Armenia Fixed Income - Out of Touch With Fundamentals
The new policymakers in Yerevan have produced enough of a record for us to size up the changes that have taken place in the country following the politically turbulent 2018. On one hand, economic growth has remained strong and twin deficits persist. On the other, domestically, the government has shifted focus to pension and tax reforms, fighting corruption and improving the business climate, while, externally, it has restarted negotiations over Nagorno-Karabakh and, although there have been some bumps, maintained strong relations with Russia. Overall, despite the positive changes, in our view, the fundamentals hardly justify the Armenia 25's outperformance since the beginning of the year.
Sberbank CIB Investment Research is a research firm offering equity, fixed income, economics, and strategy research. It covers analysis on all aspects of Russia’s capital markets, issues and industries. The firm analyzes trends in Russia and combines local knowledge with a global perspective. It processes macroeconomic data, market and company-specific news, stock quotes and other information for providing research reports. The firm provides details and latest prices on the most traded names and most traded paper on all segments Russian market. In strategy research, it provides thematic research, tips and descriptions of the methodology used to evaluate companies.
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