Azerbaijan Mortgage Fund proceeds to next issue of bonds

Photo: Azerbaijan Mortgage Fund proceeds to next issue of bonds
 / Finance

Azerbaijan, Baku, Oct. 28 /Trend A.Akhundov/

The next auction on the placement of interest-bearing registered secured bonds of the Azerbaijan Mortgage Fund (AMF) under the Azerbaijani Central Bank will be held at the Baku Stock Exchange (BSE) on October 28, 2013, BSE's message said.

The nominal value of each bond is 1000 manats. The bonds will be offered at a price of 100.1167 per cent. The annual rate on the bonds is three per cent. The maturity date is August 23, 2023. The Central Bank of the Republic of Azerbaijan is the initial organiser of the bonds' placement.

In the case of the orders exceeding the offering, all of the orders will be filled proportionally. Those wishing to acquire the Fund's bonds can apply to the BSE organising members which has the licence for brokerage activity.

On September 20 the State Committee for Securities registered the issue of mortgage bonds worth 20 million manats.

The proceeds from the placement of mortgage bonds are directed towards financing of conventional mortgages.

The AMF was established in December 2005 and began granting mortgage loans in Azerbaijan in March 2006.

At present, AMF's authorised banks include 28. Some 21 insurance companies and 11 appraisal organisations also participate in the mortgage market.

The official exchange rate on Oct. 28 is 0.7844 AZN/USD.

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