YEREVAN, August 16. /ARKA/. ACBA-CREDIT AGRICOLE BANK said today it will commence the initial placement of $5 million worth bonds on August 18. According to a press release, the bank will place a total of 50,000 coupon non-documentary bonds with a face value of $100, 5.5% yield and 30- month maturity period.
“This is the first issue of bonds by ACBA-CREDIT AGRICOLE BANK, but not the last one. This way we want to contribute to the development of the Armenian capital market. For our clients, bonds will become an alternative to savings and investments, and the proceeds raised as a result of the placement will be lent to the real sector economy,” Styopa Zakinyan, deputy CEO for finance, was quoted as saying.
The bank said also a single investor can acquire a minimum of 5 bonds. The maximum amount is 10,000 thousand bonds. The placement will run until November 18, 2017.
According to the Armenian Law on Individual Bank Deposit Insurance, funds attracted through sale of bonds are considered insured deposit and are subject to compensation.
To purchase bonds, investors have to fill out an application form and submit it to ACBA-CREDIT AGRICOLE BANK, including applications by individuals and application by corporate clients. The bond issue prospectus is available here.
ACBA-Credit Agricole Bank was established in 1995 as part of European Union’s TACIS program. Its major shareholder is the French Credit Agricole Group. -0—
