Iraq Bonds Slump on Mosul Seizure as Stocks Drop Most Since 2012
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Iraqi bonds plunged and stocks fell the most in two years after fighters from a breakaway al-Qaeda group took control of Mosul in a move highlighting Prime Minister Nouri al-Maliki’s weakening grip on the country.
The yield on the nation’s $2.7 billion of bonds due in January 2028 climbed 41 basis points to 6.91 percent at 12:13 p.m. in New York, the biggest jump in a year on a closing basis, according to data compiled by Bloomberg. The ISX General Index lost 4.6 percent in Baghdad, the most since June 3, 2012.