NATIONAL BANK HELD FIRST PLACEMENT OF NOTES, REGISTERED IN FRAMEWORK OF SECOND PROSPECT
The National Bank of Azerbaijan (NBA) held the first placement of emission of notes, the 23rd in 2005, of the second prospect, registered in 2005 under the prospect of issue of short-term notes. The volume of placement amounted to 13,208bn manats, Baku Stock Exchange (BSEX) Trend was told at the.
Six BSEX members took part in the auction. The bids sold comprised 19,258 billion manats ranging from 99.11% (rate of return вЂ" 10.43%) up to 99.15% (rate of return вЂ" 9.96%). The NBA established the cross price at 99.12%, the average sustained price was 99.13%. The maturity date for notes is 5 August 2005.
Starting the emission on 14 September 2004, the NBA has placed 11 issues of notes worth 191.7bn manats with the emission prospect for 300 billion manats. Last year the rate of return of the notes rose by 0,2 interest point (4,7% per annum) at the cut off price, and by 0,42 interest point (4,58% annual) at average sustained price. By the end of 2005 the NBA will bring the volume of notes in circulation up to 200 billion manats.