Yerevan /Mediamax/. Within the recent ten days, definite activity has been observed in the market of state bonds: Armenian Ministry of Finance quite successfully realized two placement auctions (at repayment terms of 10 and 20 years).

As Mediamax was informed in “Renesa” Investment Company, following the results of the auctions it becomes clear that interest towards long-term securities is restored, which, in its term, evidences stabilization of the market.

“Besides, taking into account the interest towards medium-term and short-term bonds, which has been preserving, one can establish that certain stirring up is present in the financial market”, “Renesa” notes.

The Investment Company expressed opinion that high demand will be preserved in the bond market, and reduction of interest rates will continue. The expansive monetary-credit policy, realized by the Central Bank (CB) of Armenia, another reduction of refinancing rate by 0.25 percentage points, carried out within the framework of the expansive policy, as well as the expected increase of monetary base in connection with the received Russian loan, will contribute to that.

Broker-dealer of “Capital Asset Management” Investment Company, specialized in the Armenian market of corporate debt, Alik Arakelyan also mentioned stabilization of the bond market.

“The situation in the market of corporate bonds is stable, there are no extraordinary phenomena observed”, Alik Arakelyan stated.

In the course of the past week, deals with corporate bonds of almost only banking establishments were concluded on “NASDAQ OMX Armenia” Stock Exchange. The aggregate volume of deals with corporate bonds cut down 3 times as compared to the previous week, making 162 675 940 AMD. At that, about 87% of the aggregate volume of deals was concluded on “Converse Bank” bonds, the yield of which following the results of the past week registered insignificant growth (by 0,0002 percentage points), making 10,6401%.

The only tangible fluctuation of interest rate following the results of last week was registered in the deals with “Ardshininvestbank” bonds, the yield of which reduced by 1,3678 percentage points and made 12,9957%.

According to Alik Arakelyan, this may be accounted by the number of issues of its bonds, realized by the bank recently.

Touching upon the currency market, “Renesa” informed that, basing on the current state of the given market, certain appreciation of AMD will continue by the end of August and that is conditioned mainly by weakening of seasonal pressure against AMD, which, in its turn, is a result of import reduction and general reduction of business activity.

“Already in September-October, AMD depreciation tendencies will appear, which will be on the one hand accounted by increase of AMD offer as a result of expanded AMD base following CB measures, mentioned above, and on the other – by increase of demand for USD in connection with seasonal growth of business activity”, Mediamax was informed in the Investment Company.