Asian Development Bank places bonds in Azerbaijan's nat'l currency, raises $8.52 mln

BAKU. Nov 28 (Interfax) - The Asian Development Bank (ADB) has conducted a new placement of bonds in Azerbaijan's national currency and attracted 14.5 million manat ($8.52 million at the current exchange rate), the ADB said in a statement.

As posted on the ADB's website, the bond issue was denominated in Azerbaijani manat, though with settlements in U.S. dollars, which simplifies attracting foreign investors.

The maturity of the bonds is three years, and the coupon rate is 6.25% per annum. Goldman Sachs International organized the issue, and Record Currency Management and Capitulum Asset Management, respectively, purchased the securities.

The ADB bonds are listed on the Luxembourg Stock Exchange.

The ADB has not specified the purpose for raising the funds.

This is the ADB's second placement of bonds in Azerbaijan's national currency, with the bank having raised 8.4 million manat (around $4.9 million) in January 2023.

Azerbaijan has been a member of the ADB since 1999, with the bank having provided loans and grants to the country totaling over $5.2 billion during the period of cooperation.