International Bank of Azerbaijan Defines Approximate Terms of Eurobonds Issue

Business Materials 15 August 2007 16:11 (UTC +04:00)

Azerbaijan, Baku / Trend corr I. Khalilova / The International Bank of Azerbaijan (IBA) has plans to begin its first issue of Eurobonds in the sum of $200mln at the end of November, the Deputy President of the bank, Vagif Akbarov, reported on 14 August.

"We have intentions to enter the international capital market in ten to fifteen days after debit issue of sovereign Eurobonds by the Government, approximately at the end of November," Akbarov clarified.

The work in this connection will begin in September. The bank considers European, East Asian, and American markets to be prospective, but it will concretize its interests after beginning the real work.

City Group and JP Morgan were elected book-runners of the bank for placement of the Eurobonds.

Lead managers of Azerbaijani Finance Ministry for implementation of first issue of state Eurobonds and their placement in international financial markets are Deutsche Bank AG London and CitiGroup Global Markets Limited investment banks. The Government has plans to implement the first issue of Eurobonds in the sum of $300mln in September-October.