Converse Bank has completed the placement of the second tranche of its dollar bonds

29.11.2017 20:10
Converse Bank has completed the placement of the second tranche of its dollar bonds

YEREVAN, November 29. /ARKA/. The Yerevan-based Converse Bank said its second tranche of $4 million dollar bond issuance has been allocated before the deadline. According to a Bank’s press release, the corporate bonds have 24 months maturity, semiannual coupon payment frequency and 5.25% coupon yield per USD 100 face value.

“This is already the third successful placement of Converse Bank’s debt. The total amount of issued debt is 10 million dollars and 1 billion Armenian drams. In 2018, bank plans to continue issuing bonds but with longer maturity, which will be offered to foreign investors as well”, said Grant Akopian, Converse Bank’s Financial Director, adding that with this placement Converse Bank already has a solid position among the leading bond issuers in the local market.

Shortly the bonds will be listed on NASDAQ OMX Armenia’s ABond corporate bonds platform to be traded on the secondary market.

The first tranche of the Bank’s two-year bonds (with total face value of USD 6 million and 5.75% coupon yield) was placed in May. As of November 24, bid and ask quotes for those bonds at the secondary market were 5.31% and 5.00% respectively (ticker COVSB2), which means that the holders could earn additional income.

The corporate bonds are guaranteed by the Deposit Insurance Fund to the amount of guaranteed deposits.
Converse Bank CJSC’s shareholders are Advanced Global Investments LLC (80,94%), HayPost Trust Management B.V. Company (14.06%), the final beneficiary of which is Argentine businessman of Armenian origin Eduardo Eurnekian, and the Armenian Apostolic Church (5%).

The Bank provides full range of banking services: lending, deposits, payment cards, investment and custodian services, remote services, online payments, etc. As of 30.09.2017, the Bank’s assets amounted to AMD 233,429,144 thousand, the liabilities to AMD 198,660,662 thousand, and the total capital to AMD 34,768,482 thousand. -0-


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