Armenia evaluates banks for international bond

The Republic of Armenia, rated Baa2 by Moody’s and BB- by Fitch, is edging closer to a debut international bond after sending a request for proposal, according to bankers, Reuters reports.

Sources indicated that bankers are in Yerevan pitching to the government to win the mandate.

In May, Prime Minister Tigran Sarksyan said the sovereign plans to raise USD 500m through its first Eurobond sometime this year.

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

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