The international rating agency Moody’s considers SOCAR’s offer to buy Euro bonds to the amount of $500 million as neutral for the credit portfolio of the company, the agency reported.
SOCAR has announced an offer to buy Euro bonds to the amount of $500 million with repayment in 2017. The bonus during redemption will constitute 2% of nominal ($20 per $1000 of nominal). The offer is active till January 26. Deutsche Bank acts as a manager of the deal.
SOCAR has offered its paper holders to buy them at 102% of their face value.
“The company supports an adequate level of liquidity, thanks to a significant cushion with the amount of about $2.7 billion by June 30, 2015, of which 89% has been nominated in foreign currency. By the same date the company had an aggregate debt of $8.2 billion, of which over 91% was nominated in foreign currency,” the company reported.—0—
Economics
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Azerbaijan President Ilham Aliyev has signed a decree to strengthen social protection for pensioners by implementing pension indexation, effective from January 1, 2025.
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The Italian government has extended the deadline for applications in the international tender for the sale of several strategic assets until February 14, confirming that a bidder from Azerbaijan remains among the frontrunners.
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An investigation led by Ghalib Toghrul, Chairman of the Board of the Center for Economic Research, has highlighted budgetary expenditures in the Azerbaijani districts of Aghdam, Fuzuli, and Khojavend, focusing on civil service projects linked to the reconstruction of territories liberated from Armenian occupation.
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On February 4, Azerbaijani Economy Minister Mikayil Jabbarov met with a delegation of the International Monetary Fund (IMF) led by Anna Bordeaux, head of the IMF mission in Azerbaijan, to discuss economic cooperation, financial sector issues and structural reforms, the ministry said.
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