Azerbaijan Economic Minister: Azerbaijan Prepares for Issuing Eurobonds

Business Materials 23 February 2007 20:47 (UTC +04:00)

Azerbaijan , Baku / Trend , corr. I. Khalilova/ Heydar Babayev , Azerbaijan Economic Development Minister, said that the Azerbaijan Government has intensions to involve foreign borrowings through placing Eurobonds at foreign capital markets given the real situation in Azerbaijan economy and on more advantageous conditions.

"For the debut issue of Eurobonds, we expected to obtain a more favourable rating (the rating at the level +BB has been recently presented to the country). Up to date , the Country has borrowed funds through issuing Eurobonds , as there have been no reasons for it . At the same time, we consider that we shall not borrow funds on our rating, since a lot of facts have their effects on the rating, including the non-restoration of the territorial integrity of the country, great share of the oil sector in the economy. Therefore, we shall borrow in accordance with the real situation of Azerbaijan economy," said the Minister.

.Samir Sharifov , Azerbaijan Finance Minister, said that preparatory work for the debut issue of Eurobonds in 2007 are underway by adding that a tender on organizing the issue will be announced very soon. The first issue is expected to be at an amount of $250-300 mln.