Azerbaijan's finance ministry auctions government bonds
By Trend
An auction for the placement of state medium-term bonds of the Ministry of Finance of Azerbaijan in the amount of 10 million manat ($5.8 million) with a circulation period of 1,820 days was held on the Baku Stock Exchange (BSE), Trend reports, referring to the Exchange.
According to the BSE, during the auction, 12 investors submitted 20 bids in the price range from 95.9 manat ($56.4) or 7.5 percent, to 102.3 manat ($60.1) or 5.97 percent.
According to the decision of the Ministry of Finance, the cut-off price of the bonds and the weighted average price were determined at the level of 102.2 manat ($60.1) or 5.97 percent. The total amount of applications at nominal prices was about 64.5 million manat ($37.9 million), and the volume of placement was 15 million manat ($8.8 million), which indicates that demand exceeded supply by more than four times.