Azerbaijan has no plans to release another batch of Eurobonds this year. Finance Minister Samir Sharifov said it is not necessary at a press conference on Monday.
According to him, in 2014 Eurobonds were issued to assess the possibilities of sovereign debt repayment and access to finance of other issuers.
As you know, on March 12 the State Oil Company (SOCAR) issued Eurobonds worth $ 750 million at the rate of 6.95%. But because of the low attractiveness the planned another $ 250 million bonds were not presented to investors.
But according to the resource Global Capital, investors were not pleased with the high-yield securities of SOCAR in connection with low oil prices and the devaluation of the currency of Azerbaijan.
SOCAR issued the first Eurobonds for $ 500 million at the rate of 5.45% per cent in 2012. The second issue of bonds for $ 1 billion with a rate of 4.75% was in March 2013. -0-
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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