Conversebank issues 1.5bln AMD bonds
11.12.2008,
23:12
Conversebank (Armenia) is issuing nominal medium-term coupon bonds to the amount of 1.5bln AMD, Ararat Ghukasyan, CEO, stated at the presentation of the bonds today.
YEREVAN, December 11. /ARKA/. Conversebank (Armenia) is issuing nominal medium-term coupon bonds to the amount of 1.5bln AMD, Ararat Ghukasyan, CEO, stated at the presentation of the bonds today.
He pointed out that the bank issued 50,000 bonds, the nominal value of one bond being 30,000 AMD and bond turnover three years. The annual yield is 10.64%, with quarterly coupon payments to be effected.
“The bonds will be placed in five tranches, with the first, 300mln AMD, to be placed December 16 2008 through January 14 2009,” Ghukasyan said.
He pointed out that this year has been successful for the bank. Specifically, the bank has implemented all the planned programs, particularly enlarged investments in the country’s economy, attracted new clients and consolidated its market positions.
Ghukasyan said that the bank had to consolidate its achievements by presenting a new instrument, namely, new long-term bonds.
“It is for the first time that the placement of bonds in Armenia means a program offer for such a long period, three years, which is attractive to prospective investors as allowing them to make long-term investments,” Ghukasyan said.
According to him, a program issue by means of five tranches will ensure the circulation of bonds on the secondary market. The Capital Asset Management Company is underwriter of the issue.
Tigran Karapetyan, Director of Capital Asset Management, pointed out that the bonds will be listed on exchange for their circulation on the secondary market to be ensured.
“As underwriter we are ready to ensure the circulation on the secondary market and plan daily listing of the bonds and guaranteed purchase and sale,” Karapetyan said.
The Conversebank CJSC was incorporated on December 20, 1993. Eduardo Eurnekian, an Argentina-based Armenian businessman, became holder of 95% of Conversebank shares, with the rest 5% being held by the Armenian Apostolic Church. As of October 31, the bank’s total capital reached 13bln AMD, assets 63.9bln AMD and liabilities 50.9bln AMD.
According to the information at ARKA’s disposal, at the end of the 3rd quarter of 2008 Conversebank registered the sixth largest assets, customer crediting volume, liabilities and total capital, as well as the 3rd largest amount of deposits attracted from individuals and legal entities. The bank also registered the 5th largest profits this January-September.
Conversebank is currently rendering services by means of the following international payment systems: Migom, Contact, Blizko, InterExpress, Leader, Allure and Gold Crown.
The bank has 25 branches, with eight of them in Yerevan. –0--
He pointed out that the bank issued 50,000 bonds, the nominal value of one bond being 30,000 AMD and bond turnover three years. The annual yield is 10.64%, with quarterly coupon payments to be effected.
“The bonds will be placed in five tranches, with the first, 300mln AMD, to be placed December 16 2008 through January 14 2009,” Ghukasyan said.
He pointed out that this year has been successful for the bank. Specifically, the bank has implemented all the planned programs, particularly enlarged investments in the country’s economy, attracted new clients and consolidated its market positions.
Ghukasyan said that the bank had to consolidate its achievements by presenting a new instrument, namely, new long-term bonds.
“It is for the first time that the placement of bonds in Armenia means a program offer for such a long period, three years, which is attractive to prospective investors as allowing them to make long-term investments,” Ghukasyan said.
According to him, a program issue by means of five tranches will ensure the circulation of bonds on the secondary market. The Capital Asset Management Company is underwriter of the issue.
Tigran Karapetyan, Director of Capital Asset Management, pointed out that the bonds will be listed on exchange for their circulation on the secondary market to be ensured.
“As underwriter we are ready to ensure the circulation on the secondary market and plan daily listing of the bonds and guaranteed purchase and sale,” Karapetyan said.
The Conversebank CJSC was incorporated on December 20, 1993. Eduardo Eurnekian, an Argentina-based Armenian businessman, became holder of 95% of Conversebank shares, with the rest 5% being held by the Armenian Apostolic Church. As of October 31, the bank’s total capital reached 13bln AMD, assets 63.9bln AMD and liabilities 50.9bln AMD.
According to the information at ARKA’s disposal, at the end of the 3rd quarter of 2008 Conversebank registered the sixth largest assets, customer crediting volume, liabilities and total capital, as well as the 3rd largest amount of deposits attracted from individuals and legal entities. The bank also registered the 5th largest profits this January-September.
Conversebank is currently rendering services by means of the following international payment systems: Migom, Contact, Blizko, InterExpress, Leader, Allure and Gold Crown.
The bank has 25 branches, with eight of them in Yerevan. –0--
