On 3 July, 2013, PASHA Bank, through "PASHA Capital" LLC, arranged the inaugural bond issue of the non-banking credit organisation, "FINCA Azerbaijan". The State Committee for Securities registered 10,000 bonds totalling AZN 10 million, each with a nominal value of AZN 1,000 and a maturity of three years. The bonds are traded on the Baku Stock Exchange.

"PASHA Capital" LLC has placed the bonds of FINCA Azerbaijan with institutional investors and will also provide daily secondary market liquidity. Taleh Kazimov, CIO and Board Member of PASHA Bank noted: "This is the first public issue by an Azerbaijani microfinance institution, and PASHA Bank is pleased to provide the development finance community with access to the local capital markets. Taking into consideration that FINCA Azerbaijan is the largest and oldest non-business credit organisation in the country, this issue marks an important milestone in PASHA Bank's contribution to the development of Azerbaijan's microfinance sector."

The bond proceeds will be used to fund the growing business loan portfolio of FINCA Azerbaijan, which, as of June 30, 2013, exceeded AZN 140 million. Loans have mainly been granted to micro and small entrepreneurs in rural communities. Chief Financial Officer of FINCA Azerbaijan, Marco de Natale, commented: "This landmark transaction diversifies our funding sources, while providing a significant amount of local currency to support our outreach. It also enhances FINCA's brand in the capital markets."