Azerbaijan, Baku, May 20 / Trend A.Akhundov /
On 20 May, 2013, the next auction on placement of interest bearing registered secured bonds of the Azerbaijan Mortgage Fund (AMF) will be held at the Baku Stock Exchange (BSE).
The volume of the offer will be 10 million AZN. According to the prospectus, the bonds will be offered at a price of 101.1917 per cent.
The process of placing this issue which is the sixth and the percentage of AMF covered bonds registered by the Azerbaijani State Securities Committee last month is 40 million manat with a nominal value of 1000 manat per bond and an annual rate of three per cent since December 28. The maturity date is November 06, 2022. At present bonds for this issue were placed to the amount of six million manat.
The 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 offered through the AMF from 2006 to 2012. Around 27 banks are AMF authorised banks today.
Around 21 insurance companies and 13 appraisal companies are the mortgage market participants.
The official exchange rate for May 20 is 0.7847 AZN/USD.