AS DelfinGroup bond issue

About company

AS DelfinGroup is a licensed consumer lending company founded in 2009 that represents the brands Banknote, VIZIA and Riga City Pawnshop.

The company operates the biggest pawn shop network in Latvia with more than 90 branches in the 38 largest Latvian cities. This allows DelfinGroup to serve clients both in the offline and online environment.

The company’s core services are consumer loans, pawn broking loans (loans against pledge of movable property) and sale of pre-owned goods. Company is the largest pawn shop and 2nd largest non-bank consumer lender in Latvia.

DelfinGroup employs more than 270 people and its core management has remained unchanged since 2014.

DelfinGroup has completed seven bond issues in total amount of EUR 37m and has been listed on the Nasdaq Riga stock exchange regulated market since 2014. The company’s investor base includes both individual and institutional investors from Baltics and other countries.

DelfinGroup completed its initial public offering (IPO), and as a result raised more than EUR 8m. DelfinGroup shares are listed on Nasdaq Riga regulated market and currently the company’s market capitalization has reached EUR 67m.

Additional information:

Term Sheet


SIA DelfinGroup


Non bank financing


Private placement

Security type

Senior unsecured bonds

Issue size

EUR 10 000 000

Coupon rate

8.75% + 3M EURIBOR

Coupon frequency





25.09.2024 (bullet)

Call option

@101% 1Y before maturity

Put option

@101% Change of Control Put Option

Nominal value

EUR 1 000

Minimum subscription

EUR 100 000


• Capitalization ratio at least 25%
• ICR at least 1.25x

From 31.12.2022:
• ICR at least 1.5x

Use of proceeds



Planned listing on Nasdaq First North within 12 months from issue date


Signet Bank AS