Azerbaijani Private Bank to Issue Eurobonds
Azerbaijan, Baku / Trend corr U. Ismayilova / Bank Standard has intentions to issue Eurobonds by the beginning of 2008, the first deputy president of the bank, Javid Guliyev, said at a press conference on 25 June.
According to Guliyev, issuance of the Eurobonds will be implemented after the company Moody's issues a rating. Bank Standard expects to be issued with the rating within the next two months on the results of 2006.
After the rating is issued by Moody's, Bank Standard intends to receive another rating from Fitch Ratings for the issuance of Eurobonds.
Guliyev noted that the term and amount of the Eurobonds has not been determined yet, as the bank has intentions to increase its authorized capital by another AZN 50mln by the beginning of 2008 which will affect the term and amount of Eurobonds.
Earlier the International bank of Azerbaijan (IBA) stated its intentions to issue Eurobonds which will be more expensive than sovereign Eurobonds by 0.5-0.8%. Eurobonds of the IBA will be issued in the format of Reg S for US companies. The term of obligation is 3-5 years. The supposed time for the issuance is the beginning of November.