The Baku Stock Exchange (BSE) hosted an auction on the placement of government bonds of the Ministry of Finance of Azerbaijan for a total of 50 million manat ($29.4 million) on March 15, 2022, Trend reports citing the BSE.

Bonds with a circulation period of 1,820 days have been put up for auction.

According to the BSE, during the auction 11 investors submitted 17 in the price range from 74.2396 manat, or $43.69 (12 percent) to 97.8399 manat, or $57.58 (5.5 percent).

According to the decision of the Ministry of Finance, the cut-off price and the average weighted price of government bonds were set at 97.8399 manat, or $57.58 (5.5 percent).

The total amount of proposals at nominal prices amounted to 166.516 million manat ($98 million), while the placement volume totaled 31.990 million manat ($18.8 million). Therefore, this indicated that demand exceeded supply by more than five-fold.

The maturity date of the bonds is March 9, 2027.

Source: TREND News Agency