BAKU, Azerbaijan, February 23. The Baku Stock Exchange (BSE) will host an auction to place the Azerbaijani Finance Ministry's bonds for a total of 40 million manat ($23.5 million) on February 28, Trend reports citing the BSE.
Bonds with a nominal value of 100 manat ($58.8) each with a maturity of 1,092 days and yield of 7 percent will be put up for auction.
The interest payment dates are set for August 29, 2023, February 27, 2024, August 27, 2024, February 25, 2025, August 26, 2025, and February 24, 2026.
The deadline for payment of the principal amount is February 24, 2026.
The placement underwriter is PASHA Capital Investment Company CJSC.
During the auction, non-competitive orders are allowed to be accepted on the condition of not being more than 20 percent of the bond issue.
The issuer may not accept these orders if the volume of orders for the purchase of bonds placed by auction participants is less than 20 percent of the volume of bonds put up for auction by the issuer.
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.