Azerbaijan’s TBC Kredit starts placement of corporate bonds

Photo: Azerbaijan’s TBC Kredit starts placement of corporate bonds

 / Economy news

Azerbaijan, Baku, April 22 / Trend /

Placement of interest bearing book-entry registered unsecured bonds of non-bank credit organisation TBC Kredit with an issue volume of two million manat on the Baku Stock Exchange (BSE) starts on April 23, the Baku Stock Exchange informed.

'The credit organisation applied to the CJSC Baku Stock Exchange for the inclusion of its bonds in the non-quotation list of BSE', a statement said.

The quantity of bonds issued totals 200 with a par value of 10,000 manat and the annual rate of bonds is seven per cent with turnover period of 360 days. Interest payments will be made quarterly.

ADB Broker LLC acts as the underwriter.

Individuals wishing to purchase TBC Kredit's bonds may contact the BSE members licensed to broker.

TBC Kredit has been operating in Azerbaijan since 1999. Since December 2007, a 75 per cent stake in the organisation belongs to the leading Georgian bank TBC Bank and 25 per cent to the American ShoreBank International Ltd. The authorised capital of the credit institution is $10 million.

The official exchange rate on April 22 is 0.7847 AZN / USD.

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