The Baku Stock Exchange (BSE) held an auction on the placement of long-term state bonds of the Azerbaijani Ministry of Finance, AzVision.az reports citing the BSE.
According to the BSE, the amount of the bonds was 10 million manat ($5.8 million) and the term of maturity – 2,548 days.
During the auction, 15 investors filed 24 bids in the price range from 82.44 manat ($48.49) with a yield to maturity (YTM) of 12.3 percent to 101.57 manat ($59.75) with the YTM of 8.2 percent.
In accordance with the decision of the finance ministry, the cut-off price of bonds reached 100.156 manat ($58.92) with the YTM of 8.47 percent, and the weighted average price – 100.457 manat or $59.09 (8.41 percent).
The total amount of applications at nominal prices amounted to 54.5 million manat ($32.06 million) while the value of placement – 15 million manat ($8.8 million) which shows an excess of demand over supply by almost four times.