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    SOCAR may issue US dollar-linked manat bonds - UPDATED

    SOCAR President Rovnag Abdullayev said

    Baku. 23 September. REPORT.AZ/ The State Oil Company of Azerbaijan Republic (SOCAR) plans to issue bonds in manats. 

    Report informs, SOCAR President Rovnag Abdullayev said.

    He did not rule out the release of releasing US dollar-linked manat bonds next year: "We are considering the possibility of issuing manat bonds. Within Azerbaijan we carry out a large number of operations in manats. In the future to enhance exchanges it is not ruled out the release of the first manat bonds tied to the dollar. This means you can return manat bonds at any time in US dollars at the current exchange rate on the date of purchase.This creates opportunities for strengthening of manat and financial market development."

    R. Abdullayev also said if the first dollar issue will be successful, the company may reiterate issue of foreign currency bonds. However, their annual yield will be somewhat lower.

    Notably, on September 20, bonds of the State Oil Company of Azerbaijan (SOCAR) provided for the citizens of the country put up for sale. The process will last till October 10.

    The yield on bonds with par value of $ 1 000 will be 5% per annum. The total nominal value of bonds is 100 mln USD. Interests will be paid every three months. Tax revenue will not be charged. SOCAR ensures the liquidity of the bonds at the same time, investors may exchange them for cash at any time. During the initial public offering (subscription) only citizens of Azerbaijan and local companies will be able to purchase the bonds.

    Foreign natural and legal persons may purchase bonds on the secondary market.

    Bonds can be purchased from SOCAR Investment Company (AzFinance, İnvestAZ, PASHA Kapital, PSG-Kapital), in the ASAN Service centres of  No.1 and No.5, in the International Bank of Azerbaijan, Kapital Bank, Rabitabank and Xalq Bank. 

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