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Azerbaijan Mortgage Fund increases level of drawing funds from capital market

Business Materials 21 January 2013 13:53
The third part of the new issue of interest bearing book-entry secured bonds of the Azerbaijan Mortgage Fund (AMF) under the Central Bank of the country, to the amount of five million manat, will be placed at the Baku Stock Exchange (BSE) on January 21, the exchange said on Friday.
Azerbaijan Mortgage Fund increases level of drawing funds from capital market

Azerbaijan, Baku, Jan. 21 / Trend /

The third part of the new issue of interest bearing book-entry secured bonds of the Azerbaijan Mortgage Fund (AMF) under the Central Bank of the country, to the amount of five million manat, will be placed at the Baku Stock Exchange (BSE) on January 21, the exchange said on Friday.

The bonds will be offered for sale at a price of 100.2 per cent.

The Azerbaijani Central Bank is an organisation participating in the initial public offering of bonds.

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 since December 28. The bond repayment date is November 6, 2022.

At present, the bonds for this issue were placed to the amount of six 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 is 0,7848 AZN/USD on Jan. 21.

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