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Converse Bank CJSC completed the placement of the first tranche of dollar bonds on May 16, the Bank reported in a release, reminding the process began on May 5.

According to the source, 60,000 coupon bonds were placed, with the total nominal value of USD 6 million. The nominal value of one bond is USD 100, circulation term - 24 months, and frequency of coupon payment is semi-annual. The annual coupon yield of the bonds is 5,75 percent.

The bonds were purchased both by private individuals and legal entities. In percentage terms, 86.67% of investors are private individuals, and 13.33% - legal entities.

“The placement was made in line with Converse Bank’s strategy. The main investors in bonds, just as we had intended, were private individual clients of Converse Bank. It is also noteworthy that the demand exceeded the volume offered by the first tranche,” said Artur Hakobyan, Converse Bank’s Executive Director.

The bonds are guaranteed by the Guarantee Fund for Banking Deposits of Private Individuals, for the volume of deposits. Brokerage for maintenance of the register of the issued bonds will be provided by “Capital Investments” CJSC, which will implement also the functions of market maker, the release added.