Azerbaijan plans to follow its debut $1.25 billion Eurobond offering with sale next year, Finance Minister Samir Sarifov said yesterday, Bloomberg News reported.

The debt sale will be in dollars and less than this year’s offering, Sarifov said.

Proceeds from the sale will be used for general budget purposes including to cover fiscal deficit, he added.

The debut bond sale in March drew over 160 institutional investors, including 47% from U.S., 25% from U.K., 18% from Germany and 10% from other countries including Israel and Singapore.

The 10-year securities were sold at 5%.

Azerbaijan is rated BBB-, lowest investment grade and one step below Brazil and Russia, by Standard & Poor’s and Fitch Ratings.

Bakudaily.az