Azerbaijan not yet determined to issue first sovereign Eurobonds in 2009: minister
Azerbaijan, Baku, October 22 / Trend , I.Khalilova /
Ministry of Finance of Azerbaijan has not yet decided on issuance of state bonds denominated in foreign currencies (Eurobonds) in 2009, said the Finance Minister Samir Sharifov.
"We are still looking for a more favorable situation for access to world financial markets," said the Minister.
Because of the uncertainty with the timing of placement of Eurobonds, the Ministry of Finance even postponed the road-show in the markets of developed countries. In connection with the unresolved issue of sovereign bond issuance by the Government, the only half-state International Bank of Azerbaijan also postponed placing its bonds in 2009, said recently the chairman of IBA Jahangir Hajiyev.
Both the Ministry of Finance and the IBA continue to closely monitor the situation so that accessing to markets, it would possible to attract funds for those interests, which are considered favorable for Azerbaijan.
Earlier dates were announced for the first Eurobond issuance in September-October 2007, but as a result of deepening of global financial crisis, the date is not specified.
There are plans to issue Eurobonds with a period of five years, but the amount is expected to reach $500 million compared to formerly stated $ 300 million.
Managers of the Government to implement the first issuance of Eurobonds are investment banks Deutsche Bank AG London and Citigroup Global Markets Limited.
In 2009 the IBA can carry out the debut issue of the Eurobonds worth $200 million. IBA cooperates with City Group and JP Morgan for placement of Eurobonds.