Today, "Bank of Baku" will begin placing on BSE bonds worth 10 million manat.
BSE, placement of unsecured bonds included in the quotation list will be held in the framework of two issues, divided equally.
Circulation period of the first 5 million (5 million bond for each one thousand manat) - 38 months, the second half will be paid after 34 months. The yield on the two emissions - 12%.
Underwriter of both bond issues is LLC
Open Joint Stock Company "Bank of Baku", founded on 14 February 1994 and is one of the first commercial banks of Azerbaijan.
The Bank has 19 branches and more than 500 thousand clients. International rating agency Moody's has assigned a rating to the Bank of B2 with a positive outlook.
Over the past two years the bank's assets increased 2-fold, reaching a size of more than 500 million manats.
The authorized capital is 52.87 million manat (3.4 million shares at 15.55 manats each). Equity capital - 95 million manat. - 17D-
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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