Armenia’s AMX turnover excluding repo down 50.8% to AMD 1.16 billion on November 12
On November 12, government bonds on the Armenia Stock Exchange (AMX) saw 5 trades worth AMD 24.5 million (about $68.0 thousand), 98.4% less than the previous day (AMD 1.49 billion). Corporate bonds saw 93 trades in 51 issues: 66 trades in drams worth AMD 825.8 million, 25 trades in US dollars worth $772.6 thousand (about AMD 278.5 million) and 2 trades in euro worth €82.1 thousand (about AMD 33.0 million), about AMD 1.14 billion in total.
On the secondary government bond market, a Ministry of Finance of Armenia bond maturing on October 29, 2033 (GB1133A) led with 2 trades worth AMD 22.8 million at a yield of 8.55%. There were also trades in GB3150A, maturing on October 29, 2050 (3 trades worth AMD 1.7 million at 9.50%, against 9.579% on November 11). Excluding repo, turnover for the day was about AMD 1.16 billion in 104 trades, 50.8% less than on November 11 (AMD 2.36 billion).
Corporate bond turnover was 30.2% above November 11 (AMD 873.2 million) and 40.6% above the daily average of the week of November 2–6 (AMD 808.6 million), but 32.8% below November 10 (AMD 1.69 billion). In the dram segment, Acba bank bonds (ACBABL) led with AMD 253.1 million in 9 trades at a yield of 9.49–9.95%, about 31% of segment turnover and the most trades of the day. They were followed by Ameriabank bonds (AMRBBNI: AMD 102.9 million, 2 trades, 8.55%) and Electric Networks of Armenia bonds (HELCB5: AMD 98.8 million, 3 trades, 10.35–10.44%). In the dollar segment, Viva Armenia bonds (KTELB1) came first with $218.2 thousand (about AMD 78.7 million) in 8 trades at 7.65–8.02%, followed by Ameriabank bonds AMRBBMI ($205.0 thousand, 3 trades, 4.14–4.75%) and AMRBBNJ ($153.7 thousand, 2 trades, 5.05–5.30%). Both euro trades were in Armswissbank bonds (SWISBM1) at 4.29%. Dram trade yields ranged from 6.50% to 13.00% and dollar trade yields from 4.35% to 8.18%.
Equities saw 6 trades worth AMD 0.59 million. Telecom Armenia shares (AMTL) led: 2 trades, 2,070 shares at AMD 220.40 for AMD 456.2 thousand. Acba bank shares (ACBA: 2 trades, 5 shares at an average AMD 20,880, closing price AMD 20,850 against AMD 20,650 on November 11), Unibank shares (UNIB: 1 trade, 64 shares at AMD 356) and Tel-Cell shares (TLCL: 1 trade, 20 shares at AMD 314.97) also traded. The repo segment saw 5 trades worth AMD 1.06 billion, 10.2 times more than on November 11 (AMD 103.7 million), all in drams at 7.30–7.50%: HEZBBQ bonds (AMD 249.0 million, 11 days, 7.40%), ID Bank ANLBBM5 (AMD 245.0 million, 21 days, 7.40%), HEZBBS (AMD 244.8 million, 14 days, 7.50%), Amio Bank ARBBBS (AMD 218.2 million, 14 days, 7.30%) and Acba bank ACBABI (AMD 99.6 million, 7 days, 7.35%). There were no trades in Shtigen LLC bonds (STIGB1): the bid stood at a price of 71 (trades on November 11 were at 92.00–93.04) and the offer at 92.0144 (yield 20.01%). CUBE INVEST bonds (CUBIB1: bid 99.8501, 10.55%, ask 100.9343, 10.10%) and the first trading day of Unibank perpetual bonds (UNIBBM6: bid 103.3355, 12.77%, ask 108.4517, 12.17%) also passed without trades.
The AMD Corporate Bond Market Index (CBMI_AMD) fell 0.01% to 104.81 and the AMD 1–3 Year Corporate Bond Index (C3YBI_AMD) 0.04% to 104.01. The USD Corporate Bond Market Index (CBMI_USD) rose 0.07% to 101.75, with a yield of 5.06%, and the USD 1–3 Year Corporate Bond Index (C3YBI_USD) 0.06% to 100.93, with a yield of 4.61%.
On AMX, the corporate bond market totals AMD 1,061.7 billion (AMD 1,058.7 billion on November 11) and market capitalisation AMD 386.5 billion (AMD 377.9 billion). 282 instruments of 65 issuers are in circulation, after the exchange listed two new Unibank issues with a 36-month term, maturing on September 29, 2029, with quarterly coupons. UNIBBM4 totals AMD 3 billion (300 thousand bonds with a nominal value of AMD 10 thousand) with a 10.30% annual coupon, and UNIBBM5 $3 million (30 thousand bonds with a nominal value of $100) with a 6.00% coupon; trading starts on November 17. From November 13, Ardshinbank becomes market maker for Acba bank bonds AMACBAB2QER3 and AMACBAB2RER1, and AMX has received Araratbank’s interim reports.
According to AMX, the US dollar traded at AMD 360.48, the euro at AMD 401.50 and the Russian rouble at AMD 4.3569.
trillion drams (AMD)
billion drams (AMD)
| Index | Value | Change | Yield to maturity | Mod. duration |
|---|---|---|---|---|
|
AMD Corporate Bond Market Index
CBMI_AMD
|
104.81 | -0.01% | 1.62 | |
|
AMD 1–3 Year Corporate Bond Index
C3YBI_AMD
|
104.01 | -0.04% | 0.89 | |
|
USD Corporate Bond Market Index
CBMI_USD
|
101.75 | +0.07% | 5.06% | 1.73 |
|
USD 1–3 Year Corporate Bond Index
C3YBI_USD
|
100.93 | +0.06% | 4.61% | 1.01 |
93 trades
ACBABL
5 trades
GB1133A
6 trades
AMTL
5 trades
HEZBBQ
What: on November 12, turnover excluding repo halved to AMD 1.16 billion: government bonds barely traded (AMD 24.5 million in 5 trades), while repo turnover rose tenfold to AMD 1.06 billion. Corporate bonds (AMD 1.14 billion) were 30% above yesterday’s level. Who needs it: holders of Shtigen bonds, investors considering the new issues of Acba bank (trading from November 13) and Unibank (trading from November 17), and banks and other repo market participants. What it means: turnover shifted from government bonds to repo at 7.30–7.50%. In Shtigen bonds the bid fell to a price of 71 against trades at 92–93 the day before, while the offer to sell is at 92.01, a yield of about 20%. Quotes for CUBE INVEST bonds were unchanged (yield 10.10–10.55%), and the first trading in UNIBBM6 bonds passed without trades. The yield of the dram indices still diverges from trade yields. What to do: watch for the start of trading in Acba bank and Fast Bank bonds (November 13) and Unibank bonds (UNIBBM4 and UNIBBM5 on November 17), and for the auction on November 16; STIGB1 holders should follow the issuer’s disclosure on the AMX website; and, as a guide to rates, compare issues by maturity rather than rely on the dram indices until the exchange clarifies them.
