Tweet
ARMENIAN GOVERNMENT GIVES GO AHEAD FOR DEBUT EUROBOND
Business New Europe, EU
Aug 9 2013
August 9, 2013
The Armenian government has approved plans to issue the country's
first sovereign Eurobond, and has given the go ahead to the finance
ministry to sign a contract with bankers.
At a meeting on August 8, the Armenian cabinet backed a proposal from
Finance Minister Davit Sargsyan to sign a contract with Deutsche Bank,
HSBC, and J.P. Morgan Securities. The trio has already been selected
as chief underwriters for the issue, according to a statement published
on the finance ministry's website.
Prime Minister Tigran Sargsyan announced in May that Yerevan planned
to issue a $500m sovereign Eurobond by the end of this year. The
government hopes that the debut bond will establish a benchmark to
help private Armenian companies tap international capital markets at
better rates.
The issue will also help Armenia find an alternative to development
funding, with most international financial institutions no longer
viewing it as a low income country. "This is a new page in our economic
policy, and not only in the management of public finances. We create
opportunity for the private sector to attract cheaper funds from the
financial markets," Sargsyan said on May 16.
http://www.bne.eu/story5264/Armenian_government_gives_go_ahead_for_debut_Eurob ond
Business New Europe, EU
Aug 9 2013
August 9, 2013
The Armenian government has approved plans to issue the country's
first sovereign Eurobond, and has given the go ahead to the finance
ministry to sign a contract with bankers.
At a meeting on August 8, the Armenian cabinet backed a proposal from
Finance Minister Davit Sargsyan to sign a contract with Deutsche Bank,
HSBC, and J.P. Morgan Securities. The trio has already been selected
as chief underwriters for the issue, according to a statement published
on the finance ministry's website.
Prime Minister Tigran Sargsyan announced in May that Yerevan planned
to issue a $500m sovereign Eurobond by the end of this year. The
government hopes that the debut bond will establish a benchmark to
help private Armenian companies tap international capital markets at
better rates.
The issue will also help Armenia find an alternative to development
funding, with most international financial institutions no longer
viewing it as a low income country. "This is a new page in our economic
policy, and not only in the management of public finances. We create
opportunity for the private sector to attract cheaper funds from the
financial markets," Sargsyan said on May 16.
http://www.bne.eu/story5264/Armenian_government_gives_go_ahead_for_debut_Eurob ond