Azerbaijan’s largest bank holds placement of Eurobonds
Azerbaijan, Baku, Oct. 28 /Trend E. Aliyev/
The International Bank of Azerbaijan (IBA) has completed the placement of Eurobonds worth $151 million on Cayman Islands Stock Exchange, Cbonds company said.
According to the company, the yield of bonds maturing in 2016 will amount to 7.2 per cent per annum. Some 302 bonds at par value of $500,000 each were issued as a part of the emission.
"The securities were sold at a price equal to 100 per cent of the nominal value. JP Morgan and the Bank of America Merrill Lynch were the organizers of bond placement," the company said.
Earlier, the International Bank of Azerbaijan (IBA) held three more emissions totalling $449 million, namely, in 2007 (worth $100 million, with 8.4 per cent yields and a 10 years term), in 2010 (three-year bonds worth $130 million at a 8.5 percent rate) and in 2013 (by $198 million at a 7.75 per cent rate with a term of up to 2018).
In addition, this year the IBA's subsidiary bank - International Bank of Azerbaijan - Moscow, placed bonds worth three billion Russian rubles, maturing in 2016 and with a rate of 10.75 per cent per annum.
The International Bank of Azerbaijan was founded in January 1992 and is the largest in the country. The bank's main shareholder is the Azerbaijani government which owns a 50.2 per cent share with a 49.8 per cent of share owned by private individuals and legal entities.