Azerbaijani NBCO auctions off its bonds through Baku Stock Exchange

Finance Materials 17 March 2023 09:18 (UTC +04:00)
Kamran Gasimov
Kamran Gasimov
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BAKU, Azerbaijan, March 17. The Baku Stock Exchange (BSE) hosted an auction to place unsecured uncertified bonds of the FINCA Azerbaijan non-banking credit organization (NBCO) LLC on March 16, Trend reports citing the BSE.

The bonds were in the amount of 3 million manat ($1.7 million) with a circulation period of 24 months.

According to the BSE, a total of 7 investors submitted seven bids during the auction.

The annual rate of bonds was 12.5 percent. Interest payments are paid to investors every three months.

The placement underwriter is AzFinance Investment Company OJSC.

Bonds of FINCA Azerbaijan NBCO with a total value of three million manat ($1.76 million) were listed in the standard market segment on September 30, 2022, by the decision of the BSE Listing Committee.

According to the Central Bank of Azerbaijan, as many as 55 NBCOs are currently operating in the country.

The non-bank credit organization is a specialized credit organization that provides loans and other activities based on a special agreement (license) envisaged by the Law on the non-bank credit organizations".