Placing Next Issue of AMF Bonds Started

Today at the Baku Stock Exchange (BSE) began placing of the seventh tranche of the ninth issue of book-entry secured registered coupon bonds of the Azerbaijan Mortgage Fund (AMF) under the Central Bank of AR, totaling 5 million AZN.

According to the information on the website of BSE, the maturity of securities is from 14 September 2015 until 21 November 2024. They were exhibited at a price of 100.5333% of par. Most likely, they will be bought by the CBA, which acts as an organization involved in the initial public offering of bonds.

If the amount of the applications exceeds the offer, they will be satisfied proportionally. Those intending to purchase bonds of the Fund may apply to brokers who have a license for brokering activities.

Recall, in December last year the State Securities Committee registered the ninth issue of covered bonds of the Azerbaijani Mortgage Fund in the amount of 50 million manats, with the nominal value of each of them in 1,000 AZN and with yields of 3% per year. Securities in the amount of 26 million AZN have been redeemed so far.

In March 2006 AMF began to issue mortgage loans. According to this, from the beginning of the AMF activity, more than 706.4 million AZN has been issued, of which the largest volume (97.1 million in 2014 and 112.9 million in 2013) came in the last two years.

Today, 30 local banks of the 43 cooperate with the AMF as authorized partners. In addition, 21 (out of 27) insurance companies are involved in the mortgage market by providing insurance services. --17D-

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