Details added (first version posted on 11:13)
Baku, Azerbaijan, Oct. 18
By Anvar Mammadov – Trend:
Azerbaijan’s state oil company SOCAR plans the second issuance of bonds in 2017, said SOCAR President Rovnag Abdullayev.
He made the remarks Oct. 18 at a press conference dedicated to the beginning of the bonds sale on the secondary market of Baku Stock Exchange.
Abdullayev said that the issuance of bonds depends on the market demand.
“If there is demand on the market, we can start the placement of the second issuance of dollar bonds in 2017,” he noted, adding that conditions on them will be different from the first emission’s conditions, in particular, the interest rates are likely to be lower.
Ali Aghaoglu, SOCAR’s senior advisor on capital markets, for his part said that the volume of the second emission will be higher than the first one; it will be about $200-300 million.
The state oil company announced the issuance of bonds worth $100 million with a par value of $1,000 each in September for their placement on the local stock exchange.
The period of the bonds’ circulation is five years and the annual yield is five percent with a payment period in every quarter.