Azerbaijan, Baku, 30 November / Trend , corr. I.Khalilova /Azerbaijani banks postponed the issue of Eurobonds at world capital market minimum to two years term.
"Today, practically there is not market to place Eurobonds, and the term when such markets will be opened is unknown. According to projection, such a situation will go on minimum two years," Eldar Garibov, the chairman of the UniBank Supervision Council, said.
In this connection UniBank lifted plans on issue of Eurobonds, likes many other banks in Azerbaijan and abroad, from the agenda.
Bank is expected to place first Eurobonds in the amount of $150mln.
Initially UniBank planned to place Eurobonds in November 2007, but because of the instability on the markets it put off the realization of the project. This situation was reflected in the plans of all Azerbaijan issuers, which prepare the first issue of Eurobonds. First of all, the government and later banks - International Bank of Azerbaijan, Standard Bank and Texnika Bank delayed the placement of sovereign bonds.
The plans of banks and government depend on the situation on outside markets, since the cost of the drawn funds is very high at the given moment. Besides this UniBank prefers to accomplish emission of its own securities after the arrangement of sovereign Eurobonds.
UniBank is one of the leading private banks in Azerbaijan and was established in the result of combining of MBank and Promtexbank in 2002. The share of the European Bank for Reconstruction and Development in UniBank is 15 percent.
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