Azerbaijani Bank Froze Eurobonds Issue for Year and Half
Azerbaijan, Baku, 11 April / Trend corr. I.Khalilova / Faig Huseynov, Chairman of the Board of UniBank, stated that UniBank is not planning to enter the world capital outlets by refusing to place its Eurobonds in the market for some period. The project was frozen by the bank for minimum one and half year, as the world liquidity is going on.
The first placement of Eurobonds is expected in amount of $150mln.
Initially, UniBank was planning to place Eurobonds in November 2007. However, bank had to delay the process due to unstable situation of the markets. The situation affected the plans of all Azerbaijani issuers, who developed debut issues of Eurobonds. First, the Government refused to place bonds and then the International Bank of Azerbaijan and Texnika Bank did the same.
Plans of banks, as well as the Government depend on the situation on foreign outlets, as currently, prices to attract funds are very high. Furthermore, UniBank prefers to implement issue of its own securities after placement of independent Eurobonds.
UniBank, being one of the leading private banks of the country, was founded in 2002 after the merging of MBank and Promtexbank. The European Bank for Reconstruction and Development's share in the bank comprise 15%.
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