SOCAR may until the end of 2016 implement the second issue of dollar bonds to be placed on the domestic market, said the company’s President Rovnag Abdullayev.
‘The interest in the debut issue of SOCAR dollar bonds is currently very high. The population, however, is eyeing to these securities and evaluating them. But we believe that the deployment is successful. In this case, we are ready even this year to carry out another issue of the bonds,’ Abdullayev said.
‘In any case, the yield on the bonds of the second issue will be lower than the debut, since we do not want to create problems for banks that offer the public interest on deposits in foreign currency at the rate of 3% per annum,’ he added.
Abdullayev said the funds raised from the placement of debut bond issue in the domestic market will be used to pay interest on previously issued Eurobonds.
The SOCAR head also said the company has no problems with the financing of its own projects, as for these purposes Eurobonds of SOCAR were issued.
‘The total amount of the company’s credit debt is about $ 6 billion, which is not much in comparison with the total assets of the company (AZN 40 bn),’ he said.