PASHA Bank issued its first Eurobond with a nominal value of $25 million with 5 years maturity offered to Azerbaijani corporate investors.
This transaction is first of its kind in Azerbaijan; a foreign entity issuing bonds denominated (Eurobond) in USD.
Supporting cross-border investments in the triangle of Turkey, Azerbaijan and Georgia under its financial bridge mission, PASHA Bank has pioneered another initiative in the Azerbaijani securities market.
Executing successfully the issue of 5-year Eurobond worth $25 Million to be traded in the Azerbaijan Stock Exchange, PASHA Bank Turkey, has broken new ground as the first foreign entity in the Azerbaijani market issuing bonds in a currency other than its own currency. PASHA Capital acted as an underwriter to the issue.
PASHA Bank Turkey General Manager Cenk Eynehan said; “Our bank has initiated and successfully completed the issue of Eurobond of $25 million with a 5-year maturity to be traded on the Azerbaijani market alone and with this transaction a foreign entity borrowed for the first time from the capital markets of Azerbaijan. As a result, a long term resource has been obtained for the Turkish economy from the sister country Azerbaijan. The resource obtained in this way will provide significant advantages in diversifying the funding of our bank and in providing credit facilities to our customers. Provision of funds for such a long-term borrowing is a sign of confidence in the Turkish economy and PASHA Bank Turkey."