SOCAR bonds continue to earn interest
By Nigar Abbasova
Bonds of Azerbaijan’s energy giant SOCAR are still on sale at the Baku Stock Exchange (BSE).
SOCAR reported that the volume of deals on dollar bonds has already exceeded the level of $7.47 million. Some 1, 122 bonds, with the worth of each standing at $1,024, were acquired within one of the deals, while the total worth of deals amounted to $1.15 million.
The annual interest rate on SOCAR’s bonds stands at the level of 5 percent. The figure is higher than the rates applied in reference to USD deposits placed in banks, where the annual interest rate on dollar deposits currently stands at 2.5-3 percent. The interest on bonds is being paid once a quarter.
The sale of SOCAR’s bonds on the secondary market was launched on October 18. PSG-Kapital acts as a marketmaker of bonds (broker-dealer firm that assume the risk of holding a certain number of shares of a particular security to facilitate its trading).
Purchase and sale of obligations may be implemented in ASAN Services № 1 and №2, as well as in investment companies that are BSE-members.
The company earlier announced its plans to implement the second issuance of bonds in 2017, the interest rate on the second emission is expected to be set at a level below five percent.
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Nigar Abbasova is AzerNews’ staff journalist, follow her on Twitter: @nigyar_abbasova
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