Friday, June 17 2011 17:27

ARARATBANK plans to spend money earned from placement of its fourth bond issue on micro-crediting


ArmInfo. ARARATBANK is planning to spend the money earned from the placement of its fourth bond issue on micro-crediting, Deputy CEO of ARARATBANK David Harutyunyan said during a press-conference today.

He said that the money earned from the previous issues has also been spent on micro-crediting. "As one of the most active micro-creditors, ARARATBANK uses the relevant technologies of EBRD. Today, our micro-credit portfolio totals 8bln AMD," Harutyunyan said.

He said that mostly market players show interest in the bonds.

The issue is scheduled for June 20. The annual yield is 12%. Some 25,000 2-year bonds will be issued each worth 10,000 AMD with coupon payments to be made on a quarterly basis. The market-maker and under-writer of the bonds will be Renesa investment company. After being registered by NASDAQ OMX Armenia the bonds will be included in its Bbond list.

The amount of NASDAQ OMX Armenia transactions with ARARATBANK's first issue bonds (2007) totalled 405mln AMD, the second issue bonds (2008) - 265mln AMD, the third issue bonds (2009) - 91mln AMD. The first issue totalled 250mln AMD, annual yield was 8%, circulation period - 1 year, the bonds were placed in May 2007 (25,000 each worth 10,000 AMD). The second issue totalled 400mln AMD, annual yield was 9%, circulation period - 1.5 years, placed in June 2008 (40,000 each worth 10,000 AMD). The third issue totalled 250mln AMD, annual yield was 10%, circulation period - 1.5 years, placed in Dec 2009 (25,000 each worth 10,000 AMD). The coupon repayments were made on a quarterly basis. The issues were listed as Bbond and given the following code names: ARBKB1, ARBKB2 and ARBKB3. The money earned from the primary placement of the bonds was spent on SME lending.

The majority shareholders of ARARATBANK are Flash company, one of the biggest oil traders in Armenia, (74.1%) and EBRD (25%+1). Apr 1 2011 the bank's capital totalled 10.8bln AMD, assets - 69.9bln AMD, loan book - 31.1bln AMD.
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