Another batch of AMF securities implemented with traditionally high demand

The next auction of bonds of the Azerbaijan Mortgage Fund (AMF) in the amount of AZN 5 million held at the BSE .

At the auction were exhibited securities for AZN 5 million and the demand for them by four investors made AZN 51.1 million. According to the exchange, ten-year bonds were offered for sale at the current price of 100.6333 %. The entire amount of bonds for the auction was placed fully.

The 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 1,000 manats, the interest rate of 3% per annum , maturity date - December 21, 2023 year. Thus, exactly half 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, in 2009-2013, Mortgage Fund placed seven emissions at 55 million manat, AZN 75 million, AZN 60 million, AZN 20 million, AZN 30 million, AZN 40 million and AZN 20 million each.

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. Concession loans are up to 50 manat for up to 30 years at a rate of 4% per annum. – 15B –