Demand for debut issue of sovereign Eurobonds of Azerbaijan exceeds $2 billion - agency
Baku, Azerbaijan, March 10
By Emin Aliyev - Trend:
The volume of initial orders, investors made for the upcoming release of sovereign Eurobonds of Azerbaijan, exceeds $2 billion, the financial branch of Thomson Reuters, IFR reported Monday.
The agency does not disclose any names or total number of investors.
"The country with an investment credit rating of Moody's and Fitch intends to place an issue with the benchmark yield of 200 basis points over US Treasuries, which is expected to launch today", the agency says.
As Trend previously reported, the amount of debut Eurobond issue is expected to be $1 billion for 10 years.
Azerbaijan has been holding meetings with investors in Europe, Great Britain and the U.S. since March 3.
Such investment banks as Barclays, Deutsche Bank AG London and Citigroup Global Markets Limited were chosen as managers of the government implementing the first issue of Eurobonds.
Azerbaijan has investment ratings of the leading international agencies - Fitch (BBB-), Moody's (Baa3) and Standard & Poor's (BBB-).