TBILISI May 28 International Bank of Azerbaijan
(IBA), the country's largest and the only bank owned by the
oil-producing state, starts a roadshow in Europe on Thursday for
its planned debut eurobond, the bank said.
IBA has mandated Citigroup and J.P. Morgan to arrange fixed
income investor meetings in London, Frankfurt, Zurich and
The bank plans to issue $350-$500 million in eurobonds with
a minimum maturity of five years, although details and terms of
the future issue are not known yet.
Fitch Ratings has said it will assign the bond a long-term
Rashad Hajiyev, IBA's chief financial officer and deputy
chairman of the board, told Reuters in February the funds would
be used to increase the bank's capital by 500 million manats
($460 million) in the next four years to about 900 million
The bank, 50.2 percent owned by Azerbaijan's Ministry of
Finance, holds 35 percent of banking assets in the country.
IBA's net profit rose by 10-15 percent in 2013 to about $70
(Reporting by Margarita Antidze; Editing by Ruth Pitchford)