YEREVAN, October 8. / ARKA /. Armenia’s National Mortgage Company (NMC) said today it has placed the 12th issue of coupon bonds worth one billion drams at NASDAQ OMX Armenia stock exchange through a standard, closed (European) auction. Four members of the stock exchange participated in the auction.
The company specified that the face value of a bond is 10,000 drams. The maturity period is 36 months; the yield on a coupon is 10% with semi-annual coupon payments.
The total amount of submitted bids (the aggregate demand) amounted to 2.39 billion drams, of which one billion dram bids were satisfied. The weighted average yield on a bond is 9.79%.
NMC’s executive director Hayk Voskanyan said this issue of bonds will be listed at NASDAQ OMX Armenia and will be available for repo transactions. The liquidity of the bonds at the secondary market will be secured by Armswissbank. The raised funds will be sent to NMC’s financial partners for refinancing their mortgage loans.
From November 2011 the company has made 12 bond issues totaling more than 10.8 billion drams. The first 9 issues’ repayment period was one year, the 10th issue’s – 3 years, and the 11th issue’s – 5 years.
The National Mortgage Company is a refinancing credit organization registered and licensed by Armenia’s Central Bank, which is the sole founder and stockholder of the company, in 2011.
As of September 30, 2014 the company’s assets stood at 34.9 billion drams, its total capital –at 11.2 billion drams and the retained earnings – at 1.9 billion drams.-0-
