Azerbaijan, Baku, 21 January / corr Trend I.Khalilova / Texnikabank, the Azerbaijani stock-commercial bank, set up a 'roadshow' in the initial placing of Eurobonds in 8 cites of the world, including London, Hong Kong, Singapore, Geneva, Zurich, Boston, New York and Los Angeles, the bank said.
Texnikabank became the first in this respect, not only amongst the banks, but in general, because the Government had postponed it. The bank planned to hold the presentation in mid-December.
The issue of Eurobonds of Texnikabank will comprise $200mln. The presentation will be held in several countries, whereas the arrangements were carried out through the London Exchange.
The confidence in successful placement of the first Eurobonds not only amongst banks but throughout the country is linked with the conduct of marketing research. They urge for the existence of a sufficient number of investors interested in Texnikabank's securities. With this respect the bank defined by-stage expansion of Eurobond portfolio in the future.
Eurobonds of Texnikabank will be issued for three years and the rates have been initially defined at a level of 9-9.5%, based on rates in the region - Russia and Kazakhstan, because the Government delayed the placement of sovereign Eurobonds in 2008. Should the Finance Ministry place the sovereign bonds earlier, the rest of the emitters will guide its rates.
Texnikabank plans to place the capital in 1? - 2 months for the development of credit portfolio of the bank's branches to finance the projects in regions, the expansion of securities and the amount of borrowing.
Morgan Stanley is a lead-manager of Texnikabank in offering assistance in the placement of Eurobonds.