Official: EBRD won't stop at first bond issuance in Azerbaijani manat

The European Bank for Reconstruction and Development (EBRD) will not limit itself to its first bond issuance in Azerbaijani manat, paving the way for future offerings, according to Mikhail Grechikho, EBRD's Deputy Director for Bonds, Central Asia, the Caucasus, and Türkiye, Report informs.

"In recent years, we've achieved major milestones together. Notably, we supported the development of the local regulatory framework, enabling international financial institutions (IFIs) to issue bonds in the domestic market. We also contributed to regulatory improvements in prospectus preparation. Alongside Azerbaijan's securities settlement system, we completed the money market development framework, laying the groundwork for ideal instruments to be used as insurance tools," Grechikho noted.

He added that the EBRD is actively advancing the green agenda in cooperation with the Central Bank of Azerbaijan (CBA): "During COP29 last year, we organized a series of masterclasses to help local banks improve climate risk management. Capital markets remain central to our strategy. I'm pleased we're celebrating this milestone together today-it reflects decades of work by all stakeholders, including policy dialogue with regulators, extensive legal reforms, and the dedicated efforts of colleagues at the Treasury, Baku Stock Exchange (BSE), and the National Depository Center (NDC)."

According to the official, this is just the beginning: "We won't stop here. I'm confident this transaction will open the door to future issuances by us and other international financial institutions. I suspect some may feel a bit competitive and follow our lead. This achievement wouldn't have been possible without excellent collaboration among stakeholders. I'd like to express my deep gratitude to the CBA and, personally, to Taleh Kazimov (Governor of the CBA), as well as to the BSE, NDC, and our valued partner Dentons. I hope these bonds are fully placed and look forward to achieving even more ambitious successes together."