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Armenia, 2025

Bookrunner League Table of Local Armenian Bonds, 2025

Last updated 13/01/2026

#
Investment Bank
Amount, mln USD
Number of issuers
Number of issues
Share, %

1
Ameriabank
263
4
18

37.75

Amount, mln USD | Share, %

263 | 37.75
Number of issuers | Number of issues

4| 18

<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>

2
Inecobank
67
1
7

9.68

Amount, mln USD | Share, %

67 | 9.68
Number of issuers | Number of issues

1| 7

<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>

3
Fast Bank
63
1
4

9.11

Amount, mln USD | Share, %

63 | 9.11
Number of issuers | Number of issues

1| 4

<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>

4
ID Bank
45
1
7

6.41

Amount, mln USD | Share, %

45 | 6.41
Number of issuers | Number of issues

1| 7

<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>

5
AraratBank
44
1
2

6.34

Amount, mln USD | Share, %

44 | 6.34
Number of issuers | Number of issues

1| 2

<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>

6
ConverseBank (Armenia)
42
3
8

5.96

Amount, mln USD | Share, %

42 | 5.96
Number of issuers | Number of issues

3| 8

<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>

7
Armeconombank
41
1
7

5.88

Amount, mln USD | Share, %

41 | 5.88
Number of issuers | Number of issues

1| 7

<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>

8
ArmSwissBank
29
1
2

4.17

Amount, mln USD | Share, %

29 | 4.17
Number of issuers | Number of issues

1| 2

<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>

9
ACBA Bank
25
1
4

3.59

Amount, mln USD | Share, %

25 | 3.59
Number of issuers | Number of issues

1| 4

<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>

10
Dimension Investments
24
6
10

3.45

Amount, mln USD | Share, %

24 | 3.45
Number of issuers | Number of issues

6| 10

<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>

Other investment banks
53
7
11
8

Amount, mln USD | Share, %

53 | 8
Number of issuers | Number of issues

7 | 11

Total
697
26
80
100

Amount, mln USD | Share, %

697 | 100
Number of issuers | Number of issues

26 | 80

Show all »

Ranking of Armenian Bond Arrangers (Real Sector), 2025

Last updated 16/02/2026

#
Investment Bank
Amount, mln USD
Number of issuers
Number of issues
Share, %

1
Ameriabank
84
2
2

59.80

Amount, mln USD | Share, %

84 | 59.80
Number of issuers | Number of issues

2| 2

<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>

2
CUBE INVEST
22
3
4

15.70

Amount, mln USD | Share, %

22 | 15.70
Number of issuers | Number of issues

3| 4

<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>

3
Freedom Finance Armenia
13
1
2

9.03

Amount, mln USD | Share, %

13 | 9.03
Number of issuers | Number of issues

1| 2

<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>

4
ConverseBank (Armenia)
8
2
3

6.05

Amount, mln USD | Share, %

8 | 6.05
Number of issuers | Number of issues

2| 3

<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>

5
Dimension Investments
5
4
4

3.84

Amount, mln USD | Share, %

5 | 3.84
Number of issuers | Number of issues

4| 4

<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>

Other investment banks
8
2
2
6

Amount, mln USD | Share, %

8 | 6
Number of issuers | Number of issues

2 | 2

Total
140
14
17
100

Amount, mln USD | Share, %

140 | 100
Number of issuers | Number of issues

14 | 17

Show all »

Armenia Bond Arrangers Ranking (Financial Sector), 2025

Last updated 16/02/2026

#
Investment Bank
Amount, mln USD
Number of issuers
Number of issues
Share, %

1
Ameriabank
179
2
16

32.18

Amount, mln USD | Share, %

179 | 32.18
Number of issuers | Number of issues

2| 16

<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>

2
Inecobank
67
1
7

12.12

Amount, mln USD | Share, %

67 | 12.12
Number of issuers | Number of issues

1| 7

<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>

3
Fast Bank
63
1
4

11.41

Amount, mln USD | Share, %

63 | 11.41
Number of issuers | Number of issues

1| 4

<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>

4
ID Bank
45
1
7

8.02

Amount, mln USD | Share, %

45 | 8.02
Number of issuers | Number of issues

1| 7

<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>

5
AraratBank
44
1
2

7.94

Amount, mln USD | Share, %

44 | 7.94
Number of issuers | Number of issues

1| 2

<app-asterisks >***</app-asterisks>
<app-asterisks >***</app-asterisks>

Other investment banks
158
7
27
28

Amount, mln USD | Share, %

158 | 28
Number of issuers | Number of issues

7 | 27

Total
556
12
63
100

Amount, mln USD | Share, %

556 | 100
Number of issuers | Number of issues

12 | 63

Show all »

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BUSINESS CENTER, AL SHMOKH BUILDING, UAQ FREE TRADE ZONE, P.O. BOX 7073, UMM AL QUWAIN
TAX Registration Number 100451155400003

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