BAKU Oct 18 Azeri state energy company SOCAR
has placed $100 million of bonds on its domestic market to fund
the repayment of some debts and plans to issue $200 million of
bonds next year, the firm's consultant said on Tuesday.
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.
(Reporting by Nailia Bagirova; writing by Margarita Antidze;
editing by David Clarke)