![PASHA Bank placed bonds Bank of Baku to the tune of 10 million AZN](https://turan.az/resized/750/500/resize/media/2012/main/121800021844.jpg)
PASHA Bank placed bonds Bank of Baku to the tune of 10 million AZN
One of the leading corporate banks in Azerbaijan - PASHA Bank - acted as an underwriter and market maker of the bond placement JSC Bank of Baku. The total amount of the issue amounted to AZN 10 million, the maturity of unsecured securities - 3 years, coupon rate - 12% per annum with quarterly interest payment period. In all there were 10 000 bonds with a nominal value of 1 000 manats per unit. Placement of bonds of Bank of Baku at the Baku Stock Exchange (BSE) held with the participation of PASHA Capital by public subscription.
According to member of the Board of PASHA Bank, chief investment officer (CIO) Taleh Kazimov, this is the second case in the local market, when our bank places other bonds. "Also, it is the 7th in a row placing our bonds of companies in less than 1.5 years. PASHA Bank aims to strengthen its own position as a professional market, organizing issues new issuers. This in turn has a positive effect on the development of the securities market. I want to thank the team of both banks for their work, as well as to congratulate JSC Bank of Baku with the successful deployment," said T. Kazimov.
For his part, Deputy Chairman of Bank of Baku Zaur Garaisaev said that he represents the bank is actively working to diversify the portfolio of funds. "The issue of bonds in the amount of AZN 10 million is one of the steps to create a balance between retail deposits and borrowed funds from financial institutions. It should be noted that the term of the bonds - 3 years, which is long enough for our market, where such a term can be involved, in general, only deposits of individuals. This issue is the first operation of the securities market between JSC Bank of Baku and PASHA Bank. We are pleased to high trust placed in our bank by one of the leading investment banks in Azerbaijan. In turn, I want to thank the whole team of PASHA Bank for work done on a highly professional level. I am confident that this operation will ensure a successful future relationship between our organizations,"- concluded Z. Garaisaev.
Recall that last year PASHA Bank issued corporate bonds of 4 emitters in the equivalent of 70 million AZN. As noted by T. Kazimov, June 25, 2012 was paid off the first issue of bonds issued UniLeasing Company in the amount of AZN 5 million for a period of 1.5 years, and before November 21 - year paper of the same issuer in the same amount. "Then the June paper was re-released under the same conditions and is currently listed PASHA Bank on a daily basis. All of the quotations on the bonds, which are acted by PASHA Bank in the market, you can follow through the terminals Bloomberg, Reuters, and on the site of BSE," said T. Kazimov.
Also in mid-2012 PASHA Bank successfully acted as co-manager of Eurobonds totaling $ 150 million of Baghlan Group, which was the first in the case of the Azerbaijani banking market performance of a private bank as co-manager in a large international bond issues. The results of PASHA Bank in the investment direction are highly appreciated the professional community, which is why the Bank was honored with prestigious international financial magazine EMEA Finance in the "Best Investment Bank of Azerbaijan." -15D -
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