Monday, February 3 2014 18:07
Tsaghkadzor to host a forum on development of Armenia's capital market
ArmInfo. On February 7, Tsaghkadzor will host a joint specialized forum of the European Bank for Reconstruction and Development (EBRD) and NASDAQ OMX Armenia. The forum will be dedicated to development of Armenia's capital market.
According to the program of the forum, there will be three sessions with participation of the economic authorities, as well as international and local experts. One of the sessions will familiarize the participants with Georgia's experience in capital market development. The other two sessions will cover global macroeconomic indices and the current condition of Armenia's stock market. The participants will discuss the market trends and the development priorities of Armenia's stock market for the next few years.
To recall, on Feb 1, 2014, NASDAQ OMX Armenia announced that the European Bank for Reconstructions and Development placed its 1st Armenian Dram ("AMD") denominated bonds via an auction that took place at NASDAQ OMX Armenia. The floating rate notes for a total amount of AMD 2 billion were placed successfully through the stock exchange mechanism. This was the first public placement of bonds in Armenia by an international financial institution, completed through the stock exchange mechanism, which widens the customer base of NASDAQ OMX Armenia by using its technologies in the securities placement process and creates grounds for enhancement of investment opportunities in Armenian capital market.
Experts qualify the decision of the EBRD as the latter's gesture to support the Armenian authorities, which will allow expanding the financial tools on the capital market in the run-up to introduction of the compulsory accumulative pension system in Armenia (starting 1 Jan 2014).
To note, the specified decision of the EBRD followed the International Finance Corporation's decision to issue the first tranche of AMD bonds in Armenia (in Dec 2013). The amount of the issue was also 2 bln AMD.
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