YEREVAN, SEPTEMBER 25, NOYAN TAPAN. The presentation of placement of bonds issued by Armenian Copper Programme (ACP) CJSC, a company engaged in the production and sale of copper, took place in Yerevan on September 25. ArmSwissbank has organized the issue of these bonds and guaranteed the placement of all bonds of the total amount of 500 million drams (about 1.47 mln USD). According to Gagik Arzumanian, financial director of Vallex Group - the founder of ACP, 80% of the bonds is placed through the syndicate composed of ArmSwissbank, the Armenian Development Bank and the Future Capital Market. He said that it is envisaged placing the remaining 20% of bonds by subscription, providing other investors with the opportunity to participate. It was mentioned that the nominal value of bonds is 50 thousand drams, their number makes 10 thousand, while the annual interest rate is 10%. In the words of Tigran Sargsian, chairman of the Central Bank of Armenia (CBA), while representing one of the first steps for development of the securities market, the issue of bonds is a new function both for the sector's participants and Armenian citizens and it enhances the opportunities of Armenia's financial market. He expressed a hope that other Armenian enterprises that need alternative financing will follow suit. It is noteworthy that ACP is the 5th Armenian enterprise to issue bonds after Valletta, Shen Concern, Cascade and ArmRusgazprom.

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