The placement of the first tranche of the seventh emission of interest-bearing registered secured bonds of Azerbaijan Mortgage Fund (AMF) will start at the Baku Stock Exchange (BSE) on 14 October 2013, BSE reported.
The volume of offering will be 5,000,000 manats and par value of each bond is 1,000 manats. The bonds will be offered at price of 100 percent of par value. The bonds will mature in 10 years.
The Central Bank of Azerbaijan is the initial organizer of bonds' placement.
In case the orders exceed offering, all of the orders will be filled proportionally.
Persons wishing to purchase bonds of the fund may apply to the BSE member organizations, having license for brokering activity.
On September 30, the State Securities Committee (SSC) of Azerbaijan registered the issue of mortgage bonds worth 20 million manats.
The funds from the placement of mortgage bonds are directed to financing conventional mortgages.
The AMF was founded in December 2005 and began to issue mortgage loans in Azerbaijan in March 2006.
Currently, AMF's authorized banks are 28 banks, 21 insurance companies and 11 appraisal organizations.