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Society

Unibank Completed the Placement of Its Third Issuance of Perpetual Bonds

Unibank has completed the placement of a new issuance of dram denominated perpetual bonds ahead of schedule. In total, perpetual bonds worth AMD 6.5 billion and USD 9 million were placed in December, resulting in heightened activity in Armenia’s securities market.

Perpetual bonds were issued in Armenia for the first time, and their rapid sale clearly demonstrates strong public interest in new long term investment instruments, as well as a high level of trust in Unibank.

“Each of our three perpetual bond issuances was sold out within just a few days, significantly exceeding our expectations. Just minutes after Unibank announced the issuance of this new instrument, it became clear that demand substantially exceeded supply. Due to the strong demand and heightened interest in this instrument, many clients simply did not manage to participate in the placement and take advantage of this opportunity. In order to meet the existing demand of our clients, I believe we will have another issuance of perpetual bonds in the second half of 2026,” said Mesrop Hakobyan, Chairman of the Management Board of Unibank.

The yield on perpetual bonds significantly exceeds that of traditional bonds, making them particularly attractive to investors seeking long term returns. The annual coupon rate for AMD denominated bonds amounted to 13.75%, while the rate for USD  denominated bonds was 8.3%.

Coupon payments will remain unchanged during the first three years. After that, the coupon rate for dram denominated bonds will be calculated based on the government bond yield curve, while for dollar denominated bonds it will be based on the 90 day SOFR rate. After the fifth year, the bank may exercise its call option and redeem the bonds at their nominal value.

“This type of bond brings a shift in thinking. Without being limited by a fixed maturity, investors rely on market liquidity, which is especially important for these securities. Credit should be given to Unibank for entering the market with a very attractive offer, and the market responded accordingly. This instrument was anticipated, and Unibank’s proposal was quite compelling, so the results did not take long to appear. Unibank has its own distinct track record in our financial market and a stable, loyal customer base. At the same time, investor confidence in our market has noticeably increased in recent years. The successful placement of Unibank’s perpetual bonds is an example of the effective combination of these two factors,” said Karen Zakaryan, Executive Director of FINARM, the Association of Financial Market Participants.

As one of the most active and leading participants in the stock exchange, Unibank has successfully placed 29 bond issuances to date. The new investment instrument, perpetual bonds, provides the opportunity to generate predictable and regular income over the long term.

“I have repeatedly stated that our vision is to develop the local financial market and create an environment where people can invest freely. Unibank is successfully carrying out this challenging mission by opening new doors for Armenian investors. We are pleased to be part of this transformation and to continue the responsible work that has already begun,” said Ararat Mkrtchyan, Founder and CEO of Sirius Capital Investment Company, the market maker for the ISIN AMUNIBB2UER0 and ISIN AMUNIBBM1ER9 issuances.

Interest in perpetual bonds was shown not only by individual investors but also by investment funds.

“In many respects, Unibank’s positioning as a market pioneer is largely driven by the vision of the bank’s main shareholders, as well as the management’s ability to act in line with that vision. Unibank was among the first banks to list its shares on the stock exchange, the first to issue subordinated bonds, and is now also the first to conduct a public offering of perpetual bonds. Not being afraid to try new things is the most important and defining characteristic for achieving success in today’s business environment, and Unibank’s journey is a clear demonstration of this,” emphasized Karen Zakaryan.