Corporate bond turnover on Armenia’s AMX up 37.2% to AMD 1.69 billion on November 10

On November 10, government bonds on the Armenia Stock Exchange (AMX) saw 2 trades worth AMD 485.9 million (about $1.35 million). Corporate bonds saw 138 trades in 79 issues: 96 trades in drams worth AMD 1.23 billion, 36 trades in US dollars worth $1.23 million (about AMD 443.9 million) and 6 trades in euro worth €53.5 thousand (about AMD 21.6 million), about AMD 1.69 billion in total.

On the secondary government bond market, a Ministry of Finance of Armenia bond maturing on April 29, 2031 (GN60314) led with AMD 485.6 million at a yield of 8.456%; the second trade was in bond GN36284, AMD 0.3 million at 7.40% (segment turnover was AMD 906.7 million on November 9). On the primary market, the Ministry of Finance offered AMD 30 billion of AMGN60294318 bonds (maturing on April 29, 2031): demand reached AMD 42.16 billion and AMD 14.36 billion was placed at a weighted average yield of 8.4955%. Of three buyback auctions, only one took place, for AMGN60294284 (maturing on April 29, 2028): AMD 1 billion at 7.275% (demand AMD 2.795 billion), while the auctions for AMGB1029A276 and AMGB20072287 failed because the issuer submitted no orders. The next auction is on November 16: AMD 5 billion of short-term zero-coupon bonds AMGT52139277 (maturing on September 13, 2027). Excluding repo, turnover for the day was about AMD 2.18 billion in 148 trades, 1.6% more than on November 9.

Corporate bond turnover was 37.2% above November 9 (AMD 1.23 billion), the highest since October 26. CUBE INVEST bonds (CUBIB1) led with their first trades: 3 trades worth AMD 511.6 million, about 42% of dram segment turnover. Two trades were for 2,500 bonds each, AMD 254.3 million apiece, at a price of 99.97 and a yield of 10.50%, and the third for 30 bonds at 100.94 and 10.10%. They were followed by Electric Networks of Armenia bonds (HELCB1: AMD 184.5 million, 8 trades, 8.05–8.44%, against 8.40–8.81% on November 9) and Hypernova bonds (HYPNB1: AMD 74.6 million, 8 trades, 12.70–13.08%). In the dollar segment, Viva Armenia bonds (KTELB1) came first with $313.3 thousand (about AMD 112.9 million) in 9 trades at 7.45–8.03%, followed by Ameriabank bonds (AMRBBMI: $181.4 thousand, 4.75–4.99%) and Armswissbank bonds (SWISBO: $155.7 thousand, 5.45%). Dram trade yields ranged from 6.28% to 13.10%, dollar trade yields from 3.73% to 8.10% and euro trade yields from 2.10% to 4.50%.

Equities saw 8 trades worth AMD 1.56 million. Acba bank shares (ACBA) led: 3 trades, 70 shares at an average AMD 20,864.29 for AMD 1.46 million, with a closing price of AMD 20,850 (AMD 20,710 on November 9). Unibank (UNIB: 2 trades, 45 shares), ASCE Group (ASGR: 2 trades, 57 shares at AMD 600) and Telecom Armenia (AMTL: 1 trade, 240 shares at AMD 220) shares also traded. The repo segment saw 11 trades worth AMD 2.32 billion, more than in the whole week of November 2–6 (about AMD 1.43 billion). All trades were in drams at 7.40–7.55%; the largest were in CUBE INVEST bonds (CUBIB1): AMD 853.2 million in 3 trades for 21 days at 7.50%. Repo trades were also made with Armswissbank bonds (SWISBQ, SWISBR: AMD 628.6 million, 23 days, 7.40%), HEZBBM1 bonds (AMD 515.5 million, 23 days, 7.40%), ID Bank bonds (ANLBBU: AMD 87.6 million, 14 days, 7.55%), Acba bank bonds (ACBABN: AMD 14.4 million, 21 days, 7.50%) and government bond GB2037A (AMD 217.2 million, 1 day, 7.50%).

The AMD Corporate Bond Market Index (CBMI_AMD) rose 0.04% to 104.86, while the AMD 1–3 Year Corporate Bond Index (C3YBI_AMD) fell 0.07% to 104.06. The USD Corporate Bond Market Index (CBMI_USD) slipped 0.04% to 101.68, with a yield of 5.14%, and the USD 1–3 Year Corporate Bond Index (C3YBI_USD) fell 0.03% to 100.87, with a yield of 4.69%.

On AMX, the corporate bond market totals AMD 1,058.7 billion (the same as on November 9) and market capitalisation AMD 377.5 billion (AMD 381.2 billion). 278 instruments of 65 issuers are in circulation, after the exchange listed two new issues on November 10. Trading in Unibank’s AMD 3 billion perpetual bonds (UNIBBM6: a fixed coupon of 13.20% a year for the first 36 months, floating thereafter) will start on November 12, and in Fast Bank’s AMD 13 billion bonds (FSCRBS: a 10.25% coupon, maturing on August 10, 2028) on November 13. Sirius Capital will stop market-making in Unibank bonds AMUNIBB2UER0 from December 10. There were no trades in SHTIGEN bonds (STIGB1); the bid fell from 99 to 92, with no offer to sell.

According to AMX, the US dollar traded at AMD 360.43, the euro at AMD 403.36 and the Russian rouble at AMD 4.3787.