ICELAND'S CAPITAL MARKETS RETURN

摘要

In 2006, Iceland tapped the Eurobond market with a €lbn, five-year deal, priced at one basis point below Euribor. At the time, the country had an AAA rating and was feted by bankers and investors worldwide.Fast-forward to today and the situation is rather different. Iceland is rated BBB- and it is in the middle of a four-year support programme from the International Monetary Fund (IMF). The country's fortunes nosedived in 2008 when its three largest banks collapsed, its currency plummeted and the government was forced to seek help from the IMF and fellow Scandinavians (see Icelandic work out article, page 42).