The State Oil Company SOCAR seems to float another bond issue designed for the domestic market. As a result of the subscription for securities worth $ 100 million (100 thousand units each with a par value of $ 1,000), the application has double exceeded the demand, reaching $ 203 million 604 thousand.
Recall the subscription campaign was launched on September 20 and ended on October 10.
The process of distributing applications was carried out in cooperation with the International Bank of Azerbaijan, Azer Turk Bank, Khalg Bank, Capital Bank, Rabita Bank, ASAN Khidmet, AzFinance, InvestAz, Pasha Capital and PSG Capital. Accepting the underwriter function will be held on 12 October, and accommodation will be held on 13 October. After that, the Board of Directors on the Financial Market Supervision House will approve the results, and on October 17 will begin operations in the secondary market.
As previously notified SOCAR, the stated purpose of the issue of securities with a yield of 5% per annum is the diversification of financing channels and the creation of new investment opportunities for the population, and the funds raised will be used to repay part of the external liabilities.
Earlier, SOCAR placed three issues of Eurobonds. Placement of bonds on the domestic market is the first experience in this direction. --17D-
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