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Cascade Credit Helps Develop Sound Securities Market with USAID

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  • Cascade Credit Helps Develop Sound Securities Market with USAID

    EMBASSY OF THE UNITED STATES
    YEREVAN, ARMENIA
    Cascade Credit Helps Develop Sound Securities Market with USAID Support

    News Release
    Cascade Credit
    5 H. Kochar Str.Yerevan, 0033, Republic of Armenia, www.cascredit.com
    Phone: + 37410 27.87.76 or 26.55.28, Fax: + 37410 27.82.21, Email:
    [email protected]
    Cascade Credit Universal Credit Organization issued short-term debt
    instruments the proceeds of which will be primarily used for on-lending to
    quality Armenian producers in need of export finance.
    Yerevan, Armenia (September 28, 2006) - Cascade Credit has issued USAID
    guaranteed bonds intended to spur development of short-term corporate debt
    securities in Armenia and to ultimately help develop a sound securities
    market, thereby enhancing financial intermediation in Armenia. The ceremony
    set to mark the placement of the initial tranche of Cascade Credit UCO CJSC
    debt securities and the conclusion of the Securities Markets Strengthening
    Activities Project of the United States Agency for International Development
    took place at the trading hall of Armenian Stock Exchange, September 28,
    2006.
    Cascade Credit is 100% owned by Cascade Capital Holdings, which in turn is
    owned by the Cafesjian Family Foundation.
    Cascade Credit CJSC, a Non-Banking Financial Institution works to introduce
    a range of financial products and concepts that are specifically tailored
    for Armenia and aims at becoming a major innovative financial intermediation
    player in Armenia with a special focus on identifying market inefficiencies
    and eliminating them through profitable strategies.
    "This is a significant event for Cascade Credit, which in the last two years
    has been devoting considerable efforts to make it happen. The first non-bank
    public debt issuance in Armenia is a small, but nevertheless significant
    step to sophisticated public debt market in the country."- noted Garegin
    Gevorgyan, Cascade Credit CEO.
    The USAID credit enhancement is a risk-sharing guarantee covering 50% of the
    risk of loss of principal arising from a default on the bonds. Cascade
    Capital Holdings CJSC also shares the risk by covering 100% of the risk of
    loss of principal arising from a default on the bonds.
    "We are proud to support Cascade Credit in this pioneering Armenian capital
    market development and hope that many companies will follow suit in raising
    capital through bonds. In addition, the secondary trading of these bonds on
    ARMEX will bring further transparency to the financial market." - Karoly
    Okolicsanyi, USAID, Program Manager.
    Cascade Investments is the underwriter for the bonds and will also be
    actively engaged in secondary trading.
    "It is the first fully registered public offer of securities in the local
    market. Cascade Investments will maintain market for these notes to provide
    liquidity. We are pretty sure that continuation of Cascade Credit issuance
    and gradual involvement of other quality issuers will finally establish
    viable capital markets in Armenia." - stated Haik Papian, Cascade
    Investments CEO.
    Cascade Capital Holdings (CCH) was established by the Cafesjian Family
    Foundation in 2004 to create and manage a group of commercial financial
    services companies operating to western standards. The main goals of CCH are
    to facilitate and support investments into Armenia and the Caucasus, improve
    standards of trust, service and innovation across the domestic financial
    services sector and introduce a comprehensive, integrated and innovative
    product range. Cascade Capital Holdings´ other operating units include
    Cascade Bank, Cascade Equity Managers, Cascade Insurance and Cascade
    Investments.
    CCH receives technical assistance from the United States Agency for
    International Development (USAID), as well as support from other US
    Government Agencies, including the Development Credit Authority (DCA). CCH
    also enjoys a growing relationship with the European Bank for Reconstruction
    and Development (EBRD).
    http://www.usa.am/news/2006/september/news 092806.php
    Cascade Credit, 5 H. Kochar Str. Yerevan 0033, Republic of Armenia, phone: +
    37410 27.87.76 fax: + 37410 27.82.21, e-mail: [email protected], web:
    www.cascredit.com
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