FIRST 350MLN DRAMS WORTH TRANCHE OF DISCOUNT BONDS OF ARMENIAN INECOBANK COMPLETELY PLACED
/ARKA/
April 29
YEREVAN
The first tranche of discount bonds of Armenian Inecobank closed
joint stock company for 350mln Drams has been completely placed.
7,000 bonds of the first tranche were placed in the period from March
25 to April 27 2009, the bank’s press service reported.
Bond nominal value is 50,000Drams with redemption period being 365
days and annual yield at 9.5%.
The bonds of Inecobank were issued as per the agreement signed between
the bank and the USAID. Under the agreement, the USAID, in the name
of the U.S. Government, guarantee up to 50% of the risks in favor of
bond holders.
The bonds are to be registered on NASDAQ OMX Armenia stock exchange and
will be circulated on the secondary market. Capital Asset Management
company is the underwriter and the market-maker of the securities of
the bank.
According to the report, Inecobank continues implementing its
programs as per the schedule despite the unfavorable investment
environment. Today, the bank’s specialists are developing principles
for the next tranche bond issue.
At least another tranche is to be issued by the end of this year,
the bank’s press service reported.
Inecobank closed joint stock company was registered on February 7,
1996. The biggest stockholders of Inecobank are members of KfW group
DEG company (De utsche Investititions-und Entwicklunsgesellschaft mbH)
with 13.5% and the International Financial Corporation with 10%.
The bank is cooperating with the EBRD, USAID, KfW, the
Black Sea Trade and Development Bank and other international
organizations. ($1=372.07Drams).