SOCAR Planning Eurobond Road Show In 2011

September 27, 2010
The Azerbaijan state oil and gas company (SOCAR) plans to hold a eurobond road show in 2011, SOCAR Vice-President Suleyman Gasymov said on Monday, September 27. "The legal consulting company has already been instructed to prepare a contract and legal brief for investors and that will take some time. After that, we intend to give presentation in various markets", he said.
According to EnergoNews, Gasymov said that the volume of the debut eurobond issue would be $500 million which would be serviced in five tranches of $100 million each for five years.
"The road show will take place next year when the company is ready. Today we at SOCAR are most interested in the American market. The company would like to place eurobonds on the European and Asian markets since we are now enlarging our activities there, especially in Singapore where the SOCAR Trading office is operating" he said.
Earlier, the first eurobond placement was to be held in 2009, but SOCAR delayed its plans in anticipation of an improving global capital market. Citibank is consulting SOCAR on the bond issue and has proposed placing them in the United States where demand is expected to be substantial.
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