Armenia: bonds

Armenia is a landlocked country in the South Caucasus region of Eurasia.

Under the old Soviet central planning system, Armenia developed a modern industrial sector, supplying machine tools, textiles, and other manufactured goods to sister republics, in exchange for raw materials and energy. Armenia has since switched to small-scale agriculture and away from the large agroindustrial complexes of the Soviet era. Armenia has only two open trade borders - Iran and Georgia - because its borders with Azerbaijan and Turkey have been closed since 1991 and 1993, respectively, as a result of Armenia's ongoing conflict with Azerbaijan over the separatist Nagorno-Karabakh region. Armenia's geographic isolation, a narrow export base, and pervasive monopolies in important business sectors have made it particularly vulnerable to the sharp deterioration in the global economy and the economic downturn in Russia. Armenia is particularly dependent on Russian commercial and governmental support and most key Armenian infrastructure is Russian-owned and/or managed, especially in the energy sector, including electricity and natural gas. Remittances from expatriates working in Russia are equivalent to about 20% of GDP and partly offset the country's severe trade imbalance. Armenia joined Russia in the Eurasian Economic Union upon the bloc's launch in January 2015.

Armenian Dram (AMD) - national currency of Armenia.

Outstanding bond issues

Сurrency Outstanding bond issues Cumulative volume
sovereign
AMD 40 572 548 956 000
USD 2 1 200 000 000
corporate
USD 25 210 130 498
AMD 16 14 689 590 560
EUR 1 10 000 000

Sovereign rating

Rating AgencyRatingRating scaleDate
RIA Rating *** Sovereign ratings ***
Organisation for Economic Co-operation and Development (OECD) *** Country Risk Classifications ***
Rating-Agentur Expert RA *** Rating scale of the creditworthiness of sovereign governments (SGC) -National currency ***
Rating-Agentur Expert RA *** Rating scale of the creditworthiness of sovereign governments (SGC) - Foreign currency ***
Rating-Agentur Expert RA *** Rating scale of the country credit environment (CCE) rating - National currency ***
Rating-Agentur Expert RA *** Rating scale of the country credit environment (CCE) rating - Foreign currency ***
Moody's Investors Service *** LT- foreign currency ***
Moody's Investors Service *** LT- local currency ***
Fitch Ratings *** LT Int. Scale (foreign curr.) ***
Fitch Ratings *** LT Int. Scale (local curr.) ***
Rating Agency RAEX (Expert RA) *** Foreign curr. scale ***
Rating Agency RAEX (Expert RA) *** Local curr. scale ***
National Rating Agency *** Global scale ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
ACBA-Credit Agricole Bank, 5.5% 18feb2020, USD - Domestic bonds 5.5% 5 000 000  USD 11/18/2017 02/18/2020
Anelik Bank, 5.75% 29jun2019, USD (04) - Domestic bonds AMANLBB24ER8 5.75% 5 000 000  USD 09/08/2017 06/29/2019
Armenia, 0% 3sep2018, AMD (364D) - Domestic bonds AMGT52039188 0% 560 000 000  AMD 09/04/2017 09/03/2018
Conversbank (Armenia), 10.5% 3aug2019, AMD (3) - Domestic bonds AMCOVSB23ER7 10.5% 1 000 000 000  AMD 09/01/2017 08/03/2019
Armenia, 0% 27nov2017, AMD (91D) - Domestic bonds AMGT1327B175 0% 520 000 000  AMD 08/28/2017 11/27/2017
Armenia, 0% 6aug2018, AMD (364D) - Domestic bonds AMGT52068187 0% 1 094 800 000  AMD 08/07/2017 08/06/2018
Armenia, 0% 15jan2018, AMD (182D) - Domestic bonds AMGT26151184 0% 1 193 800 000  AMD 07/17/2017 01/15/2018
Ameriabank, 9% 13jul2018, AMD - Domestic bonds AMAMRBB17ER1 9% 1 500 000 000  AMD 07/13/2017 07/13/2018
Armenia, 0% 9apr2018, AMD (273D) - Domestic bonds AMGT39094181 0% 1 193 700 000  AMD 07/10/2017 04/09/2018
Armenia, 0% 2jul2018, AMD (364D) - Domestic bonds AMGT52027183 0% 1 200 000 000  AMD 07/03/2017 07/02/2018

CIS Bond Market statistics

Monthly indices

Type Aug 2017 Jul 2017 Jun 2017 May 2017 Apr 2017 Mar 2017 Feb 2017
Bond market (other CIS)
Gov. bonds outst., USD mln (Armenia) 830.04 810.07 795.46 778.75 783.39 809.13 790.78
Corp. bonds outst., USD mln (Armenia) 145.65 130.58 101.75 99.28 89.29 76.38 76.23
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Currencies

Daily indices

Type: 09/25/2017 09/23/2017 09/22/2017 09/20/2017 09/19/2017 09/15/2017 09/14/2017
Exchange rates of Central Banks (CIS)
USD/AMD  477.89 477.88 478.30 478.23 478.38 478.39 478.37
EUR/AMD  567.97 573.60 574.10 574.40 573.43 571.25 568.97
RUB/AMD  8.33 8.31 8.31 8.26 8.23 8.31 8.30
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Money market

Periodic indices

Type: Current value Change Last update
CIS Central Banks Rates
Refinancing Rate (Armenia), %  6.00 -0.25 14.02.2017
Deposit Rate (Armenia), %  4.50 -0.25 14.02.2017
Lombard Repo Rate (Armenia), %  7.50 -0.25 14.02.2017

Macroeconomic Indicators (CIS)

Monthly indices

Type May 2017 Apr 2017 Mar 2017 Feb 2017 Jan 2017 Dec 2016 Nov 2016
Indicators of inflation (CIS)
Monthly Inflation, % (Armenia) -0.20 1.00 -0.30 -0.90 2.60 1.10 1.00
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Macroeconomic Indicators (World economy)

Monthly indices

Type Aug 2017 Jul 2017 Jun 2017 May 2017 Apr 2017 Mar 2017 Feb 2017
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Armenia) 0.90 0.90 1.10 1.60 1.20 -0.10 -0.20
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Yearly indices

Type 2015 2014
Government Debt to GDP (World), %
Government Debt to GDP(Armenia) 42.23 37.51
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