Oil Fund bought debt bills of Southern Gas Corridor

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The State Oil Fund of Azerbaijan (SOFAZ) has bought the full volume of primary issue of bonds of the Southern Gas Corridor closed-type joint stock company, reported broker of the buyer, Investaz company.

The volume of issue, which has been recently registered by the Azerbaijan State Committee for Securities, totaled $917,320,800. 9,173,208 bonds with the face value of each of $100 will be placed at the Baku Stock Exchange (BICEX).

“This is the biggest deal in the history of the Baku Stock Exchange,” reported the same source.

The term of the bonds circulation is 10 years with the profitability of 6-month Libor +1%. The interest rates will be paid every six months.

In February 2014 Azerbaijani President Ilham Aliyev signed a decree to create a closed-type JSC for efficient management of the Shah-Deniz Phase 2, expansion of the Southern Caucasian gas pipeline, trans-Anadolu (TANAP) and trans-Adriatic gas pipeline (TAP). 51% share of JSC will be owned by the government and 49% by SOCAR.


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