Yerevan/Mediamax/. CEO of “Capital Asset Management” Investment Company Tigran Karapetyan stated in an interview to Mediamax that reduction of governmental bonds’ yield is conditioned by seasonal weakening of pressure on AMD, and by the fact that “CB started abundantly issuing AMD to the market”.

“The fact that the population keeps its savings in foreign currency and does not make AMD investments influences the yield of governmental bonds”, Tigran Karapetyan.

He noted that there is a situation being formed in the market of capital, when the yield of corporate bonds, for the repayment of which there is 1 or 1.5 years left, exceeds the yield of analogous governmental securities.

“The picture was different two months ago, but this was not conditioned by competition between corporate and governmental bonds, but by a deficit of AMD in the market. This, in its turn, was conditioned by the policy of the Central Bank, which issued AMD “with restraint”, trying to deter inflation. Two factors influenced today’s situation: weakening of pressure on USD/AMD correlation, taking into account the seasonal factor, and CB started abundantly issuing AMD”, Tigran Karapetyan stated. 

Nevertheless, according to him, corporate bonds yield to governmental ones as to their liquidity and the absence of new issues evidences lack of trust among investors for AMD assets.

At that Tigran Karapetyan does not think that currency exchange rate in Armenia is being formed exclusively by market mechanisms. “Despite the fact that competition here is in a far better state, as compared to the remaining sectors of economy, nevertheless, market tools in the financial sector are not always used”, “Capital Asset Management” CEO summed up.