Republic of Armenia in Debut Bond Offering

November 18, 2013

Cleary Gottlieb represented the Republic of Armenia in its inaugural international bond issuance, a Rule 144A/Regulation S offering of $700 million 6.000% Notes due 2020. The Notes, dubbed by some U.S. bankers as “Kardashian Bonds,” are listed on the Irish Stock Exchange. The transaction closed on September 30.

The offering is a significant milestone in the development of Armenia’s financial markets and is intended to set a benchmark for subsequent corporate offerings.