Baker & McKenzie successfully advised BCP Securities and BNP Paribas as arrangers and permanent dealers on the establishment of a debut USD50 million Euro-commercial paper program (the first ECP program established in Azerbaijan) for Muganbank, a leading commercial bank in Azerbaijan, and the first offering of notes under the program. The proceeds from the issue will be used for the bank’s general corporate purposes.
 
“We are delighted that our cross-border team was able to help Muganbank successfully enter the  Euro-commercial paper market and believe this will prove to be an attractive source of funding for other banks and corporates in Azerbaijan,” commented Moscow partner Roy Pearce, who led the Baker & McKenzie transaction team.
 
“We were honored to assist the parties establish the first ever Euro-commercial paper program in Azerbaijan, a transaction which also showcases our cross-border ability to structure and lead precedent-setting and innovative transactions in the Azerbaijani legal market," commented Baku partner Altay Mustafayev, who led the Azerbaijani team.
 
“I would like to emphasize that it is our first entry into the European market. Many thanks to our partners for their great teamwork that helped us in this accomplishment. I hope the successfully established close cooperation will bring us further success and new achievements,” commented Elmir Hasanov, chairman of the Bank’s management board.
 
The Firm’s Baku—London—Moscow team included partners Roy Pearce and Altay Mustafayev and associate Sahar Kianfar.
 
With 38 branches and seven sub-branches throughout Azerbaijan, Muganbank is a full-service corporate and retail bank whose primary business consists of lending, deposit taking, payments and money transfers, commercial activities, foreign currency trading and issuing guarantees.