TODAY.AZ / Business

Akkord Corporation successfully placed 50 million manat worth corporate bonds of second issue

04 February 2014 [11:30] - TODAY.AZ
Akkord Corporation’s second issue of corporate bonds worth 50.000.000 (fifty million) manat was registered by the State Committee for Securities of Azerbaijan Republic on November 4, 2013. The nominal value of an issued bond is 1000 (one thousand) manat. Totally 50,000 (fifty thousand) bonds have been issued with a maturity of 3 years and a coupon rate (yield on bonds) of 11.75% per annum.

15 000 (fifteen thousands) of Akkord Corporation’s corporate bonds, which were placed on Baku Stock Exchange by way of public offering, has been purchased by AtaBank OJSC and while 35 000 (thirty five thousands) bonds – by “The International Bank of Azerbaijan” OJSC.

Thus, Akkord Corporation’s second issue of corporate bonds with a maturity of 3 years has been fully placed. “The International Bank of Azerbaijan” OJSC acted as a market-maker.

It should be noted that the first issue of Akkord Corporation’s corporate bonds was carried out in 2010. Totally 50,000 (fifty thousand) bonds have been issued with a coupon rate (yield on bonds) of 12.5% per annum. The nominal value of an issued bond was 1000 (one thousand) manat, the total nominal value of all bonds is 50,000,000 (fifty million) manat.

The first bond issue had been successfully placed, and Akkord Corporation fully and timely repaid the issued bonds with a maturity of 3 (three) years in November 2013.
URL: http://www.today.az/news/business/130585.html

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