BAKU, Azerbaijan, Aug.27
By Zeyni Jafarov - Trend:
Azerbaijan’s Embafinance non-bank credit organization (NBCO) placed non-documentary registered interest-bearing unsecured bonds on the auction of the Baku Stock Exchange (BSE) on Aug.26, Trend reports citing the NBCO.
According to the organization, a total of 4,000 bonds with a nominal value of 1,000 manat ($588.2) were issued.
The circulation period of the bonds is three years, and the interest rate on them is 10 percent per annum. The total amount of bids amounted to nearly 4.16 million manat ($2.45), and the bids were filed by seven investors.
In general, the authorized capital of Embafinance reaches 10 million manat ($5.8 million).
The NBCO involved in issuance of various loans has been operating in Azerbaijan since 2012.
Unsecured bonds are debt securities that aren’t by any type of collateral. The fulfillment of obligations under them is supported by the creditworthiness, net assets, and reputation of the issuer.
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