Azeris aggravate bank bondholders

摘要

The INTERNATIONAL BANK OF AZERBAIJAN'S plan to swap US$3.34bn of foreign currency debt, principally for sovereign bonds with longer maturities, looks likely to be backed by creditors despite some protest from bondholders. The bank, the country's largest, is 91% owned by the state, and state oil fund Sofaz is the biggest individual creditor facing the restructuring, with US$1bn in term deposits.