OREANDA-NEWS. November 02, 2011. The Azerbaijan Ministry of Finance has declined to release their debut sovereign bonds.

Today in Baku deputy finance minister Azer Bayramov has sated that they do not plan to issue sovereign Eurobonds next year.

"Separate companies, particularly the State Oil Company of Azerbaijan (SOCAR), plan to issue Eurobonds and are working in this direction," Bayramov said.

The volume of sovereign bonds was expected at the level of USD 500 million, while SOCAR can raise USD 500 million up to USD 1 billion, although the rating agencies claim that it will negatively affect its rating.