Baku, Azerbaijan, Jan.12
By Ilaha Mammadli - Trend:
On January 13, the first auction on placement of interest-bearing registered secured bonds of Azerbaijan Mortgage Fund (AMF) with the offering volume of 3 million AZN will be held at the Baku Stock Exchange (BSE), BSE said Jan.12
The official exchange rate for January 12 is 0, 7844 AZN / USD.
The placement will be held through public offering at Baku Stock Exchange CJSC, according to the prospectus. The bonds will be offered at price of 100 percent.
It is reported that the maturity date is November 21, 2024. In case the orders exceed offering, all of the orders will be fulfilled proportionally.
The Central Bank of the Republic of Azerbaijan is the organizer of bonds' initial placement. Those intending to purchase bonds of the fund, may apply to BSE member organizations, which have a license for brokerage activity.
In December 2014, The State Committee for Securities of Azerbaijan Republic (SCS) registered an emission of interest-bearing, book-entry, secured, registered bonds of the Azerbaijan Mortgage Fund (AMF) under the Central Bank of Azerbaijan, in the amount of 50 million AZN with par value of 1,000 AZN each and 3 percent profitability.
The proceeds from the mortgage bonds placement are directed to finance conventional mortgage.
AMF was established December 2005 and began to issue mortgage loans in March 2006. In total, since the beginning of funding, AMF granted mortgage loans worth 620.24 million AZN, including 87.15 million AZN in 2014, 112.9 million AZN in 2013, 74.77 million AZN in 2012, 95.64 million AZN in 2011, 97.08 million AZN in 2010, 76.9 million AZN in 2009, 70.2 million AZN in 2007, 5.6 million AZN in 2006.
At present, the authorized banks of the Azerbaijan Mortgage Fund are 28 banks [some 44 banks operate in the country].
Some 21 insurance companies [27 in total] and 14 appraisal organizations are the participants of the mortgage market.