12:04 - 22.09.2026

---

September 22, Fineko/abc.az. In the 1st half of 2026, the total volume of debt securities in circulation in Azerbaijan amounted to 10.06 billion manats.

This is stated in the bulletin of the Baku Stock Exchange (BFB) "Q2 2026: Overview of the economy & capital markets of Azerbaijan and the world".

At the end of the reporting period, the government securities in circulation amounted to 4.97 billion manats against 5.32 billion manats at the beginning of the year. Despite the decline, government securities retained the largest share among debt instruments.

The volume of mortgage-backed bonds increased up to 3.44 billion manats, and bonds of state-owned enterprises up to 980 million manats. The volume of corporate bonds reached 670 million manats and remained stable overall.

About half of the debt instruments in circulation have maturity of more than five years, which is primarily due to the long-term nature of mortgage-backed bonds. Instruments with maturity of less than a year are mainly represented by Central Bank notes.

In the 1st half of the year, 28 bond issues were placed, compared to 27 ones for the same period in 2025. The activity of issuers from state-owned enterprises and the corporate sector also increased slightly.

The volume of corporate and state enterprises’ bond placements amounted to 85.8 million manats, of which 55.8 million manats were held by corporate issuers and 30 million manats by state enterprises. Nearly 90% of the placements were in the financial sector, with non-bank financial organizations taking the largest share within it.

In the 2nd quarter, the volume of placements increased from 35 million to 41 million manats. The main growth occurred in bonds with a coupon rate below 11%: their volume increased from 8 million up to 29 million manats, accounting for about 71% of the volume of placements in the second quarter. The placement of bonds with a coupon of 11-14% decreased sharply, and bonds with a coupon above 14% also recorded a decrease.

Thus, in the first half of the year, the structure of the debt instruments market remained focused on longer-term securities, and in the second quarter, the volume of bond placements with a coupon below 11% increased significantly.

 

By Elmir Muradov