Foreign Banks Recommend Azerbaijan to Issue Eurobonds in Stages

Business Materials 2 December 2006 11:25 (UTC +04:00)

The Azerbaijan Finance Ministry is about to issue sovereign Eurobonds in three stages, a source in the Ministry told Trend.

Bank cooperating with Azerbaijan told us about the impossibility to issue Eurobonds immediately. During the first stage, it is proposed to prepare the placement itself, secondly - to study conditions on international markets, and then to prepare and train staff for the work with the bonds. The Government should be ready for this, the Finance Ministry said.

The final decision on selecting a consultant to issue sovereign Eurobonds have not been taken yet. International rating agencies Fitch Raytings, Standard & Poors, as well as City Group are offering their assistance in this direction.

The Azerbaijani Government was advised to render its assistance in issuing Eurobonds of 20 more banks (Commerz Bank, BNP Paribas, Deutsche Bank, ABN Amro, JP Morgan, etc.). The debut issue of Eurobonds is expected to be at the level of $300 mln.