM OR THEY WILL PUT THEM TO THE MARKET RIGHT ON THE HEELS OF THE INVESTORS OPINIONS,
SINCE THE OPINIONS WILL BASED ON THE CURRENT MARKET THERE WILL BE NO WAITING TIME AFTER THE INVESTORS MEET.
AND THAT IS HOW YOU HAVE BONDS GO FROM IDEA TO SALE.
[1:36:44 PM] - SAGER -: Thank you for the update Mary. So if the investors meet sometime in September, and since these are international bonds, and there will be no waiting time after the investors meet, we must see an international exchange rate of the iqd prior to them officially selling them, correct?Or am I off base?
[1:38:05 PM] MY LADIES: CORRECT
[1:38:25 PM] MY LADIES: I HAVE BIG NEWS HOLD ON
[1:38:33 PM] - SAGER -: Sweet! But just what you shared with the bonds is big news in itself!!
[1:41:05 PM] MY LADIES: PRINCESS PLEASE POST IT
[1:41:36 PM] Princess DD: August 18, 2015 Invitation to Iraqi banks and the Arab and international banks to apply for the implementation of the Custodian service in Iraq Stock Exchange
For more details please refer to the attached file
http://ift.tt/1UTCoIO
[1:56:15 PM MVL: Banks getting ready to clear market orders in the ISX inside and outside their border? That would require a rate, yes?
[2:00:02 PM] Princess DD: outside the border yes.
[2:04:13 PM] MVL: Awesome. Thank you. Well, we shall see what progresses. The deadline for filing with the ISX, I believe, is a week from tomorrow.
[2:30:51 PM] - SAGER -: In the .pdf there's a deadline of September 16 to receive the invitations.
[2:43:14 PM] MY LADIES: I ALREADY KNOW..VXXX TRANSLATED...I'M TRYING TO GET TO POINT...
[2:43:47 PM] AW: Isn't the custodian the means to settle the accounts on the ISX and transfer monies outside of Iraq?
[2:44:58 PM] MY LADIES: YES ALAN..AND HERE IS A VERY CRYPTIC TRANSLATION OF THE PDF, VERY MUCH IN SHORT HAND VERY CRYPTIC BUT YOU WILL GET THE POINT
BANKS NEED CUSTODIAN
1 CUSTODIAN SERVICE TAKE CARE OF INTERNATIONAL GUIDELINES
2 TO HAVE INVESTOR ACCOUNTS AND TO OVERSEE INVESTMENT ACCTS
3 DEPOSIT IRAQ CURRENCY TRANSFER TO DEPOSIT CUSTODIAN BANKS
4 FOLLOW UP PROFITS AND DISTRIBUTION FOR INVESTMENT ACCOUNTS
5 SETTLEMENT FOR CREDIT LINES FOR IMPORT AND EXPORT SETTLEMENT
6 INSTRUCTIONS FOR CONTRACTS TO INVESTOR IE/ LETTER OF CREDIT AND INSTRUCTIONS
7 ABILITY TO FREEZE AND LIEN AND KEEP assetts
8 SEND INVESTOR REPORTS. LIKE MERYLL AND MORGAN
9 MUST DEAL DAILY BETWEEN SWIFT AND CUSTODIAN AND INVESTOR
10 YOU MUST BE ABLE TO COMPLY WITH THESE TO BE CUSTODIAN
[2:46:04 PM] MY LADIES: SO WHY IS THIS SIGNIFICANT???
[2:46:32 PM] AW: Sounds like the one thing they are missing other than a tradable currency.
[2:47:40 PM] AW: Why would they need a custodian bank if they were never going to have a tradable currency?
[2:48:13 PM] AW: In other words.......it points to what we are waiting on.
[2:48:26 PM] AW: Dinar glasses
[2:48:32 PM] MY LADIES: AND STEP #9
[2:50:13 PM] eyeguy .: dealing with swift on a daily basis
[2:50:26 PM] AW: This appears to be another one of the instances where they are rushing up to the starting line.
[2:50:49 PM] AW: hopefully,.......they will not be there waiting too long.
[2:54:34 PM] MY LADIES: YES DEALING WITH SWIFT ON A DAILY BASIS...GOOD STUFF
[2:55:25 PM] MY LADIES: YOU SEE ISX CAN NOT BE AVAILABLE TO THE INTERNATIONAL CLIENT WIT OUT A MERRILL, OR MORGAN OR GOLDMAN BASICALLY IN A NUT SHELL A CUSTODIAN.
[2:56:03 PM] MY LADIES: SAME DEAL HERE YOU CAN NOT TRADE NYSE WITHOUT A CUSTODIAN BANK OR A MIDDLE MAN
[2:56:36 PM |AW: Are we (dinar investors) the only folks that see this coming? The move of the IQD onto the world stage is no longer being done in a vacuum. This is mostly in our face.
[2:57:17 PM] MY LADIES: YES IT IS ALAN... AND UNLESS THE WORLD READS MUBASHER IN ARABIC THEY HAVE NOT AN IDEA YET.
[2:57:45 PM] MY LADIES: BANDITO SAID THAT THE BOND SALES WAS ON OUT TV LAST NIGHT..IT WAS ON CNBC..
[2:57:47 PM] Princess DD: So with SWIFT they will be able to settle all the international accounts
[2:58:12 PM] MY LADIES: RIGHT WELL THE CUSTODIAN MUST BE LINED TO SWIFT
[2:58:30 PM | Edited 2:58:57 PM] AW: I saw a US News and World Report article about it as well as AP and Reuters.
[2:59:59 PM] MY LADIES: YEP AND IN THAT ARTICLE THEY SAID IRAQ WAS GOING TO REVIVE THE PLAN TO REDENOMINATE THEIR CURRENCY.
AND THAT IT WOULD BE PERMANANT BY 2017 AND NOW I HAVE SOMETHING TO SHOW YOU ALL WITH THAT REGARD.
[3:00:17 PM] Princess DD: So they were going to do the deadline for all of the brokers etc to have their applications in by that September date?
[3:01:31 PM] MY LADIES: NO NO NO NO NO....
[3:01:37 PM] - SAGER -: You know what This means? It means Iraq is doing like every other country that has an international tradable currency. It means they are following the same rules as every one else on the global stage :)
[3:04:00 PM] MY LADIES: THEY NEED CUSTODIANS NOW TODAY! RIGHT NOW...
[3:04:53 PM] MY LADIES: I AM TALKING TO YOU PRINCESS...THERE IS NO SEPT DEADLINE FOR BROKERS...THAT DATE IS AUGUST 27TH FOR BROKERS INTERESTED IN TRADING
[3:04:58 PM | Edited 3:06:23 PM] - SAGER -: September is basically a requirement for those who don't comply to get all the points within the PDF. And if they have questions they need to get them by that time. In the meantime, all other custodians can play ball right now
[3:05:06 PM] MY LADIES: CUSTODIAN BANKS IS RIGHT NOW
[3:05:15 PM] Princess DD: Wow that is HUGE!
[3:05:25 PM] AW: Mary, there is also a 31 August deadline out there by the ISX calling call those who are interesting in trading online with the ISX.
[3:08:38 PM] HearingGod: So wouldn't the currency have to be up and tradeable even before the ISX stuff starts. Or is it even possible to happen at the same time? Seems like the currency would have to be in place prior
[3:09:30 PM] MY LADIES: THAT'S RIGHT JOHN...THEY ARE TAKING IN CUSTODIANS NOW AND THEY WILL NOT DO THAT FOR SOMETHING THAT IS LIGHT YEARS DOWN THE ROAD...
[3:10:15 PM] Princess DD: > [Wednesday, August 19, 2015 2:00:04 PM MY LADIES] AND THAT IT WOULD BE PERMANENT BY 2017 AND NOW I HAVE SOMETHING TO SHOW YOU ALL WITH THAT REGARD.
what did you have on this. Seems we got off point a bit.
[3:12:28 PM] MY LADIES: OH RIGHT RIGHT HOLD ON...THANKS
Link to Part 2
via Dinar Recaps - Our Blog http://ift.tt/1WFvh8A
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