Armenia’s securities market on October 23 and the week in review: AMX summary
Trading on 23 October
Corporate bond trading on the Armenia Stock Exchange (AMX) on October 23 totalled about AMD 316.6 million (about $876 thousand) in 56 trades across 40 issues. Dram trades accounted for AMD 241.5 million (40 trades), US dollar trades for USD 205.1 thousand (15 trades) and euro trades for EUR 2.4 thousand (1 trade). Government bonds saw 1 trade worth AMD 1.44 million, and shares 15 trades worth AMD 7.77 million.
1. Market in numbers
On AMX, the corporate bond market totals AMD 1,058.9 billion, and market capitalisation stands at AMD 375.0 billion. A total of 277 instruments of 64 issuers are listed and admitted to trading.
2. Corporate bond indices
| Index | Value | Change | Yield to maturity | Modified duration |
|---|---|---|---|---|
| Corporate 1–3 Year Bond Index in Armenian drams (C3YBI_AMD) | 103.8594 | −0.01% | * | 0.91 |
| Corporate Bond Market Index in Armenian drams (CBMI_AMD) | 104.5115 | −0.02% | * | 1.62 |
| Corporate 1–3 Year Bond Index in US dollars (C3YBI_USD) | 100.8962 | −0.01% | 3.64% | 1.05 |
| Corporate Bond Market Index in US dollars (CBMI_USD) | 101.5775 | −0.01% | 4.85% | 1.77 |
* The yield to maturity of the dram indices is being clarified with the exchange.
3. Today’s trading
Corporate bonds: 56 trades in 40 issues, ≈ AMD 316.6 mn in total.
- in Armenian drams (AMD): 40 trades, AMD 241.5 mn;
- in US dollars (USD): 15 trades, USD 205.1 k (≈ AMD 74.1 mn);
- in euro (EUR): 1 trade, EUR 2.4 k (≈ AMD 1.0 mn).
- Leader: Inecobank bonds (INECBS) – AMD 41.1 mn, 1 trade, yield to maturity 8.90%. Followed by Global Shipping bonds (GLBSB1), AMD 32.2 mn (3 trades, yield to maturity 11.43%), and Ameriabank bonds (AMRBBN8), AMD 30.4 mn.
- Dollar segment leader: Ardshinbank bonds (ASHBBN) – USD 100.9 k (≈ AMD 36.5 mn), yield to maturity 5.00%.
- Most trades – 5 – were in Ameriabank bonds (AMRBBNI).
- Dram trade yields ranged from 6.0% to 13.5%.
Government bond placement auctions: none held on 23 October.
Government bonds: 1 trade in a bond of the Ministry of Finance of the Republic of Armenia (GB3150A) worth AMD 1.44 mn, yield to maturity 9.13%.
Equities: 15 trades worth AMD 7.77 mn. Leader: ACBA Bank shares (ACBA) – 8 trades, 363 shares at an average AMD 20,779, AMD 7.54 mn. Telecom Armenia (AMTL), Tel-Cell (TLCL) and Unibank (UNIB) shares also traded.
Repo: no new trades.
4. AMX exchange rates
- US dollar (USD): AMD 361.33
- euro (EUR): AMD 405.23
- Russian rouble (RUB): AMD 4.4536
5. Editor’s note
Corporate bond turnover on Friday was about AMD 317 mn, the lowest of the week. All four corporate bond indices edged down. Most of the equity turnover came from ACBA Bank shares.
The week of 19–23 October
Total turnover on AMX in the week of October 19–23 reached about AMD 2.92 billion in 463 trades, down 84.8% from the previous week (AMD 19.21 billion, 427 trades). Government bonds accounted for AMD 184.1 million (14 trades, −98.9%), corporate bonds for about AMD 2.72 billion (399 trades, +28.0%) and shares for AMD 14.50 million (50 trades, +41.6%). There were no new repo trades.
1. Market in numbers
On AMX, the corporate bond market totalled AMD 1,058.9 billion as of October 23, down AMD 8.0 billion over the week. Market capitalisation rose 6.7% to AMD 375.0 billion (AMD 351.4 billion a week earlier). A total of 277 instruments (−1 over the week) of 64 issuers are listed and admitted to trading.
2. Corporate bond indices over the week
| Index | Previous week | 23.10 | Weekly change |
|---|---|---|---|
| Corporate 1–3 Year Bond Index in Armenian drams (C3YBI_AMD) | 103.8109 (15.10)* | 103.8594 | +0.05% |
| Corporate Bond Market Index in Armenian drams (CBMI_AMD) | 104.3796 (15.10)* | 104.5115 | +0.13% |
| Corporate 1–3 Year Bond Index in US dollars (C3YBI_USD) | 101.0927 (16.10) | 100.8962 | −0.19% |
| Corporate Bond Market Index in US dollars (CBMI_USD) | 101.6686 (16.10) | 101.5775 | −0.09% |
* The exchange did not publish the dram indices for 16–20 October; the change is calculated from 15 October. The yield to maturity of the dram indices is being clarified with the exchange.
Largest daily moves: Corporate Bond Market Index in Armenian drams (CBMI_AMD) – +0.13% on 22 October; Corporate 1–3 Year Bond Index in US dollars (C3YBI_USD) – −0.09% on 19 October. The Corporate 1–3 Year Bond Index in US dollars (C3YBI_USD) fell on four of the five days.
3. Trading by day
472.5Tue, 20.10
604.3Wed, 21.10
602.6Thu, 22.10
726.8Fri, 23.10
316.6
—Tue, 20.10
0.3Wed, 21.10
52.7Thu, 22.10
129.7Fri, 23.10
1.4
| Day | Corporate bonds, AMD mn* | Trades | Government bonds, AMD mn | Trades | Equities, AMD k | Trades |
|---|---|---|---|---|---|---|
| Mon, 19.10 | 472.5 | 81 | — | 0 | 4,876.6 | 10 |
| Tue, 20.10 | 604.3 | 90 | 0.3 | 1 | 108.3 | 6 |
| Wed, 21.10 | 602.6 | 83 | 52.7 | 2 | 1,612.2 | 9 |
| Thu, 22.10 | 726.8 | 89 | 129.7 | 10 | 131.6 | 10 |
| Fri, 23.10 | 316.6 | 56 | 1.4 | 1 | 7,770.4 | 15 |
| Week | 2,722.8 | 399 | 184.1 | 14 | 14,499.2 | 50 |
| Week of 12–16.10 | 2,127.1 | 359 | 17,070.2 | 32 | 10,239.1 | 36 |
* Including trades in US dollars (USD) and euro (EUR), converted at that day’s AMX rate.
4. The week’s trading
Corporate bonds: 399 trades, ≈ AMD 2.72 bn – 28% more than the previous week.
- in Armenian drams (AMD): 279 trades, AMD 1,862.1 mn;
- in US dollars (USD): 119 trades, USD 2.38 mn (≈ AMD 859.7 mn);
- in euro (EUR): 1 trade, EUR 2.4 k.
- Most active issue of the week: Electric Networks of Armenia bonds (HELCB1) – AMD 272.7 mn, of which AMD 245.9 mn in four trades on 22 October (yield to maturity about 10.15%). Followed by Ameriabank bonds (AMRBBNM) – AMD 185.2 mn, and Viva Armenia bonds (KTELB1) – USD 338.1 k (≈ AMD 122.2 mn); Viva Armenia bonds (KTELB1) also saw the most trades of the week – 23.
- Busiest day: Thursday, 22 October (AMD 726.8 mn); quietest: Friday, 23 October (AMD 316.6 mn).
- Dram corporate trade yields were mostly between 6.4% and 12.7%.
Government bond placement auctions (primary market, not included in trading turnover): one auction was held during the week – on 19 October, AMD 5 bn of short-term zero-coupon government bonds of the Ministry of Finance of the Republic of Armenia (AMGT52028272) maturing on 2 August 2027 were placed. The issue was placed in full against demand of AMD 11.003 bn (2.2 times the offer); weighted average yield to maturity 7.0672%.
- The Ministry of Finance of the Republic of Armenia has announced next week’s auctions: on 26 October – AMD 5 bn (AMGI0222A281, maturing 22 October 2028); on 29 October – AMD 40 bn (AMGB1129A357, maturing 29 October 2035), AMD 15 bn (AMGN36294293, maturing 29 April 2029) and AMD 15 bn (AMGN60294318, maturing 29 April 2031).
Government bonds: 14 trades, AMD 184.1 mn, against AMD 17.07 bn the previous week. There were no trades on 19 October; the most – 10 trades worth AMD 129.7 mn – came on 22 October.
- Leader of the week: bond of the Ministry of Finance of the Republic of Armenia (GN36284) – AMD 78.1 mn, one trade on 22 October, yield to maturity 7.37%.
- Bond of the Ministry of Finance of the Republic of Armenia (GB3150A) – AMD 67.9 mn, 5 trades, yield to maturity 8.85–9.30%.
Equities: 50 trades, AMD 14.50 mn. Leader: ACBA Bank shares (ACBA) – AMD 9.74 mn, traded on all five days at average prices of AMD 20,704–20,800. Followed by Unibank shares (UNIB) – AMD 4.07 mn.
5. AMX exchange rates over the week
| Currency | 16.10 | 23.10 | Change |
|---|---|---|---|
| US dollar (USD) | AMD 362.34 | AMD 361.33 | −0.28% |
| euro (EUR) | AMD 407.92 | AMD 405.23 | −0.66% |
| Russian rouble (RUB) | AMD 4.3346 | AMD 4.4536 | +2.75% |
6. Editor’s note
Total weekly turnover fell to AMD 2.92 bn from AMD 19.21 bn the week before, as secondary trading in government bonds amounted to only AMD 184 mn. Corporate bond turnover, by contrast, rose 28% to AMD 2.72 bn, with Electric Networks of Armenia bonds (HELCB1) accounting for about a tenth of it. Market capitalisation rose 6.7% over the week, and the Russian rouble strengthened 2.75% against the dram.
Source: Armenia Stock Exchange (AMX, amx.am), 19–23 October 2026; conversion rates per AMX.
