Demand for Azerbaijan Mortgage Fund's third tranche of bonds of fifth issue ...
18.05.12
Baku, Fineko/abc.az. Today the Azerbaijan Mortgage Fund under the Central Bank has continued successfully placing of book-entry, secured, registered bonds of the fifth issue – the demand for their third tranche exceeded supply 10.9 fold.
The Baku Stock Exchange reports that on 24 April the four investors submitted the orders for AZN 32.663 million for purchase of the 3 nd tranche of the 5th issue of the Funds bonds for AZN 3 million. The selling price of bonds made 100.3333% of nominal which is AZN 1,000. As a result, the 2nd tranche was placed fully. The placement of the Fund’s fifth bonds issue started on 15 March when their first tranche (AZN 2 million) was placed fully and continued on 2 April ( second tranche for AZN 3 million). As a result, the overall placement of the fifth bonds issue still totals AZN 8 million or 26.7%.
The AMF fifth bonds issue prospectus was registered by the State Securities Committee on 16 January under number AZ200500868. The overall issue volume of bonds is AZN 30 million with interest rate of 3% per annum. Their circulation period is 3,600 days with payments on them every 180 days (20 payments). The redemption is scheduled for 22 January 2022. They will be secured by mortgage papers for AZN 36,022,278.44.
Source: Azerbaijan Business Center
Feds eye retirement-fund tax to cut $16 trillion-plus deficit
18.05.12
Uncle Sam, in a desperate attempt to fix its $16 trillion-plus deficit, is leering over Americans’ retirement nest egg as its new bailout fund. Capitol Hill politicians are assessing tax changes that could let the Internal Revenue Service lay claim to a portion of the $18 trillion sitting in 401(k) accounts and other tax breaks used by middle-class workers, including cutting the mortgage tax deduction.
A commission looking for ways to close the deficit, and, noting the extent of 401(k) tax breaks, recommends an examination of the system as one way to prevent government bankruptcy.
Besides 401(k)s, other possibilities include the mortgage-interest deduction on second homes, as well as benefits from employer-provided health insurance, which are untaxed now. Under current 401(k) rules, total employee/employer contributions can’t exceed $50,000. In the proposed rule change, employer/employee contributions would be limited to 20 percent of the employee’s compensation, with a maximum of $20,000, the so-called 20/20 proposal.
Source: Bent County Democrat