Corporate bond turnover on Armenia’s AMX up 59.9% to AMD 6.46 billion on November 9–13

The day, November 13: turnover excluding repo AMD 2.3 billion, twice the previous day

Corporate bonds on the Armenia Stock Exchange (AMX) saw 119 trades in 62 issues worth AMD 1.53 billion (about $4.24 million) on November 13, 34.6% more than on November 12 (AMD 1.14 billion) and 18.4% above the week’s daily average (AMD 1.29 billion). Government bonds saw 4 trades worth AMD 790.87 million (AMD 24.50 million on November 12) and equities 5 trades worth AMD 2.18 million. The repo segment saw 1 trade worth AMD 210.28 million (AMD 1.06 billion on November 12). Excluding repo, turnover for the day was AMD 2.32 billion in 128 trades, twice November 12 (AMD 1.16 billion).

Corporate bond trades in drams totalled AMD 1.32 billion (88 trades), in US dollars $575.2 thousand (30 trades, about AMD 207.35 million) and in euro €207 (1 trade, about AMD 83 thousand) in Armswissbank bonds (SWISBJ) at a yield of 2.02%. In the dram segment, Inecobank bonds (INECBP) led with AMD 159.46 million in 4 trades at a yield of 9.00–9.45% (about 12% of segment turnover). They were followed by Electric Networks of Armenia bonds (HELCB5), AMD 129.17 million in 3 trades at 10.25%, and Acba bank bonds (ACBABN), AMD 108.55 million in 1 trade at 9.00%. In the dollar segment, Team Holding bonds (TMHDB4) led with $213.3 thousand (about AMD 76.90 million) in 9 trades, the most trades of the day, at 7.82%; they were followed by Ameriabank bonds (AMRBBMI), $106.7 thousand (about AMD 38.45 million) in 3 trades at 4.40%, and (AMRBBMN), $50.3 thousand (about AMD 18.14 million) at 4.75%. Dram trade yields ranged from 6.87% to 31.14% and dollar trade yields from 4.40% to 8.50%.

The upper bound of dram trade yields was set by SHTIGEN LLC bonds (STIGB1): 7 trades worth AMD 2.70 million (32 bonds) at an average price of 81.75 and a yield of 27.08–44.46%; the quotes show a bid at a price of 85 (yield 27.23%) and an ask at a price of 87 (25.09%). Trades in this issue on November 11 were at a price of 92.00–93.04, and on November 12 the bid was at a price of 71.

Trading in Fast Bank bonds (FSCRBS) began on November 13: 1 trade worth AMD 15.36 million (150 bonds) at a price of 99.7652 and a yield of 10.38%. Trading in Acba bank bonds ACBABQ and ACBABR also began, with no trades: ACBABQ bid at a price of 100 (yield 9.49%), ask at a price of 100.7425 (9.15%); ACBABR bid at a price of 99.6032 (9.85%), ask at a price of 101.4013 (9.39%). There were no trades in CUBE INVEST bonds (CUBIB1): bid at a price of 99.85 (yield 10.55%), ask at a price of 100.9333 (10.10%). Electric Networks of Armenia bonds (HELCB1) saw 1 trade worth AMD 4.83 million at a yield of 8.29%.

The secondary government bond market saw 4 trades worth AMD 790.87 million: a Ministry of Finance of Armenia bond GB1135A (maturing on October 29, 2035), 2 trades worth AMD 789.33 million at 8.76%, and GB3150A (maturing on October 29, 2050), 2 trades worth AMD 1.54 million at 9.50%.

In equities, Acba bank shares (ACBA) led by turnover: 2 trades, 105 shares at an average AMD 20,723.81, AMD 2.18 million. Tel-Cell shares (TLCL: 2 trades, 6 shares at about AMD 314.99) and Armeconombank shares (HEZB: 1 trade, 1 share at AMD 5,000) also traded. One repo trade was concluded in HEZBBS bonds: AMD 210.28 million for 14 days at 7.50%.

AMX published a notice “Essential facts and information” on First Mortgage Company UCO LLC (FMGCB5, FMGCB6); details are available on the issuer’s page on the exchange’s website. In addition, on November 12 AMX announced the listing of Unibank bonds UNIBBM4 and UNIBBM5; the first day of trading is November 17.

The Corporate Bond Market Index in Armenian drams (CBMI_AMD) rose 0.04% to 104.85 and the Corporate 1–3 Year Bond Index in Armenian drams (C3YBI_AMD) rose 0.09% to 104.11. The Corporate Bond Market Index in US dollars (CBMI_USD) fell 0.07% to 101.68, with a yield to maturity of 5.10%, and the Corporate 1–3 Year Bond Index in US dollars (C3YBI_USD) fell 0.02% to 100.91, with a yield of 4.62%. On AMX, the corporate bond market totals AMD 1,084.7 billion (AMD 1,061.7 billion on November 12; +2.2%), and market capitalisation is AMD 415.5 billion (AMD 386.5 billion; +7.5%). 282 instruments of 65 issuers are in circulation.

The yield the exchange shows for the dram indices (−0.03% and −3.95%) differs markedly from the yield of trades (6.87–31.14%), so it is not published and is being clarified with the exchange.

The week of November 9–13: turnover 44% below the previous week, corporate bonds 60% higher

Total turnover on AMX in the week of November 9–13 was AMD 10.17 billion (about $28.2 million) in 683 trades, 44.3% below the previous week (AMD 18.26 billion, 599 trades) and 7.7% below the week of October 26–30 (AMD 11.01 billion, 485 trades). Government bonds accounted for AMD 3.69 billion (21 trades; −74.0% on the previous week), corporate bonds for AMD 6.46 billion (625 trades; +59.9%) and equities for AMD 11.89 million (37 trades; −54.5%). The repo segment saw 18 trades worth AMD 3.69 billion (13 trades worth AMD 1.43 billion the previous week), 2.6 times more. The busiest day was Wednesday, November 11 (AMD 2.36 billion), the quietest Thursday, November 12 (AMD 1.16 billion).

Corporate bonds saw 448 trades in drams worth AMD 4.97 billion, 162 trades in US dollars worth $3.90 million (about AMD 1.40 billion) and 15 trades in euro worth €229.4 thousand (about AMD 92.30 million); bonds of 149 issues traded in total. The largest dram issue of the week was CUBE INVEST bonds (CUBIB1), with the first trades on November 10: AMD 511.63 million in 3 trades. They were followed by Electric Networks of Armenia bonds (HELCB1), AMD 410.70 million in 14 trades at 8.05–8.81%; Acba bank bonds (ACBABL), AMD 275.50 million in 16 trades at 9.40–9.95%; and Electric Networks of Armenia bonds (HELCB5), AMD 269.62 million in 16 trades at 10.25–10.75%. In the dollar segment, Viva Armenia bonds (KTELB1) led with $1.01 million (about AMD 365.46 million) in 41 trades, the most trades of the week, at 7.38–8.03%; they were followed by Ameriabank bonds (AMRBBMI), $618.8 thousand, and (AMRBBNJ), $226.2 thousand, and Evocabank bonds (PROMBE), $233.9 thousand. Among dram issues, many trades were in Hypernova bonds (HYPNB1), 19 trades, and Evocabank bonds (PROMBD), 17 trades. Dram trade yields ranged from 6.00% to 31.14% (the upper bound was set by Shtigen bonds (STIGB1) on November 13), dollar trade yields from 3.73% to 8.50% and euro trade yields from 2.02% to 4.50%.

On the secondary government bond market, 29.7% of turnover, AMD 1.10 billion, was in a Ministry of Finance of Armenia bond GB1135A (maturing on October 29, 2035): 5 trades at yields of 8.760%. It was followed by GN60314 (maturing on April 29, 2031), 4 trades worth AMD 1.09 billion at 8.400–8.456%; GB30473 (maturing on March 16, 2047), 1 trade worth AMD 774.41 million at 9.60%; GB3150A (maturing on October 29, 2050), 7 trades worth AMD 574.15 million at 9.408–9.579%; Eurobonds EUBDB5, $367.1 thousand (about AMD 132.26 million) at 6.10%; GB1133A, AMD 22.85 million at 8.55–8.60%; and GN36284, AMD 305 thousand at 7.40%.

On the primary market, the Ministry of Finance of Armenia offered AMGN60294318 bonds (maturing on April 29, 2031) worth AMD 30 billion on November 10; demand was AMD 42.16 billion and AMD 14.36 billion was placed at a weighted average yield of 8.4955% (AMD 5 billion the previous week). Of three buyback auctions (code RET), only one issue was bought back: AMGN60294284, AMD 1 billion at 7.275%; the other two auctions were unfulfilled due to the absence of issuer’s orders. The next auction is scheduled for November 16: AMGT52139277 (maturing on September 13, 2027) worth AMD 5 billion.

In equities, Acba bank shares (ACBA) led with AMD 8.71 million in 11 trades at an average AMD 20,735.60 (about 73% of equity turnover), followed by Telecom Armenia shares (AMTL), AMD 2.72 million in 6 trades, and Tel-Cell shares (TLCL), AMD 387 thousand in 11 trades. Unibank (UNIB), ASCE Group (ASGR) and Armeconombank (HEZB) shares also traded.

The repo segment saw 18 trades worth AMD 3.69 billion, all in drams at 7.30–7.55%: CUBE INVEST bonds (CUBIB1), 3 trades worth AMD 853.20 million (November 10, 21 days at 7.50%); Armswissbank bonds (SWISBQ, SWISBR, SWISBT), 4 trades worth AMD 732.26 million; HEZBBM1, HEZBBS and HEZBBQ bonds, 5 trades worth AMD 1.22 billion; ID Bank bonds (ANLBBU, ANLBBM5), 2 trades worth AMD 332.60 million; Amio Bank bonds (ARBBBS), AMD 218.23 million; a government bond (GB2037A), AMD 217.15 million for 1 day; and Acba bank bonds (ACBABN, ACBABI), 2 trades worth AMD 113.98 million.

During the week AMX reported a number of events. Trading in CUBE INVEST bonds (CUBIB1) began on November 9, and on SHTIGEN LLC bonds (STIGB1) the exchange received essential facts on the filing of a petition with the court to initiate insolvency proceedings against the issuer; on November 12 essential facts and information were received on First Mortgage Company UCO LLC (FMGCB5, FMGCB6). Trading in Unibank perpetual bonds (UNIBBM6) began on November 12, and in Fast Bank bonds (FSCRBS) and Acba bank bonds (ACBABQ, ACBABR) on November 13; the first day of trading in Unibank bonds UNIBBM4 and UNIBBM5 is November 17. Market-maker status was granted to Cube Invest for Unibank bonds UNIBBM6 (from November 12), to Armswissbank for Fast Bank bonds and to Ardshinbank for Acba bank bonds (from November 13). The yield of trades in Shtigen bonds rose from 12.72% (November 4) to 19.01–20.01% (November 11) and 27.08–44.46% (November 13).

The corporate bond market rose by AMD 31.2 billion (+3.0%) over the week to AMD 1,084.7 billion, while capitalisation rose 8.5% to AMD 415.5 billion. The number of instruments rose from 276 to 282, and the number of issuers is 65.

* Including trades in US dollars and euro, converted at that day’s AMX rate. Government bonds include trades in Eurobonds (EUBDB5). Repo is not included in the table.

The yield of the dram indices is being clarified with the exchange.

Source: Armenia Stock Exchange (AMX, amx.am), November 9–13, 2026. Dollar and euro trades converted at the AMX rate.