Azerbaijan Mortgage Fund starts placement of bonds within sixth issue
Azerbaijan, Baku, Dec. 27 / Trend J. Nasibova /
On 28 December,2012, the next auction on the placement of interest-bearing registered secured bonds for the Azerbaijan Mortgage Fund (AMF), operating under the Central Bank, with a volume of offering of 3 000,000 manat will be held at the Baku Stock Exchange (BSE), the BSE statement released on Thursday says. The bonds will be offered at price of 100 per cent.
The Central Bank of Azerbaijan is the initial organiser of the placement.
The placement is being held within the sixth issue of interest-bearing registered secured bonds of the AMF, registered by the State Committee for Securities and worth 40,000,000 manat with a nominal value of 1000 manat each for a return of three per cent per annum.
The AMF was founded in December 2005 and began to issue mortgage loans in Azerbaijan in March 2006. In June 2007 the fund suspended lending mortgages due to lack of financing and resumed lending in June 2009.Mortgage loans worth more than 430 million manat have been issued through the AMF from 2006 to November 2012.
At present, the AMF's authorised agents are 27 banks, 21 insurance companies and 13 appraised organisations.
The official exchange rate on December 27 is 0.785 AZN / USD.