Second auction of AMF bonds conducted in Azerbaijan
Azerbaijan, Baku, July 14 / Trend /
On July 14, 2009 the second auction of interest-bearing registered secured bonds of Azerbaijan Mortgage Fund (AMF) under the Central Bank of Azerbaijan in amount of 5,000,000 manats was conducted in Baku Stock Exchange (BSE), the BSE reported on July 14.
The orders were received from 4 investors in total amount of 15,973,000 manats.
The offering was fully placed at current price of 100.2333%. The maturity date of bonds is May 10, 2016.
MF registered the issue of mortgage bonds in the amount of 55,000 units with nominal value of 1,000 manat each.
The AMF authorized 17 banks, 7 appraisal companies and 10 insurers were approved.
Conditions of the mortgage loaning are as the following: loans must be issues in the national currency with manats and only to Azerbaijani citizens, and an object of the mortgage can only be an apartment or private houses, volume of the mortgage loaning must not hit 85 percent of the market price, monthly payment for a loan must not hit 70 percent of debtor's monthly income, as well as presence of an agreement on life insurance and others.
Preferable conditions are applied to members of families of victims of war, families of national heroes, internally displaced persons for civil servants with at least a three-year experience, candidates of science or persons having a doctor degree, persons making special contributions to sport, as well as militaries with at least a three-year experience.
Each family having the right to a lax mortgage loaning can use this chance only for one time.
2005-2009 Public budget of Azerbaijan envisages 94 million manat for mortgage loans through the Mortgage Fund, of which over 70 million manat has been distributed through banks today
On July 14, the official exchange rate is 0.8043 manat to $1.