Vache Gabrielyan: Armenia has good outlooks for developing corporate bonds marketJuly 1, 2010 - 14:33 AMT PanARMENIAN.Net - Vice Chairman of the Central Bank of Armenia Vache Gabrielyan said that Armenia has good outlooks for developing the corporate bonds market. “The banks, assets of which total 93% in the financial system of Armenia, dominate in the market, while assets of investment companies make 1-1.5% of the market,” Gabrielyan told Cbonds Russia & CIS Fixed Income Conference on July 1. 14 corporate issuers are operating in Armenia as of the first quarter of 2010, including five banks and an investment company, while the rest are representatives of large business. “The deals amounted to AMD 4.2bln during the first quarter of 2010, of which 75% are deals on corporate bonds,” Gabrielyan said. “Armenia has created favorable conditions for foreign investors, what is proved by the fact that 75% of commercial banks in Armenia are based on foreign capital. “The state does its utmost to create favorable infrastructure for the development of this business,” noted Gabrielyan. Specifically, he pointed to the assignment of ratings to all non-bank issuers by the CBA, creation of the National Mortgage Company UCO, which will be issuing bonds. Besides, he referred to the implementation of pension reforms in Armenia, saying that they will also contribute to the development of corporate sector. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Turkey condemns Uruguay’s recognition of Armenian Genocide Turkey has condemned a newly passed law in Uruguay that recognizes the Armenian Genocide, TRT reports. Moscow warns Armenia against leaving Russian-led defense bloc Armenia could ruin its military ties with Russia if it continues drifting towards the West, according to a senior official in Moscow. Moscow says ready to support Yerevan-Baku reconciliation Moscow has confirmed its readiness to support the reconciliation of Yerevan and Baku. Yerevan sends amended draft peace treaty back to Baku According to Ani Badalyan, the 9th edition of the amendment has been sent to Baku. |