BAKU/18.03.14/TURAN : The next auction of bonds of the Azerbaijan Mortgage Fund (AMF ) in the amount of AZN 5 million was held at the BSE .
According to the exchange , ten-year bonds were offered for sale at the current price of 100.2833 %. The entire amount of bonds for the auction was placed fully .
Prospectus of interest , namely, through book-entry bonds with a total amount of 40 million manat was registered by the State Securities Committee at the end of January 2014. Face value of bonds equals 1000 manats , the interest rate of 3% per annum , maturity date - December 21, 2023 year. Thus, a quarter of this issue was placed.
Centralized mortgage lending started in Azerbaijan in March 2006 , but in June 2007 due to lack of funds lending was suspended until the summer of 2009. After the resumption of lending to finance the state has become a social mortgage . This year, for the purpose of the budget will be allocated 40 million manat, the same amount as in 2013.
Regular mortgages financed through the issuance of bonds AMF . For these purposes, 2009-2013, Mortgage Fund places seven emissions by AZN 55 million, AZN 75 million, AZN 60 million, AZN 20 million , AZN 30 million, AZN 40 million and AZN 20 million.
AMF agents are 28 local banks. Mortgage loans are issued to citizens of Azerbaijan up to 50,000 manat for up to 25 years at a rate no higher than 8 % per annum. Concessional loans are up to 50 manat for up to 30 years at a rate of 4% per annum. - 15B-
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