Baku Stock Exchange to host first bonds placement of non-financial organization
Baku, Azerbaijan, Aug.21
By Zulfiyya Kurbanova - Trend:
The Baku Stock Exchange for the first time will host bonds of non-financial organization Embawood LLC in the total amount of 10 million AZN.
The agreement was signed Aug. 21 at a press conference between the Director of BSE Business Development Abdullah Isayev and Deputy General Director of Embawood LLC on financial matters Tamerlan Kurkiev.
Within the frameworks of emission 10,000 bonds with a par value of 1000 AZN each were produced. Bond yields will make 11 percent per year with the circulation period of one year from the date of placement of the first bonds of this issue. Payment of interest on the bonds will be made every three months.
Underwriter of the transaction is PASHA Kapital LLC.
Kurkiev noted during a press conference that the aim of accommodation of the Embawood bonds is the assessment of cost of risk that can be taken by investors at the local market.
"The cash flows of the company now allow supporting the activities at the required level," he said. "Placement of corporate securities is an indicator of the company's attractiveness to investors, and we are interested to look at the real cost of risk of securities," concluded Kurkiyev.
Public placement of bonds will begin Aug. 22.
The official exchange rate for August 21 is 0. 7842 AZN / USD.