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, 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 and pawn broking loans (loans against pledge of movable property). Company is the largest pawn shop and 2nd largest non-bank consumer lender in Latvia.

In 2020 H1 DelfinGroup issued 46% of all pawn loans in Latvia, increasing its market share from 42% the previous year and once again established the Company as the leading pawn loan issuer in the country.

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

DelfinGroup has completed four bond issues in total amount of EUR 18.5m 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.

Additional information:

Term Sheet


AS DelfinGroup


Non bank financing


Private placement

Security type

Senior unsecured bonds

Issue size

EUR 5 000 000

Coupon rate


Coupon frequency





25.08.2023 (bullet)

Call option

@101% every coupon payment date

Put Option

@101% Change of Control Put Option

Nominal value

EUR 1 000

Minimum subscription

EUR 100 000


• Capitalization ratio at least 20%
• ICR at least 1.25x

After IPO:
• Capitalization ratio at least 25%
• ICR at least 1.5x

Use of proceeds



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


Signet Bank AS