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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 30 1 611 620 060 000
USD 2 1 200 000 000
corporate
USD 41 315 554 700
AMD 21 26 060 600 000
EUR 3 18 000 000

News and comments

Sovereign rating

Rating AgencyRatingRating scaleDate
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.) ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
Armenia, 0% 2dec2019, AMD (364D) - Domestic bonds AMGT5202C190 0% 10 000 000 000  AMD 12/04/2018 12/02/2019
Armenia, 0% 4nov2019, AMD (364D) - Domestic bonds AMGT5204B198 0% 10 000 000 000  AMD 11/06/2018 11/04/2019
ACBA-Credit Agricole Bank, 9.5% 12jul2020, AMD (04) - Domestic bonds AMACBAB24ER4 9.5% 700 000 000  AMD 11/01/2018 07/12/2020
ACBA-Credit Agricole Bank, 5.25% 12jul2021, USD (03) - Domestic bonds AMACBAB23ER6 5.25% 2 754 700  USD 11/01/2018 07/12/2021
Unibank (Armenia), 10% 22oct2020, AMD (07) - Domestic bonds AMUNIBB27ER5 10% 500 000 000  AMD 10/31/2018 10/22/2020
Ameriabank, 5% 2may2021, USD - Domestic bonds AMAMRBB2CER2 5% 8 000 000  USD 10/22/2018 05/02/2021
Ameriabank, 9.5% 24sep2021, AMD - Domestic bonds AMAMRBB2DER0 9.5% 2 000 000 000  AMD 10/17/2018 09/24/2021
Armenia, 0% 30sep2019, AMD (364D) - Domestic bonds AMGT52309193 0% 1 160 000 000  AMD 10/01/2018 09/30/2019
Inecobank, 5.25% 11jun2021, USD (01) - Domestic bonds AMINECB22ER8 5.25% 5 000 000  USD 09/07/2018 06/11/2021
Armenia, 0% 2sep2019, AMD (364D) - Domestic bonds AMGT52029197 0% 1 170 050 000  AMD 09/03/2018 09/02/2019

CIS Bond Market statistics

Monthly indices

Type: Nov 2018 Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018 May 2018
Bond market (other CIS)
[3585] Gov. bonds outst., USD mln (Armenia) 1 357.51 1 281.73 1 365.54 1 366.25 1 358.85 1 311.23 1 311.06
[3607] Corp. bonds outst., USD mln (Armenia) 289.19 287.48 274.60 247.54 235.71 250.66 238.66
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Currencies

Daily indices

Type: 12/11/2018 12/10/2018 12/07/2018 12/06/2018 12/05/2018 12/04/2018 12/03/2018
Exchange rates of Central Banks (CIS)
[395] USD/AMD  485.28 485.13 484.99 485.26 485.12 485.20 485.06
[3595] EUR/AMD  552.35 553.48 551.29 550.19 550.03 553.61 551.32
[3597] RUB/AMD  7.30 7.32 7.25 7.24 7.27 7.32 7.30
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Money market

Periodic indices

Type: Current value Change Last update
CIS Central Banks Rates
[3557] Refinancing Rate (Armenia), %  6.00 -0.25 14.02.2017
[3609] Deposit Rate (Armenia), %  4.50 -0.25 14.02.2017
[3611] Lombard Repo Rate (Armenia), %  7.50 -0.25 14.02.2017

Macroeconomic Indicators (CIS)

Monthly indices

Type: Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018 May 2018 Apr 2018
Indicators of inflation (CIS)
[3583] Monthly Inflation, % (Armenia) 2.80 3.50 3.30 2.30 0.90 1.60 2.40
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Macroeconomic Indicators (World economy)

Monthly indices

Type: Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018 May 2018 Apr 2018
Inflation Rate (World), % to the same period of the previous year
[15479] Inflation Rate (Armenia) 2.80 3.50 3.30 2.30 0.90 1.60 2.40
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Yearly indices

Type: 2017 2016 2015 2014
Government Debt to GDP (World), %
[15141] Government Debt to GDP(Armenia) 53.50 45.50 42.23 39.30
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