Azerbaijani mortgage fund to auction manat bonds

An auction for placement of registered interest-bearing mortgage bonds of the Azerbaijan Mortgage and Credit Guarantee Fund, worth 20 million manats, will be held at the Baku Stock Exchange (BSE) Oct. 11, the Fund said in a message on Oct. 10.

The nominal value of each bond is 1,000 manats. The bonds will be put up for sale at the price of 1,000 manats and at an annual rate of 3 percent.

The turnover of bonds is 23 years.

Interest income will be paid every six months.

PSG Kapital is the underwriter of the placement.

(1.7 manats = $1 on Oct. 10)