Azerbaijan completes debut Eurobond sale: ministry

Azerbaijan completed the sale of the $1.25 billion debut Eurobond sale on March 11, the Finance Ministry said yesterday.

The sale drew more than 160 institutional investors, 47 of which were from the U.S., 25 percent from the U.K., 18 percent from Germany, and 10 percent from other countries including Israel and Singapore, it said.

The securities were sold for 10 years at 5 percent.

Azerbaijan is rated BBB-, lowest investment grade and one step below Brazil and Russia, by Standard & Poor’s and Fitch Ratings. Proceeds from the sale will be used for general budgetary purposes, according to preliminary prospectus obtained by Bloomberg.

Azerbaijan is largest crude producer in former Soviet  Union after Russia and Kazakhstan.

ANN.Az