Armenia to issue USD-denominated Eurobonds

11.09.2019 18:57
Armenia to issue USD-denominated Eurobonds

YEREVAN, September 11. /ARKA/. Armenia has arranged a series of meetings with investors in the United States and London, which will start from September 12 and may be followed by emission of USD-denominated 10-to-15-year Eurobonds, Reuters reports referring to IFR. According to the report, Citigroup and JP Morgan are set to be lead managers and book-runners.

Armenia has also reported the redemption of a $700-million issue of Eurobonds with maturity in 2020., of which papers worth around $500 million will remain in circulation.
According to the source, the offer is valid until September 18, 2019.

On July 4, 2019, the Armenian government made a decision on the procurement of services for issuing new Eurobonds to redeem a previous issue. Finance Minister Atom Janjughazyan said the decision is in tune with the government’s program of actions.
He said the government’s decision proposes a regulation that will allow arranging the redemption of the first issue of Eurobonds. He added that the regulation will provide quality services to refinance $500 million worth Eurobonds of the first issue, scheduled for September 30, 2020.

Armenia first issued $700 million worth dollar-denominated bonds in September 2013 at the yield of 6.25 percent and a maturity of 7 years. The bulk of $700 million was used to repay a $500 million Russian loan ten years ahead of schedule. The second issue was carried out in March 2015 in the amount of $500 million with a yield of 7.25% and a maturity period of 10 years. -0---


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