IFC, a member of the World Bank Group, issued a 2 billion dram ($5 million) bond. The bond is IFC’s first dram issuance. It is also the first placement by a non-resident issuer and the first foreign corporate bond issued in Armenia’s capital markets.Named Sevan, after Armenia’s largest lake, the bond is part of an 8 billion dram bond program by IFC. “IFC is committed to supporting the development of the domestic markets in Armenia. We hope that this bond will send a clear signal to other high quality foreign issuers that Armenia is ready to welcome them” said Jingdong Hua, IFC Vice President and Treasurer.“The IFC Sevan bond offers a high-quality investment alternative for institutional investors and makes available funds that can be put to work in the local economy,” said Thomas Lubeck, IFC Regional Manager for the South Caucasus, and added that IFC is happy to support the deepening of Armenian capital markets.HSBC Bank Armenia and Ameriabank act as lead managers for the bond and most of the bond investors are Armenian financial institutions.IFC Sevan Bond Summary Terms and Conditions Issue amount: AMD 2 billion (approximately $5 million equivalent)Pricing date: December 23, 2013Settlement date: December 23, 2013Maturity date: December 23, 2016Coupon: 9.70%Coupon Frequency: Semi-annualRepayment: Bullet on maturity date Tweet Views 11326