The demand at the auction exceeded the supply by 1.6 times - the banks applied for 475.865 million manats, the BSE said.
The notes placed at the auction amounted to 300 million manats.
The deadline for payment on notes is Jan. 30, 2019.
The short-term notes are an instrument of monetary and credit policy for regulating the money stock in circulation. Only banks can acquire notes.
(1 USD = 1.7 AZN on Jan. 3.)