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Azerbaijan's Finance Ministry puts public bonds up for auction

Finance Materials 21 February 2023 17:28 (UTC +04:00)
Azerbaijan's Finance Ministry puts public bonds up for auction
Kamran Gasimov
Kamran Gasimov
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BAKU, Azerbaijan, February 21. The Baku Stock Exchange held an auction on the placement of the Azerbaijani Finance Ministry's public bonds worth 40 million manat ($23.5 million) with a circulation period of 728 days, Trend reports via the exchange.

As many as 26 investors submitted 50 bids in the price range from 91.2 manat or $53.6 (11 percent) to 95.4 manat or $56.1 (8.5 percent) during the auction.

In accordance with the ministry's decision, the cut-off price of public bonds was set at 92.35 manat or $54.3 (9.15 percent), and the average weighted price stood at 94.5 manat or $55.5 (9.0354 percent).

The total amount of bids at nominal prices amounted to 144.6 million manat ($85.06 million), while the placement volume totaled 47.05 million manat ($27.6 million).

The maturity date of the bonds is February 18, 2025.

If the demand for public bonds exceeds the supply during the auction, and the price satisfies the issuer, the volume of bonds offered by the issuer can be increased up to 50 percent.

Recently, the National Depository Center (NDC) of Azerbaijan made coupon payments on the Finance Ministry's bonds as a paying agent. According to the NDC, the overall amount of payments accounted for 2.72 million manat ($1.6 million).

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