EEMEA round up: Azerbaijan
Azerbaijan Electronics, one of the country’s largest energy utilities, has sold a $1 million one-year bond, the first from an industrial issuer in the country. The bond yields 14.5% and was issued at par.
The domestic bond market has until now consisted mainly of bank bonds. Bankers hope that this issue will mark the beginning of the development of the corporate debt sector. Seven bonds are now available for trading on the Baku stock exchange. Azeri bank Standard Capital, together with Denholm Hall, advised the company on its issue.