Dentons advises EBRD on its debut Azerbaijani Manat-denominated bond issuance

Baku-Global law firm Dentons has advised the European Bank for Reconstruction and Development (EBRD) on its first ever bond issuance denominated and settled in Azerbaijani Manat (AZN) and its first ever bond issuance in Azerbaijan. The AZN 50,000,000 issuance of floating rate bonds due October 1, 2026 was admitted to trading and listed on the Baku Stock Exchange on October 1, 2025.

The issuance follows Azerbaijan's successful implementation of legal reforms aimed at further developing the capital markets, including special regulations applicable to bond issuances by international financial institutions to which Azerbaijan is a member. Such reforms include amendments to the Securities Market Law to align the bond issuance process for IFIs as closely as possible with the process used for sovereign bonds thereby reducing regulatory hurdles. The IFI Bond Regulations were also amended to operationalize the new framework and establish the consolidated compliance requirement for IFIs issuing bonds in the country.

Dentons advised EBRD on the bond issuance as well as the drafting of those proposed legislative reforms. Baku-based partner Ulvia Zeynalova-Bockin led Dentons' legal team on the deal, supported by associate Tofiga Jamalzade and paralegal Suma Suleymanova.

Ulvia Zeynalova-Bockin commented, "We are honored to have supported our long-time client, EBRD, on this landmark capital markets transaction. The successful issuance is the culmination of a journey of almost 10 years, starting with our collaboration on proposed legal reforms to Azerbaijan's securities market legislation to facilitate and streamline bond issuances by IFIs operating in Azerbaijan. This deal represents a meaningful milestone for the continued development and depth of Azerbaijan's capital markets."

Isabelle Laurent, Deputy Treasurer and Head of Funding at EBRD commented, "We're delighted to have partnered with Dentons on this this milestone launch, which was made possible by strong backing from the Central Bank of Azerbaijan and the close involvement of the Baku Stock Exchange and the National Depository Centre."

About Dentons

Redefining possibilities. Together, everywhere. For more information visit dentons.com