Azernews.Az

By Sara Israfilbayova

The volume of purchase and sale operations on bonds of the Azerbaijani state oil company SOCAR reached almost $3.82 million in the secondary market in May 2017, SOCAR announced.

The investment company PSG Capital, which acts as a market maker of the bonds of SOCAR, said that last month 3,799 bonds were bought and sold.

"Some 1,790 bonds were purchased by individuals and 2,009 bonds - by legal entities. The value of bonds in May increased from $1,004 to $1,008," SOCAR said.

SOCAR issued dollar bonds with a volume of $100 million in September 2016. The period of their circulation is 5 years, and the rate is 5 percent. In the secondary market, trades on the bonds of SOCAR began on October 17, 2016.

SOCAR President Rovnag Abdullayev in one of his interviews said that with the issuance of bonds first of all, they prevent the annual payment of interest in millions of dollars abroad, so these percentages are paid to the citizens of Azerbaijan and the currency remains in the country.

In the initial stage, only local individuals and legal entities could buy SOCAR bonds. In the secondary market, these bonds can be purchased by both local and foreign entities and companies.

The interest on bonds is being paid once a quarter. The first payment was implemented on January 17.

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