BAKU, Azerbaijan, January 29. The Asian Development Bank (ADB) has made a new bond placement in Azerbaijan's national currency and raised 19.5 million manat (approximately $11.5 million), Trend reports.
According to the ADB, the issue is structured as a three-year currency-linked bond with an amortization fund that mirrors the amortization terms of the main loan aimed at financing the development of women's entrepreneurship and agribusiness in Azerbaijan.
Meanwhile, the bond is denominated in Azerbaijani manats, but settlements are handled in US dollars, which attracts foreign investors.
The coupon rate is 6.5 percent per year, and it is traded on the Luxembourg Stock Exchange.
However, this is the third offering of ADB bonds denominated in Azerbaijani manats, and the first in local currency in 2024. The ADB raised 8.4 million manats in January 2023 and 14.5 million manats in November.
To note, Azerbaijan has been a member of the ADB since 1999. During the period of cooperation, the bank has provided the country with loans and grants worth more than $5.2 billion.
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