Yerevan, September 28 /Mediamax/. The multi-purpose “Cascade Credit” credit company placed today its guaranteed bonds on the Armenian Stock Exchange to the sum of 150mln AMD.

Mediamax reports that the Chairman of the Central bank of Armenia Tigran Sarkisian described as very important for the financial market of the country the fact that a credit organization for the first time releases its corporative bonds. “This can be a good example for other organizations and become a stimulus for the development of the financial market”, Tigran Sarkisian stated.

The Head of the Central Banks stated that “we clearly realize how we want to see the financial market of Armenia and we have pointed out concrete arrangements for its development”.

According to Tigran Sarkisian, “in this context, the placement of the bonds of the “Cascade Credit” company on the secondary market completely corresponds to the policy of the central Bank”.

The Executive Director of the “Cascade Credit” CJSC Garegin Gevorkian said that the bonds of the company are guaranteed by the “Cascade Capital Holdings” Company (for 100%) and the United States Agency for International Development (for 50%). The corporative bonds are released for one year period at 7, 25% interest rate. According to Garegin Gevorkian, all the profits will be directed to the development of export in Armenia. The nominal value of the bonds makes 50 thousands AMD.

“Cascade Credit” is a part of the “Cascade Capital Holdings”, founded in 2004 by the Gafesjian family fund.