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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

Moneda Outstanding bond issues Cumulative volume
Soberano
AMD 33 605 742 335 000
USD 2 1 200 000 000
Corporativo
USD 33 261 830 498
AMD 19 15 189 590 560
EUR 2 13 000 000

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.) ***
Expert RA *** Foreign curr. scale ***
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, 0% 4feb2019, AMD (364D) - Bonos locales AMGT52042190 0% 1 180 000 000  AMD 05/02/18 04/02/19
Armenia, 0% 14jan2019, AMD (364D) - Bonos locales AMGT52141190 0% 1 130 000 000  AMD 15/01/18 14/01/19
Ameriabank, 5% 9jan2020, USD - Bonos locales AMAMRBB28ER8 5% 10 000 000  USD 21/12/17 09/01/20
Armeconombank, 12% 28dec2019, USD - Bonos locales AMHEZBB22ER6 12% 100 000 000  AMD 19/12/17 28/12/19
Armeconombank, 5.75% 29dec2019, USD - Bonos locales AMHEZBB23ER4 5.75% 2 000 000  USD 19/12/17 29/12/19
AraratBank, 5.5% 4mar2022, USD (15) - Bonos locales AMARBKB2FER7 5.5% 5 000 000  USD 15/12/17 04/03/22
First Mortgage Company, 10.5% 12dec2019, AMD (1) - Bonos locales AMFMGCB22ER1 10.5% 100 000 000  AMD 12/12/17 12/12/19
First Mortgage Company, 6.5% 12dec2019, USD (2) - Bonos locales AMFMGCB21ER3 6.5% 500 000  USD 12/12/17 12/12/19
Anelik Bank, 5.75% 12oct2019, USD (05) - Bonos locales AMANLBB25ER5 5.75% 5 000 000  USD 07/12/17 12/10/19
AraratBank, 9.5% 4dec2019, AMD (16) - Bonos locales AMARBKB2GER5 9.5% 1 000 000 000  AMD 05/12/17 04/12/19

CIS Bond Market statistics

Monthly indices

Type Jan 2018 Dec 2017 Nov 2017 Oct 2017 Sep 2017 Aug 2017 Jul 2017
Bond market (other CIS)
Gov. bonds outst., USD mln (Armenia) 955.28 912.16 860.57 837.21 831.46 830.04 810.07
Corp. bonds outst., USD mln (Armenia) 209.56 206.61 158.92 153.13 152.65 145.65 130.58
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Currencies

Daily indices

Type: 21/02/18 20/02/18 19/02/18 16/02/18 15/02/18 14/02/18 13/02/18
Exchange rates of Central Banks (CIS)
USD/AMD  480.46 480.58 480.81 480.94 481.30 481.61 482.38
EUR/AMD  592.36 593.23 596.64 602.52 600.85 594.93 593.95
RUB/AMD  8.49 8.47 8.52 8.53 8.50 8.37 8.34
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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 Jan 2018 Dec 2017 Nov 2017 Oct 2017 Sep 2017 Aug 2017 Jul 2017
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Armenia) 2.70 2.60 2.20 1.20 1.00 0.90 0.90
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Yearly indices

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

Cotizaciones

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
Armenia, 6% 30sep2020, USD   USD 30/09/20 20/02/18 *** *.** 20/02/18 ***.** *.**
Armenia, 7.15% 26mar2025, USD   USD 26/03/25 20/02/18 ***.** *.** 20/02/18 ***.** *.**
Ardshinbank (Industrial Construction Bank), 12% 29jul2020, USD   USD 29/07/20 20/02/18 ***.* **.** 20/02/18 ***.* *.**
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