The Moscow Times, Russia
Aug 11 2013

Armenia Hires International Banking Giants to Supervise $500M Bond Issue

11 August 2013 | Issue 5188

LONDON – The Republic of Armenia, rated Baa2 by Moody’s and BB- by
Fitch, has hired Deutsche Bank, HSBC and JP Morgan to lead the issue
of its debut U.S. dollar-denominated eurobond, according to the
country’s finance ministry.

It plans to use the proceeds to repay the country’s $500m debt to
Russia, which it received in 2009 to help it through the financial
crisis.

“The government approved the finance minister’s proposal about an
agreement with lead-managers to issue eurobonds. Three companies –
Deutsche Bank, HSBC and JP Morgan – have been selected as
lead-managers of the issue,” the finance ministry said in a statement
on its website.

In May, Prime Minister Tigran Sarksyan said the sovereign planned to
raise $500 million through its first eurobond sometime this year.