Published on 6/5/2014 in the Prospect News Emerging Markets Daily.
New Issue: International Bank of Azerbaijan prices $500 million 5 5/8% notes due 2019 at par
By Christine Van Dusen
Atlanta, June 5 – International Bank of Azerbaijan priced a $500 million issue of 5 5/8% notes due June 11, 2019 at par to yield 5 5/8%, a market source said.
The notes were talked at a yield of 5¾%.
Citigroup and JPMorgan were the bookrunners for the Regulation S deal.
The bank is based in Baku, Azerbaijan.
| Issuer: | International Bank of Azerbaijan
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| Amount: | $500 million
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| Maturity: | June 11, 2019
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| Description: | Senior notes
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| Bookrunners: | Citigroup, JPMorgan
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| Coupon: | 5 5/8%
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| Price: | Par
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| Yield: | 5 5/8%
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| Put features: | Put option that can be exercised if the government, which is the majority shareholder, ceases to control 50% plus one share of the company
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| Trade date: | June 5
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| Settlement date: | June 11
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| Ratings: | Moody’s: Ba3
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| Fitch: BB
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| Distribution: | Regulation S
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| Price talk: | 5¾%
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