The Baku Stock Exchange (BSE) held an auction on the placement of state medium-term bonds of the Azerbaijani Ministry of Finance, Trend reports on July 7 referring to a source in the BSE.

The amount of the bonds was 20 million manat ($11.7 million) and the term of maturity – 728 days.

During the auction, 10 investors filed 19 bids in the price range from 99.08 manat ($58.28) with a yield to maturity (YTM) of 6.5 percent to 101.2 manat ($59.53) with a YTM of 5.35 percent.

In accordance with the decision of the finance ministry, the cut-off price of bonds reached 100 manat ($59) with the YTM of 6 percent, and the weighted average price – 100.16 manat or $58.92 (5.91 percent).

The total amount of applications at nominal prices amounted to nearly 77.67 million manat ($45.69 million) while the volume of placement – 30 million manat ($17.65 million).

The maturity date is July 4, 2023.

The auction participants must fulfill their obligations to purchase bonds till July 7, 2021.

(1 USD = 1.7 AZN on July 7)

Source: TREND News Agency