International Bank of Azerbaijan considers possible debut issuance of Eurobonds in 2009

Business Materials 4 July 2009 12:07 (UTC +04:00)

Azerbaijan, Baku, July 4 / Trend , I. Khalilova /

In 2009 the International Bank of Azerbaijan (IBA) can carry out debut issuance of Eurobonds in amount of $200 million, deputy chairman of IBA board Vagif Akbarov said.

"Today there are already options due to which 2009 will be more favorable for the issuance of bonds, said Akbar. - In particular, the most suitable period for the implementation of these plans may be the third and fourth quarters."

He said that the bank is ready to issue its Eurobonds, the main thing is that it will depend more on the willingness of investors.

"The rates of placement may be in 9-10 percent, but today, still it is premature to talk about it," said Akbarov.

According to the agreement with the Ministry of Finance, the owner of 50.2 percent of bank's shares on behalf of State, the IBA is willing to place its Eurobonds on the international capital markets. As the IBA is a half-privatized bank, the fixation of Bench Market in Azerbaijan is necessary that the debut Eurobond issuance is carried out by the Ministry of Finance.

Therefore, IBA deputy chairman considers that the issuance of Eurobonds depend on the key shareholder.

Do you have feedback? Contact our journalist at: [email protected]