ArmInfo.Converse Bank redeemed 2 tranches of USD (AMCOVSB2BER5) and AMD (AMCOVSB2AER7) bonds in the amount of USD 5 million and AMD 1 billion, making coupon payments for a total of AMD 100 million. This is noted in the message of the Bank.
These two tranches of bonds were placed in 2019 under the following conditions: the annual yield on AMD bonds was 9.50%, on USD bonds - 5.25%; the term of circulation in both cases was set at 36 months; Coupon payments were made every six months.
"Corporate bonds of Converse Bank are one of the most popular products of the bank. Since 2017, the Bank has issued bonds totaling AMD 11 billion, USD 55 million and EUR 5 million, of which bonds worth AMD 5 billion and USD 20 million are currently successfully traded on the Armenian Stock Exchange. And the income received by buyers on bonds as of October 18, 2022 amounted to about AMD 1.8 billion, about USD 5.1 million and almost EUR 598 thousand. We value the trust of our customers. From now on, the bank will carry out regular emissions in order to meet the investment needs of clients in financial instruments," Converse Bank said in a statement.
According to the Financial Rating of Banks of Armenia as of June 1, 2022, prepared by ArmInfo, Converse Bank raised funds from the placement of its own bonds in the amount of AMD15.9 billion ($39 million). Converse Bank ranks 4th in terms of the volume of attraction from placement of its own bonds.
It should be noted that Converse Bank has been operating in the Armenian market since September 1996. As of April 1, 2022, the Bank's shareholders are Advanced Global Investments LLC (managed by Eduardo Eurnekian ) - 72.89%, HayPost Trust Management B.V. - 22.11%, Cathedral of the Mother See of Etchmiadzin - 5%.