Next mortgage bond placement announced in Azerbaijan

Azerbaijan, Baku, Jan. 14 / Trend /

The second part of the new issue of interest-bearing book-entry secured bonds worth 3 million Manat of the Azerbaijan Mortgage Fund (AMF) under the Azerbaijani Central Bank will be placed on the Baku Stock Exchange (BSE) on January 15, the fund said today.

The bonds will be offered for sale at a price of 100.15%

The Azerbaijani Central Bank is participating in the bond's initial public offering.

The process of placing the sixth issue of AMF percent secured bonds registered by the Azerbaijani State Securities Committee last month to the amount of 40 million Manat with a nominal value of each bond worth 1,000 Manat and an annual rate of 3% started on December 28. At present, the bonds were placed to the amount of 3 million Manat.

The AMF was established in December 2005. It has started issuing mortgage loans in March 2006.

The process of mortgage lending was suspended in summer of 2007 due to a lack of funds. It was restored in June 2009.

Mortgage loans worth 500 million Manat were delivered through AMF from 2006 to 2012.

Today, some 27 banks are AMF authorized banks.

Some 21 insurance companies and 13 appraisal companies are the mortgage market participants.

The official exchange rate is 0,7848 AZN/USD on Jan. 14.

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