OREANDA-NEWS. July 27, 2009. The International Bank of Azerbaijan has clarified its plans for the debut issuance of eurobonds sanctioned by its board on October 25, 2006, reported the press-centre of IBA.

As Jahangir Gadjiyev, Chairman of Board of IBA has informed the Fineko/abc.az, the global situation is not very favourable for doing this.

"It is more reasonable to wait until the issue of the sovereign eurobond, which is performed as I know, like in other countries. There shall be some benchmark for issuance of eurobonds by IBA ", - said J. Gadjiyev.

Earlier IBA had plans to perform the issue during the third or fourth quarter of 2009. Volumes are not changed. Bank has expected the interest rate at 9-10%.

IBA issue under the Reg S format will be 200 mln. USD for 3-5 years. It is organized by Citigroup and JP Morgan. The issue was expected for October–November. The issue of sovereign Eurobonds can be for the sum of up to 500 mln. USD for the 5 years period, and Ministry of Finance has postponed it at least for 2008 until stabilization of the world capital markets.