Azerbaijan may buy back part of Eurobonds

In the Economic Council of the Republic of Azerbaijan, the buyback of a part of the foreign currency denominated government bonds in circulation was discussed, Report informs, citing the Press Service of the Cabinet of Ministers.

On March 18, 2014, the Ministry of Finance of Azerbaijan put a bond worth $1.25 billion with an annual interest rate of 5% on the European capital market for ten years.

The nominal value of Eurobonds is 1,000 dollars, and the volume is 1.25 million units.

Institutional investors from more than 160 countries have shown interest in acquiring Eurobonds of the Ministry of Finance. In addition, the number of orders submitted by investors exceeded the issue volume by four times.

According to results, 47% of Eurobonds were acquired by the US, 25% by the UK, 18% by Germany, and 10% by investors from other countries. Barclays Bank, Deutsche Bank, and Citibank acted as the lead managers of the debut issue of Eurobonds.