24/11/2011 19:16
National Mortgage Company placed via IPO mechanism of NASDAQ OMX
Today the first ever IPO of corporate bonds took place at NASDAQ OMX Armenia stock exchange. Discount bonds of “National Mortgae Company” Refinancing Credit Organization CJSC (NMC RCO) for a total value of AMD 954,723,223.82 were placed through stock exchange mechanism. All the value issued was placed, while the bonds demand was even higher, amounting to AMD 1,442,956,491.95. Weighted average price was 9.38% and the cut price stood at 9.63%.
Mr. Konstantin Saroyan, CEO, NASDAQ OMX Armenia, welcomed the NMC RCO’s decision to place bonds through the exchange market and noted that it became possible thanks to joint effort of all market participants and the CBA support. IPO market is one of those additional services, which are possible to provide upon demand from the companies, as the Exchange strives to contribute to securities market development, continuously providing additional high quality services to the stakeholders.
Mr. Mher Edigaryan, CEO, National Mortgage Company opened the honorable bell ceremony and commented “We’re satisfied with the result, as demand for bonds was even higher, than supply. This is the first step, our work in capital market will be continuous”.
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