Azerbaijan to resume placement of secured mortgage bonds
Azerbaijan, Baku, Jan.11 / Trend N. Ismayilova /
Baku Stock Exchange (BSE) launches placing the next issue of interest, registered, book-entry, secured bond of the Azerbaijan Mortgage Fund (AMF), acting under the Central Bank of Azerbaijan, in the amount of 3,000,000 manat, the AMF reported
The bonds will be offered at current price of 100.2417.
The maturity date is May 10, 2016. In case the orders exceed offering, all of the orders will be filled proportionally. The CBA is the initial organizer of bonds' placement
The bonds have been placed beginning from June 16, 2009. So far bonds worth 49 million manat have been fully placed. The total amount of issue of secured bonds comprises 55 million manat with a nominal value of 1,000 manat each. Thus the committee registered issue of bonds of the AMF in the amount of 75 million, issued for 10 years under the 3.25 percent per year
About 1,800 Azerbaijani citizens got mortgage loans worth 76 million manat via the Azerbaijani Mortgage Fund from June 1 - December 31, 2009. The state budget envisaged 14 million manat in 2009 for social mortgage
The approval of mortgage loans through the AMF has launched in Azerbaijan since 2006.
Roughly 18 banks are authorized loan organizations of the fund.