Record PLC Record invests in EBRD's Armenian Dram notes
2022年12月1日 - 5:00PM
RNSニュース (英語)
TIDMREC
Record PLC
01 December 2022
1 December 2022
Record PLC
Record invests in EBRD's 5 year floating rate offshore Armenian
Dram notes
Record PLC (LSE:REC), the parent company of the global currency
and asset manager, announces that its Emerging Market Sustainable
Finance Fund was the sole investor in the latest transaction of
local currency bonds issued by The European Bank for Reconstruction
and Development ("EBRD"), in Armenia. The EBRD has raised Armenian
dram (AMD) 2 billion (about USD 5 million) from a new issue of
offshore Armenian dram-denominated bonds, providing funds for the
EBRD's own lending to the Armenian economy in local currency. The
transaction was structured as a 5-year floating rate bond maturing
in November 2027 with listing in London and arranged by HSBC Bank
plc.
The EBRD has made cumulative investments in Armenia in excess of
EUR 2.1 billion, and the Armenian country strategy emphasises the
importance of developing capital markets and promoting local
currency financing. The first loan in dram was signed in March
2010, and in total the EBRD has extended AMD 150 billion
(approximately EUR 384 million) of loans that can or could have
been drawn down in AMD. The most recent local currency financed
project in Armenia is worth the equivalent of USD 14 million to
boost lending to local private micro, small and medium-sized
enterprises in the country.
The semi-annual coupon rate on the EBRD's dram bond issue was
linked to a 6-month AMD T-Bill rate, which is one of the reference
points in the Armenian government bond yield curve published by the
Central Bank of Armenia on its website and used by the market
participants as a pricing benchmark for their financial
products.
The Record Emerging Market Sustainable Finance Fund is an
Article 8 fund under Regulation (EU) 2019/2088 that aims to support
the development of local currency markets in low and middle-income
economies together with improved access to long-term local currency
lending. This unique investment strategy represents a significant
innovation in currency markets and a commitment to the development
of new sustainable investment products for private clients
globally, which Record expects to have broad and growing appeal for
years to come.
Dr Dmitri Tikhonov, CIO of the asset manager said, "We are
delighted to partner with EBRD on this important transaction that
will make local currency credit available to Armenian enterprises.
The team at Record, together with our investors, remain committed
to support the development of local currency markets and promote
sustainable currency solutions to end-borrowers in emerging
markets. This transaction is an important step in our ambition to
deliver greater inclusion and long-term sustainable growth in the
local communities and we look forward to engaging with the
development community to see more efforts in this direction."
For further information, please contact:
Record plc Tel: +44 (0) 1753 852 222
Leslie Hill, Chief Executive Officer
Steve Cullen, Chief Finance Officer
Buchanan Tel: +44 (0) 20 7466 5163
Simon Compton record@buchanan.uk.com
Henry Wilson
George Beale
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