MOSCOW, May 23 (Reuters) - Dollar bonds issued by state-owned International Bank of Azerbaijan (IBA) fell on Tuesday after the bank offered creditors several options, including a swap into sovereign debt, in its debt restructuring.
Data from Tradeweb showed that the bank’s $500 million bond maturing 2019 fell as much as 2.3 cents to 80.708 cents, its weakest since May 18.
IBA, which is Azerbaijan’s biggest lender, is restructuring more than $3 billion of its debt to tackle bad loans left over from the slump in oil prices.
On Tuesday, an adviser to IBA said the bank’s senior creditors would have three options, one of which involved a write-down. (Reporting by Alexander Winning; Editing by Louise Ireland)