ArmInfo. Converse Bank completed the allocation of bonds ahead of schedule and has already listed its AMD and USD denominated bonds with the volume of 3 billion and 10 million respectively. The placement was mainly done via Converse Bank’s mobile application, which is the most contemporary, convenient and fast option for customers to purchase the bonds.
The total outstanding volume of the bonds trading on the AMX will reach to AMD 8 billion and USD 30 million after completion of listing process. Converse Bank has engaged with several market makers to increase the liquidity and pricing efficiency of the mentioned bonds, as well as to deepen their secondary market.
It is important for the Bank to make this product available to a large number of investors. Thanks to the efforts made towards this direction, more than 400 individual investors have purchased them over the course of this allocation.
Grigori Zakaryan, the Director of Converse Bank Investment Department noted: "In recent years, the volume of corporate bonds issued by Armenian banks has increased significantly. Under fierce competitive conditions, the complete allocation of Converse Bank bonds ahead of schedule testifies to the stability and reliability of the Bank, and the high trust level of its customers".
Since 2017, the Bank has issued bonds in three currencies: AMD, USD and EUR, in 41.3 billion AMD equivalent. " Thanks to its teamwork and attracting, competitive offers, the bank gained a leading position in the bond market during a relatively short period of time. Currently, we’re in fourth place among the thirteen banks active in the market. Going forward, we will continue to actively participate in the corporate bond market by offering new investment products to our clients, while maintaining Converse Bank’s leading position in Armenia," he concluded.
Converse Bank is supervised by the Central Bank of Armenia.