Fixed Income. Armenia Sovereigns - Rally in the "Arms" is out of Legs
The outlook is positive for the Armenian economy and financial stability in the country, while aspects of public finances also support an overall positive assessment of the credit. Nevertheless, a number of imbalances across the economy still cast a long shadow - exposure to external shocks remains elevated, dollarization is high and the country's already sizable external debt continues growing. Moreover, social, political and geopolitical tensions lurk just beneath the surface. We see the sovereigns as expensive - probably fairly so - with the risks now mostly to the downside.
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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