ArmInfo. When examining the yield curve of Armenian bonds in our portfolio during the period following the signing of the Washington Declaration of August 8, 2025, a significant decline is recorded, as stated by Hrayr Aslanyan, Chief Investment Officer and Fund Manager at Amundi-ACBA Asset Management, at a press conference on February 3, in response to a question from ArmInfo.
According to him, the decline in securities yields is partly due to general trends in global emerging markets, however, there is also a specific internal Armenian situation. "Firstly, we must consider internal factors- the presence of excess liquidity in the market, and secondly, the positive backdrop resulting from the signing of the joint declaration," he clarified. Additionally, it's important to consider the relatively stable exchange rate of the Armenian currency, as well as the successful efforts of the Central Bank of Armenia to maintain the country's inflation level. All these factors, as Hrayr Aslanyan emphasized, have led to an increase in interest from foreign investors regarding Armenian government bonds, which resulted in a decline in their yields by more than 15%.
It's worth noting that two companies operate in Armenia managing the MPFs (funds generated by the mandatory funded pension system): Amundi-ACBA Asset Management and C-Quadrat Ampega Asset Management Armenia. The shareholders of the first are the French company Amundi, which manages assets of over 2.32 trillion euros in 35 countries, and the Armenian Acba Bank. The second is the Austrian investment company C-Quadrat Investment AG and the German Talanx Asset Management. With approximately 150 billion euros in assets, Talanx Asset Management GmbH is one of the largest insurance and financial groups in Europe, represented in 150 countries. As of December 2025, the number of participants in the three Amundi-ACBA funds reached 558,000, with assets under management totaling 750 billion drams.
Recall, on August 8, Armenian Prime Minister Nikol Pashinyan and Azerbaijani President Ilham Aliyev signed a joint seven-point Peace Declaration in Washington. It envisages a joint appeal to the Organization for Security and Cooperation in Europe (OSCE) to terminate the OSCE Minsk Process and related structures, as well as the creation of a transport corridor through Armenian territory that will connect Azerbaijan with its Nakhchivan exclave, surrounded by Armenia, Turkey, and Iran. This project, called TRIPP (Trump Route for International Peace and Prosperity), envisions the transfer of a 42-kilometer border road with Iran in southern Armenia to US control for 99 years. This project, according to experts, is capable of significantly changing the geopolitical situation in the South Caucasus.
