PASHA Bank, one of Azerbaijan's largest banks, has underwritten the first bond placement of Embawood through its subsidiary, PASHA Capital. Embawood is a Baku-based furniture manufacturer, which is one of the market leaders in the South Caucasus. This is the first time the bonds of a non-financial company have been listed on the Baku Stock Exchange. Embawood signed the agreement at a press conference on August 21, which was organised together with PASHA Bank and was attended by a range of industry professionals, including company representatives, partner companies of the Listing Consultation Programme (LCP) and brokers.

Embawood issued 10,000 bonds with a par value of 1000 AZN and a coupon rate of 11%. The bonds began trading on the Baku Stock Exchange on August 22.

PASHA Bank's Chief Investment Officer and member of the Board Taleh Kazimov commented: "The first bond issue of a non-financial company on the Baku Stock Exchange marks an important milestone in the development of Azerbaijan's capital markets, and PASHA Bank is delighted to have been part of this process. Azerbaijani companies are increasingly looking towards Azerbaijan's capital markets to raise funds on favourable terms. The funds raised by Embawood through this issue will help the company to implement large-scale projects.

"Embawood's bond issue is the latest in a series of corporate bond issues that PASHA Capital has underwritten. Our success in this area has led to PASHA Bank and PASHA Capital being named ‘Best Investment Bank' and ‘Best Brokerage Company' by EMEA Finance magazine. We are therefore best placed to help Azerbaijani companies to raise capital on the domestic capital markets."