Azerbaijan Fixed Income - SGC Chooses Concessional Financing
Socar has confirmed that Azerbaijan plans by year-end to raise $1.5 bln in credits guaranteed by Germany to fund its obligations connected with Southern Gas Corridor projects. This would render new supply from SGC on the Eurobond market very unlikely. Although we had not been expecting the issuer to tap the market, we think the news underscores the scarcity value of the SGC 26 and Azeri risk in general.
Sberbank CIB Investment Research is a research firm offering equity, fixed income, economics, and strategy research. It covers analysis on all aspects of Russia’s capital markets, issues and industries. The firm analyzes trends in Russia and combines local knowledge with a global perspective. It processes macroeconomic data, market and company-specific news, stock quotes and other information for providing research reports. The firm provides details and latest prices on the most traded names and most traded paper on all segments Russian market. In strategy research, it provides thematic research, tips and descriptions of the methodology used to evaluate companies.
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