YEREVAN, October 1. / ARKA /. David Harutyunian, the deputy chief executive officer of Araratbank, said today it will place $1 million worth registered coupon bonds. He said the bank will place 40,000 USD- denominated bonds from October 5 to 10. The face value of the bond is $25 face. The annual interest rate is f 9% and the maturity period is three years. He said coupon payments will be made each quarter.
“We are the first in Armenia to offer foreign currency-denominated bonds at the local market. The placement will be implemented through subscription and any individual or legal person may apply to the head office of the bank or its branches to buy bonds, ” he said.
Harutyunian said after the completion of the placement Araratbank’s bonds will be listed at NASDAQ OMX Armenia by JSC Renesa investment company as marketmaker.
On his side, NASDAQ OMX Armenia director Konstantin Saroyan said this tool will provide the banks with a possibility to be more flexible in managing their assets and liabilities.
“Today, thanks to Araratbank, we open a new page in the history of the capital market development of Armenia”, he said.
Araratbank made four previous issues of coupon bonds in 2007, 2008, 2009 and 2011. Some 74.18% in the bank is owned by Barsegh Beglarian, the owner of Flash oil trader, 25% are held by EBRD ($ 1 – 406, 25 drams.) -0-