Azerbaijan Mortgage Fund (AMF) is to auction bonds worth 5 million manat.
According to the official report, it is the seventh accommodation such securities in the eighth issue. The total volume of applications submitted was 6.04 million manat. Placed on the auction entire volume of bonds - 5 million manat auctioned.
According to the AMF, the auction was attended by two investors. In general, in February - June 2014 Mortgage Fund under the 8th issue of bonds posted 35 million manat.
The State Securities Committee of Azerbaijan in January 2014 registered prospectus of the eighth AMF bond issue for AZN 40 million. Emission is divided into 40,000 secured bonds denominated in 1,000 manat per security, maturity bonds is 3,600 days, the rate is 3% per annum, interest payments will be carried out every 180 days.
As previously reported, in 2009-2013, AMF within seven issues posted bonds totaling 300 million manats. AMF mortgage lending began in March 2006. Issuance of social mortgage in Azerbaijan began in 2007 and lasted for 6 months.
The Fund from June 1, 2009 has resumed the process of mortgage loans on commercial terms through 28 agent banks. At the same commercial terms mortgages issued by funds raised by the fund from issuing their own bonds.
Mortgage loans on commercial terms are issued in manats and only to Azerbaijani citizens. Loans are granted for a period of 3 to 25 years, the maximum loan must not exceed 50 thousand manats, the loan is granted at a rate of no more than 8 % per annum.
Financed from the state budget is only social mortgage. Its maximum size is 50,000 manat and the rate is not more than 4% per annum. - 17D-
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