...

SOCAR chooses managers for third Eurobond issue

Business Materials 26 February 2015 17:03 (UTC +04:00)

Baku, Azerbaijan, Feb. 26

By Maksim Tsurkov - Trend:

SOCAR (State Oil Company of Azerbaijan) has chosen the managers to organize the third issue of Eurobonds, Global Capital reported Feb. 26 referring to a representative of one of the banks, involved in the negotiations.

The company has chosen Deutsche Bank and JP Morgan to organize the issue. The issue volume is unknown. SOCAR prepares to hold a road-show in mid-March, i.e. the negotiations with investors.

SOCAR's Eurobond debut issue to the amount of $500 million with a yield of 5.45 percent per annum was made in February 2012. The maturity date of the primary Eurobond issue was set at February 9, 2017.

On March 11, 2013, SOCAR placed Eurobonds to the amount of $1 billion for 10 years with a yield of 4.75 percent per annum on the CEEMEA market (Central and Eastern Europe, the Middle East, Africa). The demand for them is three times more than the volume.

The debut sovereign Eurobonds with an interest rate of five percent and the loan repayment in 2024 were placed in the amount of $1.250 billion on March 10.

The second issue of SOCAR's Eurobonds occurred with the help of Deutsche Bank with a yield of 4.75 percent. At present, the interest rate on the bonds is 5.8 percent per annum. More than $3 billion have been already drawn due to this transaction.

The official exchange rate is 1.0501 AZN/USD Feb. 26.

---

follow the author on Twitter: @MaksimTsurkov

Edited by CN

Tags:
Latest

Latest