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Azerbaijan will re-explore the global financial market for Eurobonds

14 January 2009 15:56 (UTC +04:00)

Baku. Nijat Mustafayev - APA-Economics. Azerbaijanâ€™s Ministry of Finance will have to re-explore the global financial market to see whether it is favorable for the floatation of its first Eurobonds, said Rufat Aslanly, Chairman of the State Committee for Securities.
Azerbaijanâ€™s Ministry of Finance postponed issue of Eurobonds until 2008 while it had been planned to issue in November, 2007.
The ministry attributed postponement to â€œunfavorable conditionsâ€ on the global capital market.
Azerbaijan plans to issue Eurobonds of $500 million or five years. Eurobonds will be presented in New York, London, Frankfurt, Singapore and Tokyo. The government of Azerbaijan wants â€œto establish a benchmarkâ€ rather than raise money through floating the bonds.
Managers for debut issue of Eurobonds are Deutsche Bank AG London and Citigroup Global Markets Ltd. and the consulting firm is Arnold & Porter.