Azerbaijani mortgage fund to auction off book-entry registered mortgage bonds
BAKU, Azerbaijan, Mar.10
By Zeyni Jafarov - Trend:
The Azerbaijan Mortgage and Credit Guarantee Fund will place book-entry registered mortgage bonds in the amount of 55 million manat ($32.3 million) at the auction of the Baku Stock Exchange (BSE) in March 11, 2021, Trend reports with reference to the Fund.
The securities will be offered for sale at a price of 1,000 manat ($588) per share.
“On January 22, 2021, the Central Bank of Azerbaijan registered the basic issue prospectus of the Fund’s book-entry interest-bearing mortgage bonds. The total volume of the issue is 55 million manat with the face value of one security at 1,000 manat and the interest rate on the bond at 3 percent,” the Fund’s statement noted
According to the basic issue prospectus, the placement will be carried out by the method of the mass offer through the Baku Stock Exchange CJSC. Depository and registrar services will be provided by the National Depository Center of Azerbaijan.
Earlier, Rahman Hummatov, Deputy Chairman of the Board of the Azerbaijan Mortgage and Credit Guarantee Fund, said that the total assets, since the time of its creation, amounted to 1.8 billion manat ($1.05 billion), and capital - 822 million manat ($483.5 million).
The deputy chairman noted that the fund hasn’t recorded a loss for the entire period of its existence, adding that 95 percent in the corporate securities market accounts for the fund’s bonds.