Azerbaijani AccessBank starts bond placement

Photo: Azerbaijani AccessBank starts bond placement / Economy news

Baku, Azerbaijan, June 18

"AccessBank" OJSC interest-bearing book-entry registered unsecured bonds worth 10 million manats will be placed at "Baku Stock Exchange" CJSC from June 18, 2014, the exchange said.

Some 10,000 bonds with par value of 1,000 AZN have been issued as part of the emission. The annual rate of bonds will be 9 percent, with a turnover period of one year, starting from the date of placement of this issue's first bond. Coupon payment period is every 3 months.

Underwriter is "Pasha Capital" LLC.

AccessBank was established to render financial services to Azerbaijani families, as well as micro- and small entrepreneurs.

The bank is a 100-percent property of six international financial institutions: European Bank for Reconstruction and Development, International Finance Corporation, Black Sea Trade and Development Bank, German KfW Development Bank (each of them owns 20 percent), AccessHolding, which is engaged in microfinance area as a strategic investor (16.53 percent), and the German LFS Financial Systems GmbH (3.47 percent).

The official exchange rate is 0.7843 AZN/USD on June 18.

edited by CN

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