Tashkent, Uzbekistan, Jan. 9
By Mamed Dashdemirov – Trend:
Uzbekistan's Open Joint-Stock Innovation Commercial Bank Ipak Yuli paid out income on corporate bonds for the fourth quarter of 2017 in the amount of 3.25 percent to their face value, which amounts to 1 million soums, Nafal Mavlyanov, head of the bank’s securities department, told Trend.
Income on corporate securities issued by commercial banks of Uzbekistan, according to the requirement of the Central Bank, is equal to the refinancing rate minus one percent, Mavlyanov noted.
Therefore, for the third and fourth quarters of 2017, the income amounted to 3.25 percent, and for the first and second quarters of 2017 it amounted to 2 percent, because the discount rate was increased from 9 percent to 14 percent at the end of June 2017.
Five million corporate bonds of this emission were issued by Open Joint-Stock Innovation Commercial Bank Ipak Yuli in June 2013 with an aggregate nominal value of 5 billion soums with a circulation period of five years. Thus, in June 2018, they will be repaid, and until this time the bank will repay income two more times, in the first and second quarters of 2018.
Open Joint-Stock Innovation Commercial Bank Ipak Yuli was founded in 1990.
According to the Central Securities Depository of Uzbekistan, as of Jan. 1, 2018, the volume of corporate bonds issued by commercial banks of Uzbekistan amounted to 201.3 billion soums, which is 11.7 percent less than in early 2017. The aggregate volume of this type of securities issued by all joint-stock companies during the reporting period grew 9.9 percent and reached 251.3 billion soums.
(8,139 soums = 1 USD on Jan. 9)