Yerevan /Mediamax/. In the course of the past week, two issues of short-term bonds at the placement volume of 1bln AMD each were realized in initial market of governmental bonds.

The average weighted yield of the issue made 11.2211% and 11.3739%. At that, the demand for both issues exceeded 2bln AMD, and the revenues from placement made 898 103 084 and 896 858 581 AMD.

“Renesa” Investment Company noted high level of interest by the participants of auctions for the given issues. “The results of two latest auctions once again evidence that the yield of short-term bonds has a tendency to decrease”, “Renesa” stated.

“At the beginning of last week, CB announced decrease of refinancing rate for 1 percentage point down to 6.5%, the fact evidencing the use of another monetary-credit lever, aiming at pouring additional liquidity to the market, and, taking into account the fact that the first 10 days of the month are considered the easiest ones in terms of tax and general payment collection, consequently the surpluses of this short-term liquidity, to all appearances, will be directed to the market of short-term bonds, the yield of which continues decreasing”, Mediamax was told in “Renesa”.

The Investment Company believes that CB policy makes the developments in the financial system foreseeable in short-term prospect and keeps it from undesirable fluctuations.

Broker-dealer of “Capital Asset Management” Investment Company Alik Arakelyan is also of the same opinion. He stated in an interview to Mediamax that “stabilization of the market of governmental bonds has led to absence of significant fluctuations in the yield of corporate bonds”.

Last week, the aggregate volume of deals on corporate bonds on “NASDAQ OMX Armenia” increased, as compared to the previous week, 6.7 times, making 578 074 923 AMD. The number of deals increased from 7 to 20.

Then deals were concluded on “Valletta” LLC, “HSBC Bank Armenia” CJSC, “TONTON” LLC, “ARARATBANK” OJSC, “Converse Bank” CJSC, “Elite Group” CJSC, “IMEX Group” LLC and “Shen-Concern” CJSC bonds.

At that, about 82.5% of the total volume of deals was secured by deals with bonds of “Shen-Concern”, the yield of which following the results of past week demonstrated insignificant decrease by 0.0021 percentage point.

The yield of “TONTON” bonds also decreased (by 0.6002 percentage point), “ARARATBANK” (by 1,8218 percentage point) and the bonds of the second tranche of “Elite Group” bonds (by 0.032 percentage points). Increase of yield following the results of the past week was registered in bonds of “HSBC Bank Armenia” (by 0,772 percentage point) and “IMEX Group” (by 0,34 percentage point). The yield of “Converse Bank” bonds and the bonds of the second tranche of “Valletta” following the results of past week remained unchanged.

Broker-dealer of “Capital Asset Management” Alik Arakelyan accounts the activity of the market as compared to the previous week by the traditional stirring up of investors at the end of each month.

In May, the volume of trading on corporate bonds exceeded April index 3.8 times, making 1bln 083mln 302.7 thousand AMD. At that, the average market yield of corporate bonds in May practically underwent no changes, making 12.266%.

Alik Arakelyan accounts the absence of significant fluctuations in yield of corporate bonds by stabilization of the market of governmental bonds, which had such an abrupt influence on the market of corporate bonds by its fluctuations in March. “If in June the market does not demonstrate unforeseen events, the yield of corporate bonds will not undergo significant changes either”, Alik Arakelyan stated, expressing opinion that the volume of deals on corporate bonds in June at least will secure the index of May, if it does not exceed it.