ArmInfo. On April 17, Converse Bank began the initial placement of dram and dollar bonds in the amount of 5 billion drams and $10 million in 2024. This is noted in the Bank's statement.
The annual coupon yield for dram bonds is set at 10.25%, and for dollar bonds - at 4.75% per annum. In both cases, the frequency of coupon payments is provided once every six months. 100,000 bonds were issued as part of the dram and dollar issues, each with a nominal value of 50,000 drams and 100 dollars, respectively. The maturity date of the dram bonds is set on April 17, 2026, and the dollar bonds -on April 17, 2027.
Director of the Investment Department of Converse Bank Grigori Zakaryan noted: "Converse Bank regularly issues bonds. The bank's corporate bonds are in high demand among both institutional investors and retail clients, including due to the possibility of purchasing them in the Converse Mobile application. The bank attaches great importance to the use digital technologies in the process of placing securities. In total, to date, Converse Bank has placed bonds in the amount of about 41.6 billion drams, of which the volume of bonds currently traded on the Armenian Stock Exchange is almost 19.6 billion drams."
Detailed information about the issue and placement, as well as the final conditions of this issue, is posted on the Bank's website at the following links: https://conversebank.am/hy/2024AMD/ -for dram bonds, and https://conversebank.am/hy/ 2024USD/- for dollar bonds. The issue program for 2024 is posted under the link: https://conversebank.am/hy/2024issue/.
The Bank's message mentions that the funds raised through the bonds are guaranteed by the Deposit Guarantee Fund of Armenia.
After completion of the initial placement, the bonds of the abovementioned issues will be listed on the Armenia Securities Exchange for further circulation on the secondary market. According to the Financial Rating of Armenian Banks as of January 1, 2024, prepared by ArmInfo IC, Converse Bank raised funds from the placement of its own bonds in the amount of 20.4 billion drams ($50.3 million). In 2023, the bank increased it by almost 40%.
