On July 22, 2015, Ardshinbank CJSC successfully priced US$100mln 5-year Eurobond, establishing the first corporate Eurobond issuance from the Republic of Armenia, the press release disseminated by the bank today reads this. The funds attracted from the bonds will be allocated to long-term loan issuance.

“The new longer dated 5-year funding provides Ardshinbank with an important competitive advantage as it will allow the bank to offer longer-dated loan products in Armenia and take advantage of local growth opportunities”, the press release notes.

The bank recalled that Ardshinbank was the first in Armenian private sector to have issued Eurobonds in RegS/144A formats. The bonds issued on July 22 were ranked Ba3 by Moody’s and B+ by Fitch.

The transaction was executed in parallel with a consent solicitation, which aligned the terms and conditions of an existing US$75mln private placement note due 2017 with those of the new bond, achieving a 100% vote acceptance from investors.

“The high 80% tender participation rate and rollover ratio underlined investors’ confidence in Ardshinbank’s credit story.

The bank conducted a carefully crafted marketing campaign, attracting interest from over 35 institutional investors during a 5-day roadshow exercise in London, Zurich, New York and Boston”, Ardshinbank noted.