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 46 561 313 656 000
USD 2 1 200 000 000
corporate
USD 22 255 339 840
AMD 13 10 288 481 776

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) *** Foriegn 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
Armenia, 9% 29apr2022, AMD - Domestic bonds AMGN60294227 9% 910 000 000  AMD 06/21/2017 04/29/2022
Armenia, 0% 12mar2018, AMD (273D) - Domestic bonds AMGT39123188 0% 1 000 000 000  AMD 06/12/2017 03/12/2018
Armenia, 13% 16mar2047, AMD - Domestic bonds AMGB30163472 13% 25 200 000 000  AMD 06/08/2017 03/16/2047
Armenia, 0% 4jun2018, AMD (363D) - Domestic bonds AMGT52046183 0% 200 000 000  AMD 06/06/2017 06/04/2018
Armenia, 0% 28aug2017, AMD (91D) - Domestic bonds AMGT13288171 0% 500 000 000  AMD 05/29/2017 08/28/2017
Armenia, 6.1443% 20nov2017, AMD - Domestic bonds AMGT2620B172 6.1443% 500 000 000  AMD 05/22/2017 11/20/2017
Armenia, 6% 29apr2020, AMD - Domestic bonds AMGN36294202 6% 5 000 000 000  AMD 05/16/2017 04/29/2020
Armenia, 0% 14may2018, AMD (363D) - Domestic bonds AMGT52145183 0% 295 000 000  AMD 05/16/2017 05/14/2018
Conversbank (Armenia), 5.75% 5may2019, USD (2) - Domestic bonds AMCOVSB22ER9 5.75% 6 000 000  USD 05/05/2017 05/05/2019
FINCA Armenia, 12.75% 27apr2019, AMD (02) - Domestic bonds AMFNCAB22ER2 12.75% 1 500 000 000  AMD 04/27/2017 04/27/2019

CIS Bond Market statistics

Monthly indices

Type May 2017 Apr 2017 Mar 2017 Feb 2017 Jan 2017 Dec 2016 Nov 2016
Bond market (other CIS)
Gov. bonds outst., USD mln (Armenia) 778.75 783.39 809.13 790.78 812.18 815.93 771.40
Corp. bonds outst., USD mln (Armenia) 99.28 89.29 76.38 76.23 71.03 59.39 62.64
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Currencies

Daily indices

Type: 06/22/2017 06/21/2017 06/20/2017 06/19/2017 06/16/2017 06/15/2017 06/14/2017
Exchange rates of Central Banks (CIS)
USD/AMD  480.22 480.44 480.54 481.08 481.77 482.07 482.58
EUR/AMD  536.12 535.45 536.28 538.42 538.28 538.09 540.78
RUB/AMD  8.04 8.06 8.15 8.29 8.35 8.39 8.46
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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 Apr 2017 Mar 2017 Feb 2017 Jan 2017 Dec 2016 Nov 2016 Oct 2016
Macroeconomic indicators (CIS)
Monthly Inflation, % (Armenia) 1.00 -0.30 -0.90 2.60 1.10 1.00 0.50
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Macroeconomic Indicators (World economy)

Monthly indices

Type May 2017 Apr 2017 Mar 2017 Feb 2017 Jan 2017
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Armenia) 1.60 1.20 -0.10 -0.20 -0.60
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Yearly indices

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

Bonds prices

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
Armenia, 6% 30sep2020, USD   USD 09/30/2020 06/22/2017 *** *.** 06/22/2017 ***.** *.**
Armenia, 7.15% 26mar2025, USD   USD 03/26/2025 06/22/2017 ***.** *.** 06/22/2017 ***.* *.**
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