Armenia’s securities market on November 5: AMX summary

Government bonds on the Armenia Stock Exchange (AMX) saw 5 trades worth AMD 1.37 billion (about $3.8 million) on November 5. Corporate bonds recorded 77 trades in 49 issues: 55 trades in drams worth AMD 261.5 million, 21 trades in US dollars worth $612.1 thousand (about AMD 220.4 million) and 1 trade in euro worth €12.8 thousand (about AMD 5.2 million), for a total of about AMD 487.2 million.
All trades on the secondary government bond market were in drams, with turnover 68.6% below November 4 (AMD 4.35 billion). A Ministry of Finance of Armenia bond maturing in 2047 (GB30473) led with AMD 791.6 million in 1 trade at a yield of 9.60%, about 58% of segment turnover. It was followed by bonds GB3150A (AMD 574.3 million, 3 trades, 9.50%; 9.52% the day before) and GN36284 (AMD 0.5 million, 1 trade, 7.40%). Excluding repo, total turnover for the day was about AMD 1.87 billion in 96 trades, 63.2% below November 4 (AMD 5.07 billion).
Corporate bond turnover was 32.2% below November 4 (AMD 718.9 million) and 20.7% below the daily average of the week of October 26–30 (AMD 614.3 million). Electric Networks of Armenia bonds (HELCB1) led with AMD 113.3 million in 5 trades at a yield of 8.50–9.38% (9.00–9.44% on November 4), about 43% of dram-segment turnover. Inecobank bonds (INECBS) followed with AMD 63.1 million in 2 trades at 8.92%, while the most trades, 6, were in Acba bank bonds (ACBABI), worth AMD 33.2 million. In the dollar segment, Ameriabank bonds (AMRBBNP) came first with $368.6 thousand (about AMD 132.7 million) in 2 trades at 7.86%, about 60% of segment turnover. The only euro trade was in Armswissbank bonds (SWISBM1) at a yield of 4.38%, the first trade in that issue since trading began on November 3. Dram trade yields ranged from 7.69% to 12.70%, dollar trade yields from 4.80% to 7.97%.
Equities saw 14 trades worth AMD 12.20 million. Armeconombank shares (HEZB) led: 1 trade, 10,000 shares at AMD 1,000, AMD 10.0 million, about 82% of segment turnover (the average price on November 3 was AMD 2,680). Acba bank shares (ACBA) changed hands in 5 trades: 93 shares at an average AMD 20,745.27, AMD 1.93 million, with a closing price of AMD 21,000 (AMD 20,600 on November 4). Tel-Cell (TLCL: 1 trade, 658 shares at AMD 300.01, AMD 197.4 thousand), Unibank (UNIBP2: 2 trades, 133 shares, AMD 33.6 thousand; UNIBP3: 2 trades, 50 shares at AMD 398, AMD 19.9 thousand; UNIB: 1 trade, 33 shares at AMD 335, AMD 11.1 thousand), Telecom Armenia (AMTL: 1 trade, 10 shares at AMD 220, AMD 2.2 thousand) and ASCE Group (ASGR: 1 trade, 3 shares at AMD 625, AMD 1.9 thousand) shares also traded. The repo segment saw 5 trades worth about AMD 487.5 million (AMD 17.7 million on November 4): in drams, in Amio Bank (ARBBBO, AMD 201.6 million) and Inecobank (INECBI, AMD 102.6 million) bonds for 28 days at 7.30%, and in US dollars, in Viva Armenia (KTELB1, $193.7 thousand and $164.7 thousand) and Luyser (LUYSB5, $150.8 thousand) bonds for 35 days at 4.00%.
The Corporate Bond Market Index in Armenian drams (CBMI_AMD) rose 0.04% to 105.00 (up 0.47% since October 26) and the Corporate 1–3 Year Bond Index in Armenian drams (C3YBI_AMD) rose 0.01% to 104.11. The Corporate Bond Market Index in US dollars (CBMI_USD) gained 0.05% to 101.73, with a yield to maturity of 5.14%, and the Corporate 1–3 Year Bond Index in US dollars (C3YBI_USD) added 0.02% to 100.91, with a yield of 4.68%.
On AMX, the corporate bond market totals AMD 1,053.7 billion (AMD 1,053.2 billion on November 4) and market capitalisation AMD 382.9 billion (AMD 380.9 billion). A total of 276 instruments of 65 issuers are in circulation. Trading in CUBE INVEST bonds (50,000 bonds with a nominal value of AMD 100,000 each, AMD 5 billion in total) starts on November 9.
According to AMX, the US dollar traded at AMD 360.12, the euro at AMD 405.03 and the Russian rouble at AMD 4.3947.
trillion drams (AMD)
billion drams (AMD)
| Index | Value | Change | Yield to maturity | Mod. duration |
|---|---|---|---|---|
|
AMD Corporate Bond Market Index
CBMI_AMD
|
105.00 | +0.04% | 1.64 | |
|
AMD 1–3 Year Corporate Bond Index
C3YBI_AMD
|
104.11 | +0.01% | 0.91 | |
|
USD Corporate Bond Market Index
CBMI_USD
|
101.73 | +0.05% | 5.14% | 1.75 |
|
USD 1–3 Year Corporate Bond Index
C3YBI_USD
|
100.91 | +0.02% | 4.68% | 1.03 |
77 trades
HELCB1
5 trades
GB30473
14 trades
HEZB
5 trades
ARBBBO
What: AMX turnover on November 5 was about AMD 1.9 billion, 63% below November 4: government bond turnover fell to AMD 1.37 billion and corporate bond turnover to AMD 0.49 billion (21% below the daily average of the week of October 26–30). Repo turnover, however, rose to AMD 487.5 million. Who needs it: investors in dram government debt and corporate bonds, and issuers who look to yield levels and repo terms. What it means: the yield on Electric Networks of Armenia bonds (HELCB1) fell to 8.50–9.38%, while a government bond maturing in 2047 traded at 9.60%. The CBMI_AMD index reached 105.00, 0.47% above its October 26 value. The yield of the dram indices still diverges from trade yields. What to do: compare yields on specific issues with maturities in mind, and do not use the dram indices as a guide to rates until the exchange clarifies them; trading in CUBE INVEST bonds starts on November 9.



