Azerbaijan Mortgage Fund announces next bond allocation

Photo: Azerbaijan Mortgage Fund announces next bond allocation / Business News

Azerbaijan, Baku, 10 May / Trend A.Akhundov /

Next placement interest-bearing registered secured bonds of "Azerbaijan Mortgage Fund" (AMF) will be held at the Baku Stock Exchange (BSE) on 13 may, 2013, BSE reported in its statement released on Friday.

The volume of the offering is 5 000 manat. According to the prospectus the offering will be held through public offering at Baku Stock Exchange CJSC. The bonds will be offered at price of 101,1333 %.

The maturity date is November 06, 2022. In case the orders exceed offering, all of the orders will be filled proportionally.

Central Bank of Azerbaijan Republic is the initial organizer of bonds' placement.

The process of placing this issue (the sixth) percentage of AMF covered bonds registered by the Azerbaijani State Securities Committee last month to the amount of 40 million manat with a nominal value of each bond of 1000 manat and an annual rate of three per cent started on December 28. The bond repayment date is November 6, 2022.

At present, the bonds for this issue were placed to the amount of 14 million manat.

AMF was established in December 2005. It began to issue mortgage loans in March 2006.

The process of mortgage lending was suspended in summer 2007 due to lack of funds. It has been restored since June 1, 2009. Mortgage loans worth 500 million manat were given through the AMF from 2006 to 2012. Around 27 banks are AMF authorised today.

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

The official exchange rate for May 10 is 0.7845 AZN / USD.

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