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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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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