BAKU, Azerbaijan, July 20
By Nargiz Ismayilova - Trend:
State Oil Company of Azerbaijan (SOCAR) made the 15th payment in the amount of $1.25 million to the owners of its bonds, Trend reports referring to SOCAR Capital LLC.
According to the company, with this amount paid, the overall revenue from the owners' bonds increased up to $18.75 million.
The quarterly interest payment on SOCAR’s bonds with a face value of $1,000, maturity of five years and an annual yield of five percent was already transferred to the accounts of bondholders.
“The volume of transactions in the secondary market topped $190 million, and the number of concluded transactions for purchase and sale of these securities reached 2,200, which is the best-selling corporate financial instrument on the Baku Stock Exchange since its launch. The volume of repo transactions exceeded $36 million,” the company said.
SOCAR's bondholders can obtain short-term loans through repo transactions on favorable terms, as well as attract manat loans at a 15-16 percent interest rate by pledging bonds in the relevant bank. In this case, bondholders don’t lose 5 percent of their income, and the actual interest rate on the loan they receive is reduced to 9-10 percent.
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