Yerevan /Mediamax/. On April 14-18, the volume of deals on corporate bonds on “NASDAQ OMX Armenia” Stock Exchange cut down as compared to the previous week by 36.2%, making about 65.4mln AMD.

Broker-dealer of “Capital Asset Management” Investment Company Alik Arakelyan informed Mediamax on this.

According to him, 92.1% of the deals were concluded on “ArmRosGazprom” CJSC, “IMEX Group” LLC and “Ardshininvestbank” CJSC bonds. The volume of deals with bonds of the mentioned issuers made 60.2mln AMD.

Last week, certain reduction of bond yield was registered. Reduction was particularly registered as to the yields of “IMEX Group”, “HSBC Bank Armenia” bonds and the bonds of the first tranche of “Valletta” LLC respectively for 0.13, 1.48 and 1.07 percentage points.

“One of the main reasons for reduction of yield of the mentioned bonds was the decrease of the refinancing rate for 0.25 percentage points by the Central Bank”, Alik Arakelyan stated, noting that the only growth of yield (for 0.24 percentage points) was registered in the deals on “Ardshininvestbank” CJSC bonds. 

According to the assessment of Alik Arakelyan, the expansive monetary-credit policy, adopted by the Central Bank on April 7, led to certain positive shifts in the market of bonds, and if the Central Bank in the course of the nearest week also preserves the adopted policy, one might expect that the interest rates for bonds will not undergo significant changes, and if they do, the changes will be towards decrease.

Touching upon the developments in the market of bonds within the month of March on Mediamax’s request, investment consultant of “Capital Asset Management” Ani Vardanyan stated that in March, 2009, the total volume of deals with corporate bonds on the Stock Exchange made about 1bln 468mln AMD (26.1% of the deals were concluded by “Capital Asset Management” CJSC). 80.4% of the deals in the market of corporate bonds in the course of March were concluded on bonds of three banks (“Ardshininvestbank”, “Converse Bank” and “HSBC Bank Armenia”).

Ani Vardanyan also noted that AMD devaluation and the growth of the refinancing rate for 1.0 percentage points have undoubtedly left their effect: rates for not only corporate, but also state bonds have increased. The yield of corporate bonds in March, 2009, increased on average for 1.3 percentage points.