International Bank of Azerbaijan planning to place domestic bonds totaling nearly $60 mln

BAKU. Dec 9 (Interfax) - The International Bank of Azerbaijan (IBA) is planning to place a bond issue totaling 100 million manat [$58.8 million at the current exchange rate] on the domestic market.

The issue prospectus, which Interfax has reviewed, indicates that the placement is intended to promote developing Azerbaijan's securities market, as well as diversify the resource base of funds.

The IBA intends to allocate the funds raised to implement strategic projects, increase market share, and expand lending in the country's regions.

The IBA is dividing the issue into one million securities at par value of 100 manat per security, with the bond yielding 11% per annum with quarterly coupon payments and maturing in 24 months.

CJSC ABB-Invest Investment Company is underwriting the bond placement.

Established in 1992, the International Bank of Azerbaijan is the country's largest bank, with the government owing a 92.1835% stake in the bank's capital, and private shareholders owning 7.8165%.

The official exchange rate as on December 6, 2024, was 1.7 manat/$1