Converse Bank announces the start of issuance of bonds denominated in Armenian drams and US dollars.
The total value of Armenian dram denominated bonds is a billion, with a 9.75% coupon rate, while the US dollar is 10 million with a 5.5% coupon rate. Both bonds tenure is 36 months and the coupon payment frequency is semiannual.
“Converse Bank has been issuing bonds since 2017, and today we are one of the leading players in the market. We’ve been issuing bonds in Armenian drams, Euros and US dollars. The total outstanding volume is equivalent to 17 billion drams.
We note a high level of demand from both, institutional investors and retail customers, and thus we plan to continue the issuances in order to meet the market needs,” said Grant Akopian, Converse Bank’s Financial Director.
According Mr. Akopian, the bonds are a very attractive and flexible savings tool. Their yield is usually higher compared to the deposits and they can be sold partially anytime accruing the coupon payment.
The placement is scheduled till September, after which, the bonds will be listed on Armenia Stock Securities Exchange (AMX) and will be circulated in the secondary market.
The prospectus and term sheet can be found through this link: https://conversebank.am/hy/2019issue/