Over 90% demand for SOCAR bonds accounts for individuals
Baku, Azerbaijan, Oct. 18
By Anvar Mammadov – Trend:
Absolute majority of applications for the purchase of bonds of Azerbaijan’s SOCAR State Oil Company was filed by individuals, SOCAR Head Rovnag Abdullayev said at the press conference dedicated to start of bond sales in secondary market of Baku Stock Exchange, Oct. 18.
"Over 90 percent of the total number of applications were made by individuals. The remaining 10 percent go to banks and other legal entities," said Abdullayev.
SOCAR head said that no restrictions will be applied regarding participation of foreign investors.
The interest on the bonds will be paid starting Oct. 18, said the Chairman of Baku Stock Exchange Board (BSE) Fariz Azizov.
“SOCAR bonds were included in the BSE listing in the middle of September - biggest ever included in a stock exchange board listing,” said Azizov.
In September, SOCAR announced emission of US dollar bonds amounting to $100M to place on the domestic market. Within the framework of the emission, 100,000 bonds were issued, the nominal value of each bond being $1,000.
The bonds have circulation period of 5 years, the annual bond yield is 5 percent to be paid quarterly.
USD official rate is 1,5969 AZN as of Oct. 18.