State Oil Company of Azerbaijan (SOCAR) decided to strengthen the domestic stock market of Azerbaijan. For this purpose it is going to issue corporate bonds in 2013, journalists were told by the president of SOCAR, Rovnag Abdullayev.
"This year, we have issued bonds for the international market, and we got very good results. Why do not we do it for the local market, which to some extent can revive the domestic capital market," said the head of SOCAR.
According to him, he had already instructed the relevant services of SOCAR to consider the possibility of issuing bonds, intended for the domestic market of Azerbaijan. It is supposed that the amount of bonds will be 500 million manat. It is planned to issue bonds for five years, and to spend the funds for the development of promising structures, including the development of gas condensate field "Umid".
SOCAR head also noted that these bonds can be acquired both by companies and ordinary citizens. For the first time SOCAR issued bonds to the international market on 2 February, 2012. Then in London from the placement of Eurobonds the company received $500 million with income 5.45% per annum. The maturity date of the primary Eurobond is defined on 9 February, 2017. --12В--
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