12.12.2017 18:44
YEREVAN, December 12. /ARKA/. Armenian Araratbank has underwritten today covered mortgage bonds issued earlier by the First Mortgage Company to the tune of 100 million drams and USD 500,000 through Nasdaq OMX Armenia stock exchange.
It said the face value of dram-denominated bonds is 10,000 drams and the face value of USD-denominated bonds is USD 25. The maturity period of both bonds is 24 months. Coupon payments are due every three months. The bonds are covered with 153 million drams outstanding balance and 365 million drams outstanding balance respectively as of November 1, 2017.
The bank said this is a new tool for the Armenian capital market. It said also that the investments in bonds are covered not only by the obligations of the issuer, but also by a pool of mortgages originated by the issuer, which together with the bond prospectus were registered at the Central bank of Armenia. The bonds were issued in accordance with the Law on Covered Mortgage Bonds.
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