Azerbaijani AccessBank determines market maker of its own bonds

Photo: Azerbaijani AccessBank determines market maker of its own bonds / Economy news

Baku, Azerbaijan, June 20
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As of June 20, 2014, "PASHA Bank" OJSC starts market-making of the unsecured interest-bearing book-entry bonds of "Accessbank" CJSC at Baku Stock Exchange through Pasha Capital LLC, a member of Baku Stock Exchange.

The volume of the market-maker's buy liabilities on the bonds is 200 000 AZN, and the price spread between the buy and sell prices is 5%, Baku Stock Exchange said.

It is worth to note that, currently, liquidity of 12 bond issues
(including the above mentioned one) traded at Baku Stock Exchange are provided by the market maker quotations.

AccessBank has started placing bonds since June 18.

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 nine 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 three 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 20.

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