The main buyers of SOCAR’s Euro bonds are investors from US and UK, reported State Oil Company of Azerbaijan (SOCAR).
On March 12, 2015 SOCAR placed 15-year-old Euro bonds to the amount of $750 million at 6.95% per annum. The deal has been organized by Deutsche Bank and JP Morgan.
“The buyers of SOCAR’s Euro bonds were investors from the US (41%), UK (39%), Europe (18%) and other regions (2%). The managing funds bought 93% of total issue of SOCAR’s Euro bonds, banks -5% and pension funds – 2%,” according to the same source.
The reasons of growing interest in SOCAR’s Euro bonds among the investors from various regions of the world are Azerbaijan’s economic development, the indexes of stable economic growth of the country, 100% state ownership of SOCAR and the current state of the company.
It was earlier reported quoting SOCAR’s President Rovnag Abdullayev that SOCAR plans to use the funds earned from placement of Euro bonds to fund the projects abroad.
The company placed the debut 5-year-old Euro bonds to the amount of $500 million in February 2012. In March 2013 SOCAR placed the second issue of Euro bonds to the amount of $1 billion with the circulation term of 10 years.
