Armenia’s securities market on October 29: AMX summary
The Ministry of Finance of Armenia placed AMD 70 billion (about $194.3 million) of government bonds at three auctions on the Armenia Stock Exchange (AMX) on October 29, against demand of AMD 189.2 billion. On the secondary market, government bonds saw 7 trades worth AMD 965.2 million (about $2.68 million), and corporate bonds 72 trades worth about AMD 505.9 million in total.
Demand at the auctions exceeded the offer 2.7 times. AMD 40 billion of bonds maturing on October 29, 2035 (AMGB1129A357, 9.00% coupon) were placed against demand of AMD 116.4 billion, at a weighted average yield to maturity of 8.8186% (bids ranged from 8.69% to 8.9019%). AMD 15 billion of bonds maturing on April 29, 2029 (AMGN36294293, 7.40% coupon) were placed against demand of AMD 34.15 billion at 7.8721%, and AMD 15 billion maturing on April 29, 2031 (AMGN60294318, 7.60% coupon) against demand of AMD 38.63 billion at 8.1792%. On the secondary market, a Ministry of Finance bond (GN36284) led with AMD 517.3 million at a yield to maturity of 7.37%, followed by GN60314 at AMD 431.7 million and 8.11%. Bonds GB1133A, GB3150A and GB1135A also traded.
In corporate bonds, there were 50 trades in drams worth AMD 282.3 million, 21 trades in US dollars worth $575.5 thousand (about AMD 207.5 million) and 1 trade in euro worth €40.2 thousand (about AMD 16.1 million). Armeconombank bonds (HEZBBM1) led with AMD 51.1 million in 2 trades at a yield of 9.50%, followed by Intelligent Management (INTMB3, AMD 36.2 million, 10.80%) and Hypernova (HYPNB1, AMD 30.0 million, 6 trades, 12.99–13.00%). In the dollar segment, Ameriabank bonds (AMRBBNO) led with $108.9 thousand (about AMD 39.3 million) at 7.95%; the euro trade was in Inecobank bonds (INECBT) at 2.75%. Dram trade yields ranged from 7.3% to 13.0%.
Equities saw 8 trades worth AMD 1.75 million. ACBA Bank shares (ACBA) led: 4 trades, 61 shares at an average AMD 20,861, AMD 1.27 million, with a closing price of AMD 20,900. Tel-Cell (TLCL, 1,423 shares at AMD 300) and Telecom Armenia (AMTL) shares also traded. There were no repo trades and no trades on the exchange’s FX market.
The exchange has not yet published the dram indices for October 27–29. The Corporate Bond Market Index in US dollars (CBMI_USD) rose 0.01% to 101.58, with a yield to maturity of 4.47%, and the Corporate 1–3 Year Bond Index in US dollars (C3YBI_USD) rose 0.01% to 100.89.
On AMX, the corporate bond market totals AMD 1.06 trillion and market capitalisation AMD 380.2 billion. A total of 277 securities of 64 issuers are listed and admitted to trading.
According to AMX, the US dollar traded at AMD 360.51, the euro at AMD 400.96 and the Russian rouble at AMD 4.4754.
trillion drams (AMD)
billion drams (AMD)
| Index | Value | Change | Yield to maturity | Mod. duration |
|---|---|---|---|---|
|
AMD Corporate Bond Market Index
CBMI_AMD
|
104.51 | 0.00% | 1.61 | |
|
AMD 1–3 Year Corporate Bond Index
C3YBI_AMD
|
103.86 | 0.00% | 0.90 | |
|
USD Corporate Bond Market Index
CBMI_USD
|
101.58 | +0.01% | 4.47% | 1.76 |
|
USD 1–3 Year Corporate Bond Index
C3YBI_USD
|
100.89 | +0.01% | 2.67% | 1.03 |
72 trades
HEZBBM1
3 auctions
AMGB1129A357
7 trades
GN36284
8 trades
ACBA
Demand at the Ministry of Finance’s three auctions was 2.7 times the offer – AMD 189.2 billion against AMD 70 billion, with the most bids for bonds maturing in 2035. The auctions’ weighted average yields give investors a benchmark for dram debt: 7.87% for about 2.5 years, 8.18% for 4.5 years and 8.82% for 9 years. Corporate bond turnover was about AMD 506 million.
