(Details added, first version posted at 13:35)
Baku, Azerbaijan, Jan. 17
By Anvar Mammadov – Trend:
There is no necessity to issue new SOCAR bonds in the near future, said Suleyman Gasimov, vice president for economic issues in Azerbaijan’s State Oil Company.
He was addressing a press conference in Baku Jan. 17.
“In case there is such a need, SOCAR can hold another placement of securities,” he added.
“It all depends on demands of the market. We do not see the urgent need to issue new bonds, but we will do it if the market requires,” Gasimov said. “As for whether they would be manat bonds or not, we need to analyze the market again.”
If there is a demand in the market, the second emission of dollar bonds can be held, but the terms of these bonds will differ from that of issued earlier, Gasimov said, adding the interest is likely to be lower.
SOCAR started selling its bonds, worth $100 million (100,000 bonds, each worth $1,000), on Sept. 20, 2016. Applications were received until Oct. 10, and the demand for the bonds amounted to $203 million.
The sale of SOCAR bonds in Azerbaijan’s secondary market began Oct. 18.
SOCAR bonds will be in circulation until 2021, with 5 percent yield and a payment carried out once in three months.
The interest payments will take place on April 17, July 17 and Oct. 17, 2017.