PASHA Bank, a leading corporate bank in Azerbaijan, has acted as the underwriter and market maker for placing the JSC Bank of Baku bonds. The total volume of the issue was AZN 10 million with a maturity of fiduciary issue of 3 years, and a coupon rate (yield on bonds) of 12% per annum with quarterly interest payments. A total of 10,000 bonds at par value of AZN 1,000 were issued as part of the transaction. JSC Bank of Baku placed its bonds on Baku Stock Exchange by way of public offering with the assistance from PASHA Capital.

Chief Investment Officer and a member of the Board of PASHA Bank Taleh Kazimov commented:

"This is the second time when our bank placed bonds of another bank in the local market, and the seventh placement of corporate bonds underwritten and managed by us in less than a year and a half. PASHA Bank aims to strengthen its own position as a professional market player through the arrangement of new deals. We believe that this ambition will also have a positive effect on the development of the securities market overall. I would like to thank the teams of both banks for the work they have completed and congratulate JSC Bank of Baku with the successful placement."

Zaur Qaraisayev, Deputy Chairman of the Board, JSC Bank of Baku, commented:

"This bond issue totaling AZN 10 million is a bold step towards balancing the assets and funds of the deposits of financial institutions. The bond with the three years maturity is the first securities transaction undertaken in partnership with PASHA Bank. We have benefited from the support and expertise of PASHA Bank, one of the leading investment banks in Azerbaijan, and we hope this transaction is the beginning of a long and fruitful relationship between our banks."