Azeri SOCAR places $100 mln bonds on domestic market

   

Azerbaijan's economy and currency, the manat , have come under intense pressure from the slide in oil prices, which also helped push SOCAR to a net loss for 2015 from a net profit a year earlier.
   

SOCAR consultant Ali Agaoglu told reporters that demand for the U.S. dollar five-year bonds with a 5 percent coupon totalled $203.6 million, or twice the amount on offer.
   

He said 95 percent of the bonds were purchased by individual investors and the rest by corporate clients and that secondary market trading had started on Tuesday.
   

Agaoglu said the company would issue $200 million worth of bonds next year. SOCAR President Rovnag Abdullayev said the company had no plans to issue Eurobonds at this stage.
   

SOCAR reported a 1.785 billion manat ($1.2 billion) net loss for 2015 after a 1.274 billion manat net profit a year earlier. Its revenue dropped to 33.103 billion manats in 2015 from 39.674 billion manats in 2014.
   

Moody's confirmed SOCAR's Ba1 corporate family rating (CFR), Ba1 senior unsecured notes rating and Ba1-PD probability of default rating in May. The outlook on the ratings is negative.

   

SOCAR consultant Ali Agaoglu told reporters that demand for the U.S. dollar five-year bonds with a 5 percent coupon totalled $203.6 million, or twice the amount on offer.

   

He said 95 percent of the bonds were purchased by individual investors and the rest by corporate clients and that secondary market trading had started on Tuesday.

   

Agaoglu said the company would issue $200 million worth of bonds next year. SOCAR President Rovnag Abdullayev said the company had no plans to issue Eurobonds at this stage.

   

SOCAR reported a 1.785 billion manat ($1.2 billion) net loss for 2015 after a 1.274 billion manat net profit a year earlier. Its revenue dropped to 33.103 billion manats in 2015 from 39.674 billion manats in 2014.

   

Moody's confirmed SOCAR's Ba1 corporate family rating (CFR), Ba1 senior unsecured notes rating and Ba1-PD probability of default rating in May. The outlook on the ratings is negative.