CONVERSE BANK PLACES FIRST 300 MILLION DRAMS TRANCHE OF OWN BONDS AHEAD OF TIME

ArmInfo
2008-12-26 14:56:00

ArmInfo. Converse Bank has successfully placed tie first tranche
of 10,000 nominal coupon bonds for 300 million drams ahead of
schedule. Converse Bank Deputy Director General Tigran Davtyan told
media Friday the placement launched on 16 December was to be completed
on 14 January 2009.

He said 29 individuals and legal entities have acquired the first
issue of bonds. In general, a total of 1.5 billion drams bonds were
issued that will be placed by 4-5 tranches within 2009. Capital Asset
Management is the underwriter. Maturity of the bonds is 3 years,
the annual yield is 10.64%.

The total number of issued bonds is 50,000 with 30,000 face values
each. The coupon payments will be made once in a quarter after the
placement.

Converse Bank shareholders are Advanced Global Investments controlled
by Eduard Eurnekyan (95%) and Armenian Apostolic Church Cathedral
(5%), The bank has been operating since 1993.