Azerbaijan’s securities market expanded sharply in the first nine months of 2025, with total transaction volume rising by nearly 35 percent year-on-year to 51.3 billion manats, according to data released by the Central Bank of Azerbaijan (CBA).
Market Growth Driven by Secondary Trading
The secondary market accounted for the bulk of activity, reaching 45.6 billion manats, a 41.9 percent increase compared to the same period last year.
In contrast, the primary market saw a slight decline, totaling 5.7 billion manats, or 5.2 percent less than a year earlier.
The report highlights a shift toward active trading of existing securities, signaling deeper liquidity and investor participation in the secondary market.
Fewer Deals, Higher Volumes
Despite the surge in total value, the number of transactions fell by 61.4 percent year-on-year to 23,581.
Of these, 2,948 deals were recorded on the primary market – 17 times fewer than last year – while 20,633 transactions took place on the secondary market, more than doubling in number.
Corporate Bonds Lead the Way
Between January and September, corporate securities dominated market activity, accounting for 74.4 percent of all transactions (17,534 deals).
Government securities made up 4.1 percent (973 transactions), while repo operations represented 21.5 percent (5,074 transactions).
In annual terms, the number of transactions declined across all segments – by 54 percent in government bonds, 66.5 percent in corporate securities, and 23.1 percent in repo operations.
Analysts See Signs of Market Maturity
Economists say the growth in total trading volume, despite fewer deals, reflects larger institutional transactions and increased investor confidence in the local capital market.
The ongoing development of corporate debt instruments and repurchase agreements is also seen as a sign of Azerbaijan’s financial sector modernization, as Baku continues efforts to strengthen non-oil investment channels and improve capital market infrastructure.
