May 28, 2014 / 4:46 PM / 4 years ago

Azerbaijan's biggest bank starts eurobond roadshow

TBILISI, May 28 (Reuters) - 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 Geneva.

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 BB rating.

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 manats.

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 million.

$1=0.78 manats Reporting by Margarita Antidze; Editing by Ruth Pitchford

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