On July 16, 2013 auction of the bonds of International Bank of Azerbaijan (IBA) Moscow started at the Moscow Stock Exchange.
The issue of bonds to the amount of 3 billion rubles was fully placed on June 20, 2013 with 1.5 annual offer and repayment of 3 years. The rate of the first three coupons constituted 10.75%.
The issue has a long-term international rating in the national currency “BB” (stable) from Fitch Ratings. The public irrevocable offer was submitted by the International Bank of Azerbaijan (IBA), mother bank of IBA-Moscow.
IBA-Moscow LLC (general license No 3395 issued by the Russian bank) was established in 2002 as 100% daughter organization of IBA. IBA-Moscow is a universal bank, which is among the Top 150 big Russian credit and financial institutions. By July 1, 2013 assets of IBA-Moscow totaled 30.6 billion rubles, while credit portfolio – 23.3 billion rubles and its own capital – 2.62 billion rubles. The International rating agency Moody’s Investor Service gave the bank a credit rating B3. Moody’s Interfax rating agency gave IBA-Moscow a long-term rating Baa3.ru on the national scale.—0--
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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