Azerbaijani non-banking credit organization issues bonds with 9% annual rate

Photo: Azerbaijani non-banking credit organization issues bonds with 9% annual rate
 / Finance

Baku, Azerbaijan, April 11

By Emin Aliyev - Trend:

Azerbaijani State Committee for Securities (SCS) registered the issue prospectus of interest-bearing book-entry registered unsecured bonds of TBC Kredit LLC, according to a message from the Baku Stock Exchange (BSE).

The issue volume is 3,000,000 Azerbaijani manats.

Placement of the bonds will start on April 17.

Some 3,000 bonds, at par value of 1000 manats each, have been issued as part of the emission.

The turnover period of the securities is two years (720 calendar days) with an annual rate of nine percent and payment period of 90 calendar days.

The placement underwriter is ADB Broker LLC.

Those intending to purchase bonds can apply to an organization, which is a member of BSE and have a brokerage license.

TBC Kredit filed a proposal for inclusion of its bonds into BSE unquoted list.

The non-bank credit organization TBC Kredit has operated in Azerbaijan since 1999.

Starting from December 2007, some 75 percent of the company has been owned by the Georgian leading TBC Bank and some 25 percent belong to the ShoreBank International Ltd.

The official exchange rate on April 11 is 0.7844 AZN/USD.

Translated by E.A.

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