Bank IBA-Moscow obtains bond rating at level of parent bank’s rating first time on market
Baku, Fineko/abc.az. Bank IBA-Moscow has stated of phenomenal character of ruble bond issue to which agency Fitch assigned long term rating BB (EXP), which corresponds to the rating of the parent bank - OJSC International Bank of Azerbaijan (BB/Stable/B-).
Fagan Naghiyev, head of the Department for Investments & Private Capital Work and head of Prestige Club Private Banking Ltd of Bank IBA-Moscow, has stated that this is the first case in the banking sector, when on the basis of an offer from the parent bank (offeror) the subsidiary (bond issuer) receives a rating equal to the rating of the parent.
"This rating was received due to the right strategy, and it is a decisive factor for the placement of bonds with a total nominal value of 3 billion rubles,” Naghiev said.
Bank IBA-Moscow intends to sell on public offering 3 million bonds with a face value of 1,000 rubles each. The total value of the issue at par is 3 billion rubles. Circulation period is 3 years from the start of placement. As for the issue, it is provided a possibility of early redemption of bonds at the request of their holders and at the discretion of the issuer, including the possibility of partial early redemption of bonds. State registration of the bonds was carried out by the Bank of Russia on 19 December 2012 with giving of state registration number 40103395V.
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