06 May 2020
Eurobond issue led by Renaissance Capital for Ardshinbank recognised as the most outstanding in Europe

Renaissance Capital, a leading emerging and frontier markets investment bank, is proud to announce that the eurobond issue led by Renaissance Capital for Ardshinbank has been named by The Banker as the most outstanding in its category in Europe.

On 21 January 2020, Ardshinbank (Ba3 / - / B+) successfully re-established its US dollar yield curve with a $300mn 5-year Reg S / 144(A) senior unsecured eurobond offering. Renaissance Capital acted as a Joint Bookrunner on the new issue and Joint Dealer Manager on the tender offer for Ardshinbank’s 2020 $100mn eurobond. The new eurobond issue allowed Ardshinbank to almost halve its borrowing costs, with the coupon of 6.5% the lowest ever achieved by an Armenian non-sovereign issuer in the eurobond market.

Dmitry Gladkov, Global Head of Investment Banking and Head of Financing Group, Renaissance Capital, said: “This issue is a landmark achievement for Ardshinbank, as well as for the Armenian eurobond space. Renaissance Capital was excited to have led this, which will be without doubt a long-lasting success for Ardshinbank. This is the first benchmark-sized eurobond issue out of Armenia and we were happy to see that allocations were skewed towards high quality, long-only institutional investors. Renaissance Capital is set to further grow its franchise in Armenia and the broader CIS space, which remains largely undiscovered by global investors.”