DelfinGroup bond issue

About Company

SIA 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 87 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 and pawn broking loans (loans against pledge of movable property). Company is the largest pawn shop and 3rd largest non-bank consumer lender in Latvia.

In 2019 DelfinGroup issued 42% of all pawn loans in Latvia, increasing its market share from 40% the previous year and once again established the Company as the leading pawn loan issuer in the country.

DelfinGroup employs 250+ people and its core management has remained unchanged since 2014.

DelfinGroup has issued four bonds 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


SIA DelfinGroup


Non bank financing


Private placement

Security type

Unsecured bonds

Issue size

EUR 3 500 000

Coupon rate


Coupon frequency





25.11.2022 (bullet)

Call option

@101% every month

Put Option

@100% after 1st year

Nominal value

EUR 1 000

Minimum subscription

EUR 10 000


Net Debt / Net Equity ratio at least 4.00x

Reporting requirements as per Nasdaq standarts

Use of proceeds



Signet Bank AS