City Finance for the development of the credit portfolio borrows securities market half a million manats

Non-bank credit organization City Finance its debut bond issue of 500 thousand manats.

Corresponding prospectus 500 units registered uncertified interest unsecured bonds in denominations of 1 AZN has been registered in the State Securities Committee.

According to the prospectus of securities circulation period is two calendar years , and yield - 11 %. Accommodation bonds begin after 5 days from the date of publication of data on the prospectus and close no later than 180 days. Underwriter of the bonds will perform Invest-AZ.

Borrowed funds used to finance business carried on by him credit activity.

City Finance passed state registration in October 2013 with a registered capital of 300 thousand manats. Shareholders are three individuals including Ramiz Eyvazov (50% equity), Vugar Demir (25%) and Emin Magsudov (25%) who is also its director.

As determined by Turan, of 36 registered in Azerbaijan non-bank lending agencies the securities market was joined only by 7 companies. From the top three, according to (in terms of assets and loan portfolio) Turan, only Finca Azerbaijan and TBC Credit made emissions. Three-year papers of Finca in the amount of AZN 10 million were placed with a yield of 11.5 %. Yields on one-year bonds of TBC Credit totaling 2 million manat were equal to 7 percent. Also emissions were implemented by Visa Credit ( volume - 500,000 AZN, maturity - 5 years , yield - 12 %), Omni Finance ( 500,000 AZN , 1 year , 12 %), Credit House ( 1 million AZN, 2 years , 8 %), Invest Credit (300,000 AZN , 1 year, 12 %), and Brand Credit ( AZN 1 million , 3 years, 14%). -15B-
 

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