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Yield on Azerbaijani AGBank’s bonds to hit 12 per cent

Business Materials 5 April 2013 15:07 (UTC +04:00)
The State Committee for Securities registered the issue prospectus of interest-bearing book-entry registered unsecured bonds of “AG Bank”.
Yield on Azerbaijani AGBank’s bonds to hit 12 per cent

Azerbaijan, Baku, April 5 / Trend /

The State Committee for Securities registered the issue prospectus of interest-bearing book-entry registered unsecured bonds of "AG Bank".

According to the issue prospectus, placement will be held by means of initial public offering at Baku Stock Exchange (BSE).

Annual rate of bonds is 12 per cent.

Issue volume is 12 million manat with par value of 1,000 manat. Turnover period is 3 years with a coupon payment period - once within 3 months.

Underwriter is Pasa Kapital company.

By the end of 2012, the authorised capital of the bank constituted 25 million AZN and aggregate capital, 42.56 million AZN. A new requirement of the Central Bank of Azerbaijan which comes into force on 1 Janury 2014 is for aggregate bank capital to be at least 50 million manat. The bank's shareholders are expected to consider the issue of increasing the authorised capital of AGBank at their general meeting to be held on April 19.

AG Bank was founded in 1992. The bank's shareholders are the International Finance Corporation - 17.5 per cent, the Kazimir Partners company - 10 per cent, 69 minority shareholders with a 31.81 per cent total share in the bank's capital and two individuals owning the remaining 40.69 per cent of the capital.

The official exchange rate is 0,7846 AZN/USD on April 5.

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