Azerbaijan, Baku, June 25 / Trend , U. Ismayilova/
Financial organizations, commercial banks and insurance companies funded placement of first tranche by the Azerbaijan Mortgage Fund at the Central Bank, the fund said.
"Placement of first tranche was a test to launch process of mortgage lending in Azerbaijan. AMF will keep on placing bonds," the fund said.
The placement is carried out under current law. "In case new law on bonds is adopted, the fund will act under new legislation which is being designed together with IFC," the fund said.
AIF placed bonds worth 55 million manat, the first tranche of which was15 million manat. Prospectus Mortgage Bond Fund has been registered by the State Committee for Securities on May, 29. Emission was 55 million manat, with a nominal value of each bond totaling 1,000 manats. Interest rate on mortgage bonds is 5 percentage points per year. Date for payment of bonds is May 10, 2016.