As part of the placement of the second tranche of the ninth issue of interest-bearing secured registered bonds worth 5 million manats, a member of the stock exchange filed a claim on the same amount, the message said. The claim was submitted at the price of 100.65 percent of par value.
In December 2014, The State Committee for Securities of Azerbaijan Republic (SCS) registered an emission of interest-bearing, book-entry, secured, registered bonds of the Azerbaijan Mortgage Fund (AMF) under the Central Bank of Azerbaijan, in the amount of 50 million manats with par value of 1,000 manats each and 3 percent profitability.
The proceeds from the mortgage bonds placement are directed to finance conventional mortgage.
Currently, the maximum amount of a common mortgage loan through the AMF is 50,000 manats at a rate of 8 percent with a payback period of 25 years. Terms under the social mortgage are 50,000 manats at an annual rate of 4 percent with a payback period of 30 years. The initial payment under a social mortgage is 15 percent, whilst a conventional loan is 20 percent.
AMF was established December 2005 and began to issue mortgage loans in March 2006. In total, since the beginning of funding, AMF granted mortgage loans worth 651.5 million manats, including 87.15 million manats in 2014, 112.9 million manats in 2013, 74.77 million manats in 2012, 95.64 million manats in 2011, 97.08 million manats in 2010, 76.9 million manats in 2009, 70.2 million manats in 2007, 5.6 million manats in 2006.
At present, the authorized banks of the Mortgage Fund are 30 banks [some 45 banks operate in the country].
Some 21 insurance companies [their total number is 27] and 16 appraisal organizations are the participants of the mortgage market.
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