Socar mandates Citi, Deutsche, RBS for debut bond
The State Oil Company of Azerbaijan Republic has mandated Citi, Deutsche Bank and Royal Bank of Scotland to arrange a debut Eurobond, expected to be a $500m five year deal.
Socar is rated Ba1 by Moodys and BBB- by Fitch.
The company last raised money in the loan market with a $100m one year bilateral deal via Deutsche Bank in November 2010, paying 150bp over Libor.
The issue is being keenly watched by fund managers keen on the revenues
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