Deutsche Bank resumed negotiations with Azeri government on providing consultation services in issuing sovereign eurobonds. Officials of Azeri Ministry of Finance told Trend the banks representatives had been to Baku and discussed their proposals at the meeting with new Finance Minister Samir Sharifov.
In this sphere Azerbaijan is offered assistance by international agency Fitch Ratings, City Group, the countrys consultant for second agency involvement. Besides, nearly 20 banks advised the government on eurobonds issuing (Kommerzbank, BNP Paribas et al.).
Finance Ministry officials said the consultant would be selected on the tender basis.
Recently Heydar Babayev, Minister of Economic Development, said Azerbaijan was planning to start negotiations on Eurobonds issue in autumn 2006, but it requires the second sovereign rating to obtain from Moodys.
Azerbaijan already obtained a long-term sovereign rating BB from Fitch Ratings. Moodys Investors Service experts already visited Azerbaijan and ratings from these two agencies will be obtained in late 2006 or early 2007.
In average, eurobonds issue proposals suggest profitability level 5-6% with duration 5 years and amount of emission $250mln, Trend reports quoting Vhid Akhundov, Presidents Advisor for economic affairs.