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Azerbaijan Govt Defeats Effort to Inflate Interest Rates

July 27, 2016Bonds, International Securities Identification Number, ISINjay

27 July 2016 Baku, Fineko/abc.az. The Ministry of Finance of Azerbaijan, pursuing the policy of free pricing, has successfully defeated an attempt to inflate the rates on state short-term bonds (T-bills) up to 20%.

The Baku Stock Exchange announced that the Finance Ministry sold manat-denominated T-bills with ISIN-code AZ0102005516. They were offered in the volume of AZN 15 million for the 182-day term. The seven investors submitted the 12 orders for totally AZN 25.2 million.

The investors gave starting from 88.1630 manat (annual yield claim: 27.1492%) up to AZN 97.1150 (6.007%).

Under the Finance Ministry’s decision, the cut-off price was set at the level of AZN 94.8851 (yield: 10.9003%) and weighted average price at AZN 96.2368 (7.9071%). All the offered T-bills were sold.

Simultaneously the Finance Ministry recognized an auction for which it set out T-bills with ISIN-code AZ0104006512 as invalid. The T-bills were offered in the volume of AZN 10 million for the 364-day term.

The five investors submitted the seven orders for totally AZN Baku, Fineko/abc.az. The Ministry of Finance of Azerbaijan, pursuing the policy of free pricing, has has beaten back successfully an attempt to inflate the rates on state short-term bonds (T-bills) up to 20%.

Under the Finance Ministry’s decision, the cut-off price was set at the level of AZN 94.8851 (yield: 10.9003%) and weighted average price at AZN 96.2368 (7.9071%). All the offered T-bills were sold.

Simultaneously the Finance Ministry recognized an auction for which it set out T-bills with ISIN-code AZ0104006512 as invalid. The T-bills were offered in the volume of AZN 10 million for the 364-day term.

Tags: Baku Stock Exchange, ISIN Code, ISIN-code AZ0102005516, Ministry of Finance of Azerbaijan

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