LONDON -- Iran is set to tap international financial markets for the first time with the appointment of two European banks to help the launch of the country's long-awaited Eurobond issue.

BNP Paribas and Commerzbank have been appointed to handle the issue, according to the ***Financial Times*** Monday. An announcement was said to be imminent.

The appointment comes after London-based rating agency assigned a B plus sub-investment-grade rating for Iran on May 20, effectively paving the way for the launch.

The ***Financial Times**** reported foreign bankers saying that the issue was expected to go ahead within the next few months. It has been suggested that Iran could raise euro 300 to 500 million ($274-456 m) from international subscribers outside the U.S. Vice-Governor of Central Bank of Iran, Mohammad-Jafar Mojarrad was quoted saying that he was confident that the eurobond issue, the first since the victory of the 1979 Islamic Revolution, would be well received by the market.

He said he expected other banks to join as co-managers. It has also been suggested that other state-owned industries in Iran, such as oil, petrochemicals and airlines, could follow the Central Bank's example in setting a benchmark.