Azerbaijan's SOCAR to issue new bonds
The State Oil Company of Azerbaijan (SOCAR) will issue new bonds for the domestic market on September 20, 2021, taking into account numerous applications and a great demand for these securities from investors, SOCAR Capital LLC said on Monday.
“The demand for the first SOCAR bonds issued in the amount of $100 million has more than doubled, and the volume of transactions in the secondary market has beaten a record of $200 million. The 5-year maturity of the first bonds will expire in October 2021, and their holders will receive a total of $25 million,” the company stated.
According to the company, new SOCAR bonds will be issued for a period of five years.
“The bonds will be issued in the amount of $100 million, and the par price per security is set at $1,000. The annual rate is 4.5 percent. Interest will be paid on a quarterly basis. Subscription for SOCAR bonds will begin on September 20 and will last 10 days. Local and foreign legal entities registered in Azerbaijan will be able to take part in it. Priority in the sale will be given to individuals. Individuals and legal entities of other states will also be able to purchase bonds from their holders in the secondary market,” SOCAR Capital noted.