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LAW ON BOND ISSUE IN FCC: 'SINK OR SWIM'
ArmInfo
2009-11-13 13:34:00
ArmInfo. 'There is even no bill but an idea under consideration',
deputy Chairman of Armenia's Central Bank Vache Gabrielyan told ArmInfo
when commenting on the alterations of the legislation allowing to
issue debt securities having been nominated in FCC.
Lively discussions were held very recently among the experts
of Armenia's bond market about probable adoption of a law, by
Armenia's regulator, allowing to issue corporate currency bonds. Many
participants in this market hope that adoption of this law will resume
inflow of the foreign capital to Armenia and create a stimulus of
investment in these currency bonds by foreign investors. However, some
of them considered adoption of this law somewhat late and assured that
it was necessary to issue foreign currency bonds after March sharp
devaluation when the specific weight of dram deposits essentially
reduced under growth of currency investments deposits. Today they
think that the Armenian issuers will face serious currency risks with
adoption of this law. In view of this, it is necessary to limit the
list of the companies wishing to issue currency bonds. In particular,
issuers 'list must include exporting companies and representatives
of the financial sector.
There is also a category of experts which are sure that Central Bank
of Armenia will not initiate a law which does not allow issue of
corporate bonds nominated in FCC, as the Armenian CB's policy aims
at encouragement of the dram turnover. One should just suppose that
our participants in Armenia's bond market mistaken the wish for the
reality and forget he embellishment 'sink or swim'.
ArmInfo
2009-11-13 13:34:00
ArmInfo. 'There is even no bill but an idea under consideration',
deputy Chairman of Armenia's Central Bank Vache Gabrielyan told ArmInfo
when commenting on the alterations of the legislation allowing to
issue debt securities having been nominated in FCC.
Lively discussions were held very recently among the experts
of Armenia's bond market about probable adoption of a law, by
Armenia's regulator, allowing to issue corporate currency bonds. Many
participants in this market hope that adoption of this law will resume
inflow of the foreign capital to Armenia and create a stimulus of
investment in these currency bonds by foreign investors. However, some
of them considered adoption of this law somewhat late and assured that
it was necessary to issue foreign currency bonds after March sharp
devaluation when the specific weight of dram deposits essentially
reduced under growth of currency investments deposits. Today they
think that the Armenian issuers will face serious currency risks with
adoption of this law. In view of this, it is necessary to limit the
list of the companies wishing to issue currency bonds. In particular,
issuers 'list must include exporting companies and representatives
of the financial sector.
There is also a category of experts which are sure that Central Bank
of Armenia will not initiate a law which does not allow issue of
corporate bonds nominated in FCC, as the Armenian CB's policy aims
at encouragement of the dram turnover. One should just suppose that
our participants in Armenia's bond market mistaken the wish for the
reality and forget he embellishment 'sink or swim'.