BAKU, Azerbaijan, September
22. Azerbaijan’s total REPO market turnover has
been announced to rise to 93%, reaching 21.57 billion manat ($12.69
billion) in the first half of 2026, during the presentation of the
“Q2 2026: Review of the Azerbaijani and Global Economy and Capital
Markets” bulletin prepared by the Baku Stock Exchange for the
second quarter of 2026, Trend’s correspondent reports from the event.


According to the bulletin, REPO turnover in the first half of
the year decreased by 30.9% year-on-year. The decline was mainly
due to a decrease in the volume of REPO transactions using
corporate securities as collateral, from 11.85 billion manat ($6.97
billion) to 0.96 billion manat ($0.56 billion).


At the same time, the turnover of REPO transactions based on
government bonds grew from 19.25 billion manat ($11.32 billion) to
19.97 billion manat ($11.75 billion). As a result, government bonds
accounted for around 93% of total REPO turnover in the first half
of the year. REPO turnover involving Central Bank of Azerbaijan
(CBA) notes amounted to 0.62 billion manat ($0.36 billion), while
that involving mortgage bonds stood at 0.02 billion manat ($0.1
billion).


In the second quarter of 2026, REPO turnover amounted to 10.81
billion manat ($6.36 billion). This figure edged up from 10.75
billion manat ($6.32 billion) in the first quarter, but decreased
by 25.5% compared with the second quarter of 2025. Monthly,
turnover increased from 2.78 billion manat ($1.64 billion) in March
to 4.07 billion manat ($2.39 billion) in June.


A change was also recorded in the maturity structure of REPO
market transactions. Transactions with maturities of four to seven
days remained the main segment in the first half of 2026. Their
share of total REPO turnover increased from 54.2% in the same
period last year to 81.5%. Turnover from these transactions
amounted to 17.58 billion manat ($10.34 billion), with 2,580 deals
conducted.







In contrast, the share of one-to-three-day REPO transactions
fell from 31.6% to 6%, while turnover declined from 9.88 billion
manat ($5.81 billion) to 1.29 billion manat ($759 million).
Transactions with maturities of eight to 15 days accounted for
10.4% of total turnover, while activity in transactions with
maturities exceeding 15 days remained low.


The bulletin also highlighted PASHA Bank’s initial public
offering (IPO) on June 19 as another major event in the capital
market. It was the first IPO in Azerbaijan’s private sector and the
second in the history of the country’s capital market.


The placement raised 51.3 million manat ($30.18 million). The
total volume of orders submitted by investors reached 66.30 million
manat ($39 million), 1.29 times the offered amount. A total of
17,960 investors participated in the IPO.


In addition, ABB Invest, Troni and PASHA Capital were among the
most active brokers of the Baku Stock Exchange in the first half of
2026. “ABB Invest” ranked first in the number of secondary market
transactions with 8,560 deals, followed by Troni with 5,059 and
PASHA Capital with 1,227. Troni led in the number of market-maker
transactions with 5,053 deals. PASHA Capital recorded the highest
number of underwriting services, with four.