Azerbaijan will identify cost of borrowings prior to euro-bonds issue
Making a deal on borrowing from western banks without the state guarantees is expected till late January, the Minister of Economic Development Heydar Babayev told journalists today, Trend reports. It is a sort of initial placement of euro-bonds, although the issue of them is not expected. Borrowings will be made by the state organization.
В"It will be indicative for the Azerbaijans economy, as the cost of the funds to be involved will be identified. It will be a minimal rate for us, the Minister noted. The state will borrow below this rate; when the cost of the borrowings will be defined we will come out with the proposal to issue sovereign bonds.
The volume of takings on the forthcoming deal will exceed the earlier stated amount of $100 million. Sindication of western banks is expected due to a large volume of borrowings.