Azerbaijan, Baku / corr. Trend I.Khalilova / According to "Ernst &Young Holdings (CIS) B.V." Audit Company's audit of financial statements of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for the year, as of 31 December 2006, the investment portfolio of SOFAZ in the securities amounted to AZN 1 185,9 mln (92.3% of gross assets of the Fund).
| 2006 | 2005 | ||
| Securities of financial organizations | 755,061 | 302,554 | |
| Corporative debt securities | 166,954 | - | |
| Securities of agencies | 149,058 | 164,163 | |
| Mortgage securities | 72,067 | - | |
| Securities of foreign States | 38,769 | 33,478 | |
| Corporative capital securities | 4,015 | 3,861 | |
| Total: | 1,185,924 | 504,056 |
The securities issued by the financial institutions in 2005 and 2006 received long-term credit rating, minimum, Baa3 (Moody's) or BBB- (Standard Australia, Africa and the USA.
The securities possess stable interest rate between 2.75% - 8.5%, as well as changeable rates at the level of three and six-month libor in USD and Euro + 0.03-2.9%. The period of appeal runs out from February 2007 to December 2016.
The investments allocated by SOFAZ in 2006 for corporative debt securities have been put into the securities of Europe and the USA. The stable rate last year was defined between 3.125% - 11% and changeable - three-month libor in USD + 0.05-0.48%. The period of appeal runs out from September 2007 to November 2011.
The investments allocated by SOFAZ in 2006 for agencies have been put into the securities of American agencies, Fannie Mae, Freddie Mac, Federal Home Loan Bank, Federal Farm Credit Bank and agencies of other countries. The stable rate last year was defined between 3.75% - 6% and changeable - three-month libor in Euro + 0.24%. The period of appeal runs out from July 2007 to February 2013.