TODAY.AZ / Business

Azerbaijani AccessBank issues bonds with 9% annual rate

11 June 2014 [11:00] - TODAY.AZ
Azerbaijan's State Committee for Securities (SCS) registered the issue prospectus of interest-bearing book-entry registered unsecured bonds of AccessBank CJSC.

The issue volume is 10,000,000 AZN, according to a message form the Baku Stock Exchange (BSE).

Some 10,000 bonds at par value of 1,000 AZN have been issued as part of the emission.

The annual rate of bonds will be nine percent, with a turnover period of one year, starting from the date of placement of this issue's first bond.

Coupon payment period is every three months. The deal's underwriter is the Pasha Capital LLC.

AccessBank was established to render financial services to Azerbaijani families, as well as micro- and small entrepreneurs.

The bank is a 100-percent property of six international financial institutions: European Bank for Reconstruction and Development, International Finance Corporation, Black Sea Trade and Development Bank, German KfW Development Bank (each of them owns 20 percent), AccessHolding, which is engaged in microfinance area as a strategic investor (16.53 percent), and the German LFS Financial Systems GmbH (3.47 percent).



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