BAKU, Azerbaijan, September 22. Azerbaijan’s total REPO market turnover has been announced to rise to 93%, reaching 21.57 billion manat ($12.69 billion) in the first half of 2026, during the presentation of the “Q2 2026: Review of the Azerbaijani and Global Economy and Capital Markets” bulletin prepared by the Baku Stock Exchange for the second quarter of 2026, Trend’s correspondent reports from the event.
According to the bulletin, REPO turnover in the first half of the year decreased by 30.9% year-on-year. The decline was mainly due to a decrease in the volume of REPO transactions using corporate securities as collateral, from 11.85 billion manat ($6.97 billion) to 0.96 billion manat ($0.56 billion).
At the same time, the turnover of REPO transactions based on government bonds grew from 19.25 billion manat ($11.32 billion) to 19.97 billion manat ($11.75 billion). As a result, government bonds accounted for around 93% of total REPO turnover in the first half of the year. REPO turnover involving Central Bank of Azerbaijan (CBA) notes amounted to 0.62 billion manat ($0.36 billion), while that involving mortgage bonds stood at 0.02 billion manat ($0.1 billion).
In the second quarter of 2026, REPO turnover amounted to 10.81 billion manat ($6.36 billion). This figure edged up from 10.75 billion manat ($6.32 billion) in the first quarter, but decreased by 25.5% compared with the second quarter of 2025. Monthly, turnover increased from 2.78 billion manat ($1.64 billion) in March to 4.07 billion manat ($2.39 billion) in June.
A change was also recorded in the maturity structure of REPO market transactions. Transactions with maturities of four to seven days remained the main segment in the first half of 2026. Their share of total REPO turnover increased from 54.2% in the same period last year to 81.5%. Turnover from these transactions amounted to 17.58 billion manat ($10.34 billion), with 2,580 deals conducted.
In contrast, the share of one-to-three-day REPO transactions fell from 31.6% to 6%, while turnover declined from 9.88 billion manat ($5.81 billion) to 1.29 billion manat ($759 million). Transactions with maturities of eight to 15 days accounted for 10.4% of total turnover, while activity in transactions with maturities exceeding 15 days remained low.
The bulletin also highlighted PASHA Bank’s initial public offering (IPO) on June 19 as another major event in the capital market. It was the first IPO in Azerbaijan’s private sector and the second in the history of the country’s capital market.
The placement raised 51.3 million manat ($30.18 million). The total volume of orders submitted by investors reached 66.30 million manat ($39 million), 1.29 times the offered amount. A total of 17,960 investors participated in the IPO.
In addition, ABB Invest, Troni and PASHA Capital were among the most active brokers of the Baku Stock Exchange in the first half of 2026. “ABB Invest” ranked first in the number of secondary market transactions with 8,560 deals, followed by Troni with 5,059 and PASHA Capital with 1,227. Troni led in the number of market-maker transactions with 5,053 deals. PASHA Capital recorded the highest number of underwriting services, with four.
