Unibank issues foreign exchange bonds for the first time ever

The issue parcel is worth $5 mn. The par value per bond (all issued for 1 year) equals $1000. The bonds will carry the interest at the rate of 13.8% annually.

UniBank is active dealing in all kinds of securities including the T-bills, the notes of the National Bank of Azerbaijan, and bonds and shares of corporate issuers currently. The fact that we hold the brokerage and the dealing licences enables the Bank to provide the underwriting and brokering services as well.

In this respect, the issue by UniBank of its own bonds would not only serve to broaden the range of our services but also inject more energy in our operations in the national stock market, says Mamedali Teymurov, Manager of the Treasury with UniBank.

UniBank has issued its bonds three times before; this, however, is the first occasion on which the Bank will issue its foreign exchange bonds.

The first corporate bonds of the Bank were issued within the frameworks of the TACIS Programme of Development of the Stock Market of Azerbaijan on 26 January 2004.

That made UniBank the first bank to issue its corporate bonds in Azerbaijan. That parcel was worth AZM 5 bn in the aggregate. Later the same year, UniBank issued two bond parcels more worth AZM 10 bn and AZM 5 bn, APA reports.