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 60 578 818 256 000
USD 2 1 200 000 000
corporate
USD 19 325 339 840
AMD 11 11 634 481 776

News and comments

Sovereign rating

Rating AgencyRatingRating scaleDate
RIA Rating *** Sovereign ratings ***
Organisation for Economic Co-operation and Development (OECD) *** Country Risk Classifications ***
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
ARMBUSINESSBANK, 14% 17feb2019, USD (02) - Domestic bonds AMARBBB22ER4 14% 100 000 000  USD 02/17/2017 02/17/2019
Armenia, 0% 13nov2017, AMD (273D) - Domestic bonds AMGT3913B170 0% 500 000 000  AMD 02/13/2017 11/13/2017
Armenia, 0% 5feb2018, AMD (364D) - Domestic bonds AMGT52052181 0% 1 500 000 000  AMD 02/06/2017 02/05/2018
Armenia, 0% 31jul2017, AMD (181D) - Domestic bonds AMGT26317173 0% 500 000 000  AMD 01/30/2017 07/31/2017
Armenia, 0% 23oct2017, AMD (272D) - Domestic bonds AMGT3923A171 0% 500 000 000  AMD 01/23/2017 10/23/2017
ARMBUSINESSBANK, 8.5% 23jan2019, USD (01) - Domestic bonds AMARBBB21ER6 8.5% 1 000 000  USD 01/23/2017 01/23/2019
Armenia, 0% 15jan2018, AMD - Domestic bonds AMGT52151181 0% 1 500 000 000  AMD 01/16/2017 01/15/2018
Ameriabank, 10.75% 1nov2018, AMD - Domestic bonds AMAMRBB22ER1 10.75% 1 000 000 000  AMD 12/30/2016 11/01/2018
Armenia, 0% 30mar2017, AMD - Domestic bonds AMGT13303178 0% 3 000 000 000  AMD 12/29/2016 03/30/2017
Armenia, 0% 26jun2017, AMD - Domestic bonds AMGT26266172 0% 4 000 000 000  AMD 12/26/2016 06/26/2017

CIS Bond Market statistics

Monthly indices

Type Jan 2017 Dec 2016 Nov 2016 Oct 2016 Sep 2016 Aug 2016 Jul 2016
Bond market (other CIS)
Gov. bonds outst., USD mln (Armenia) 812.18 815.93 771.40 732.42 668.83 643.82 589.13
Corp. bonds outst., USD mln (Armenia) 71.03 59.39 62.64 50.15 50.18 50.58 50.55
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Currencies

Daily indices

Type: 02/20/2017 02/17/2017 02/16/2017 02/15/2017 02/14/2017 02/13/2017 02/10/2017
Exchange rates of Central Banks (CIS)
USD/AMD  486.81 486.74 486.69 486.62 486.56 486.84 486.79
EUR/AMD  517.04 517.99 517.79 513.72 516.43 517.80 518.04
RUR/AMD  8.40 8.43 8.51 8.48 8.44 8.41 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), %  4.75 -0.25 27.12.2016
Lombard Repo Rate (Armenia), %  7.75 -0.25 27.12.2016

Macroeconomic Indicators (CIS)

Monthly indices

Type Jan 2017 Dec 2016 Nov 2016 Oct 2016 Sep 2016 Aug 2016 Jul 2016
Macroeconomic indicators (CIS)
Monthly Inflation, % (Armenia) 2.60 1.10 1.00 0.50 0.10 -0.50 -2.30
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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 02/20/2017 ***.*** *.** 02/20/2017 ***.** *.**
Armenia, 7.15% 26mar2025, USD   USD 03/26/2025 02/20/2017 ***.*** *.** 02/20/2017 ***.** *.**
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