SOCAR makes 15th interest payment to holders of new $100M bonds

The State Oil Company of Azerbaijan (SOCAR) made its 15th interest payment of $1.125 million on August 1 to holders of SOCAR’s new $100 million bonds issued in November 2021, according to Report.

“On August 1, SOCAR bondholders received a total of $1.125 million in interest payments. These funds have been transferred to the bank accounts of the bondholders. Thus, the total income of bondholders has reached $16.875 million. By the end of the 5-year term, the total income will amount to $22.5 million,” the company said.

According to it, since the issuance, trading volume of SOCAR’s corporate bonds on the secondary market has reached $76 million, and the number of buy-sell transactions on the Baku Stock Exchange has totaled 1,430.

Overall, since the first issuance of bonds in 2016, SOCAR has paid citizens and investors $44.875 million in interest.

As reported earlier, on November 1, 2021, the Baku Stock Exchange completed an auction for the placement of SOCAR’s interest-bearing, unsecured, book-entry, registered bonds with a state registration number AZ2002019894, totaling $100 million with a 5-year maturity. The total submitted bids amounted to $380.614 million. The coupon rate is 4.5%, with interest paid quarterly. The issue consists of 100,000 bonds with a face value of $1,000 each. On November 2, SOCAR bonds were placed on the secondary market through the BSE trading platform.