BAKU, Azerbaijan, March 9. 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 March 14, Trend reports citing the BSE.
Bonds with a nominal value of 100 manat ($58.8) each and with a maturity of 1,092 days will be put up for auction.
Interest payment dates were set for September 12, 2023, March 12, 2024, September 10, 2024, March 11, 2025, September 9, 2025, and March 10, 2026.
The deadline for payment of the principal amount is March 10, 2026.
The placement underwriter is PASHA Capital 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.
The turnover of securities on the Baku Stock Exchange (BSE) exceeded 2.2 billion manat ($1.2 billion) from January through February 2023, which is 30.44 percent less than the same period the previous year.