Azerbaijan, Baku / corr. Trend I.Khalilova / The Chairman of the State Securities Committee under the President of Azerbaijan, Gunduz Mammadov, stated on 21 May that the issue of the State bonds numbered in foreign currency, Eurobonds, is planned to be introduced in the Autumn of 2007. According to him, preparation work is presently being carried out in this regard with the Finance Ministry.
Mammadov also highlighted the selection of the manager who will organize the issue of the Eurobonds and its placement in the international financial markets. The initial volume of the first Eurobond placement is expected at a level of $300-350 mln. "The amount of the placement has not been confirmed as yet. This is not aimed at any specific projects, but will reflect the Country's image and its access into the European markets," Mammadov stated.
Mammadov believed that Eurobonds would be issued with a period of five-year interest rate of 4-6%, but its issue is to be determined by the Ministry of Finance.