MINISTRY OF FINANCE AUCTIONS T-BILLS
AzerbaijanвЂ™s Ministry of Finance on July 29 announced it would arrange an auction on July, on the floatation of the sixth emission of short-term treasury bills.
Meanwhile, the Baku State Exchange told Trend that slated for public sale are T-bills with the registration number 10200608S. The amount of the emission totals 10 billion manats (2.13 million U.S. dollars), with each bill bearing a face value of one million manats (213 U.S. dollars). The bills have a 28-day of circulation, and are expected to be withdrawn on August 1.
For the current year, the Ministry has issued T-bills worth 185 billion manats (39.4 million U.S. dollars) вЂ" the figure equivalent to 46.25 per cent of the amount of the entire issue for 2005 (400 billion manats or 85.1 million U.S. dollars), registered with the State Securities Committee. The first auction failed, and only 31.96 per cent of the issue, slated for the second auction, was realized, 7.99 billion (1.7 million U.S. dollars) out of 25 billion manats (5.3 million U.S. dollars), respectively. Only the third and fourth auctions were a complete success, with the amount of flotation standing at 37.99 billion manats (8.08 million U.S. dollars) on the aggregate. The fifth auction was considered frustrated, as the rate of flotation constituted 20.74 per cent of the amount of the issue.