Azerbaijan, Baku /corr. Trend I.Khalilova / Due to the instability in the world finance market, the Finance Ministry of Azerbaijan does not hurry in issuing T-bills numbered in the foreign currency (Eurobonds), the Deputy Finance Minister of Azerbaijan, Azer Bayramov, said on 8 November.
"Periods of placing debut issue of Eurobonds will also depend on the situation this year," Bayramov said. However, the road-show in the markets of the developed countries ( London, Tokyo, Singapore, New York, Frankfort) will be held at the end of November. For placing Eurobonds the Ministry will expect favorable market.
Yet the crisis with the mortgage is continuing in the world market, especially in the USA, and it adversely affects the financial system of many countries.
Due to it, the Finance Ministry intends to attentively trace the situation in order to attract funds under interest rates that are favorable for Azerbaijan.
Earlier the period for the first issue of Eurobonds was scheduled for September-October 2007. Eurobonds are planned to be issued for a five years period of appeal and the amount of the issue is expected at the level of $500mln compared to previous amount of $300mln.
The Deutsche Bank AG London and Citigroup Global Markets Limited have been selected as managers of Azerbaijan Government on implementation of the first issue of Eurobonds.