We consider that bonds issued by JSC "Tsesnabank" are not high-yield instruments, compared to the existing conditions on bank deposits market that offer investors 12-14% annual effective interest rate, and alternative debt obligations of other issuers for a comparable period. Taking into account the significant weight of the bank in the market, its profitability and adequate ratio of reserves for possible losses, we recommend to HOLD the bonds of "Tsesnabank".