Page 42 - Caucasus Outlook 2024

In November, the Armenian Stock Exchange held government bond placement auctions with a total volume of over 39.1 billion drams, a 153.5% increase from the same period last year. The total turnover between January to September stood at $145,201,492, according to Armenia’s Statistics Committee.
In November, the total exchange trading volume of the secondary market for government bonds exceeded 4.7 billion AMD. 35 transactions were made with existing state treasury bonds.
Compared to the same period in previous years, both the market and trade volumes of corporate bonds have continued to grow. In November, the volume of the corporate bond market increased by 11.83% compared to the same period last year, reaching over 455 billion drams.
The shares' trading volume exceeded 134 million drams, with a market capitalisation of approximately 276 billion drams, a 4.69% increase from the previous year's figure. A total of 148 share transactions were concluded.
5.1 Markets - Azerbaijan
From January to November 2023, the Baku Stock Exchange (BSE), Azerbaijan's sole stock exchange, reported a total turnover of AZN21.837bn ($12.845bn) for all instruments (excluding derivatives). This figure marks a 1.8-fold increase over the same period in 2022.
Government securities transactions contributed AZN7.401bn to this total, registering a 10.7% increase. Of this, bonds issued by the Ministry of Finance accounted for AZN3.696bn, up by 1.9 times. The primary market saw a bond placement volume of AZN2.997bn, while the secondary market contributed AZN698.689mn.
The central bank's short-term notes placement during this period totalled AZN3.704bn, a decline of 21.2%. The primary market's contribution was AZN3.010bn, with the secondary market adding AZN694.549mn.
Corporate market transactions on the BSE accounted for AZN1.338bn, up by 4.9%, with the primary market seeing AZN661.581mn and the secondary market AZN676.069mn. This included the Azerbaijan Mortgage and Credit Guarantee Fund (AICGF) bond placements totalling AZN919.752mn, other corporate bonds at AZN354.689mn, and shares at AZN63.210mn.
Repo transactions made up a significant part of the BSE's total turnover, amounting to AZN13.099bn, a threefold increase from the previous year. By the end of November, the BSE's capitalisation (the value of securities on the listing) stood at AZN5.904bn, a 19.3% increase from the beginning of 2023.
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