The first coupon payment on the 2nd SOCAR Bonds issued at $100 mln., demand for which was $400 mln., took place on February 1 and generated a total cash inflow of $1,125 mln. to its owners, Trend reports with reference to SOCAR Capital.
According to SOCAR Capital, quarterly coupon payment of $1.250.000 on new SOCAR Bonds with a nominal value of $1,000 and a maturity of 5 year, annual coupon of 4.5% distributed every quarterly was transferred to accounts of SOCAR bondholders.
In just the first 3 months of circulation, the total amount of the secondary market transactions reached $17 mln., number of closed deals exceeded 100, the Bonds became the most traded corporate security on the Baku Stock Exchange and $1,090 was the highest sale price to date (including the 1st issue of SOCAR Bonds). This shows that the high demand for new SOCAR Bonds continues to grow.
SOCAR bondholders can get a short-term loan through repurchase (Repo) agreements on favourable terms, as well as access loans in AZN at rates of 14-15% by collaterizing their bonds at a bank. In this case, the bondholders do not lose their coupon payments of 4.5%, while the actual interest rate of the loan decreases to 9-10%.
The next coupon payment on SOCAR Bonds, are scheduled to May 1, 2022. SOCAR Bonds can be obtained from “ASAN” service centers No. 1 and No. 5, as well as investment companies operating in Azerbaijan.