International Bank of Azerbaijan has launched a syndicated loan, the first from the country this year. Citi, LBBW, Rabobank and RZB are arranging the one year facility.
IBA was initially looking to pay about 450bp all-in and had asked its lead banks to commit $10m each. But bankers away from the facility said the pricing could have increased since the loan was launched.
IBA has beaten even Russia’s previously popular bank borrowers to the mark. None of the latter’s financial institutions have been able to tap the market this year.
IBA, rated Ba2 by Moody’s and BB+ by Fitch, last signed a deal in June 2008. That was split between a $107.5m one year piece paying 110bp and a $66m 18 months tranche that had a margin of 140bp.
BayernLB, RZB, Standard Bank, and UniCredit were the bookrunners. About 25 other banks committed.
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