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Comment by Andrey Solovyev, Global Head of DCM at VTB Capital, for Bloomberg

24 February 2015

International Bank of Azerbaijan Completes $67.5m Debut ECP Notes Sale

Deal completed on Feb. 20, 12-month ECP at 6.25%, according to terms provided by VTB Capital, one of deal’s organizers.

Deal was VTB Capital’s 1st such transaction in Azerbaijan, having previously organized local RUB bonds for Azerbaijan borrowers: Andrey Solovyev, global head of DCM at VTB Capital in Moscow, said by phone.

Financial institutions “usually” use ECPs for short-term investments.

Roadshows for deal were in London, Switzerland.

Dealers: Citi, RBI, UBS (B&D), VTBC; for VTB Capital, “important” to have worked on this deal w/ foreign lenders.

VTB Capital in talks with other Azerbaijan borrowers; for foreign investors, Azerbaijan is diversification from Russia as they seek alternative investments.

VTB Capital looking at Asia, Azerbaijan, Kazakhstan, Belarus, Georgia for potential deals; ECP deal was 1st transaction in CIS this yr which signals “low market activity” in region.

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