Demand for bonds of Azerbaijani Finance Ministry exceeds supply greatly

The Baku Stock Exchange (BSE) held an auction on July 23 for placement of medium-term government bonds of Azerbaijani Finance Ministry for 25 million manats with a maturity of 364 days, Trend reports referring to the BSE.

During the auction, 18 investors filed 28 applications for bonds with a price range of 92.2054 manats (at a yield of 8.5 percent) and 94.53 manats (5.8184 percent).

According to the decision of the Ministry of Finance, the cut-off price of bonds amounted to 94.2804 manats (6.1 percent), and the weighted average price was 94.3461 manats (6.0257 percent). The total volume of orders placed amounted to 25 million manats at a nominal price of 106,820,900.00 manats.

The maturity date of the bonds is July 21, 2020.

Bidders must fulfill their obligations to purchase bonds before July 24, 2019.

(1 USD = 1.7 AZN on July 24)