Armenian Government Bonds: How to Buy Them and What Returns Can You Earn?

Armenian government bonds can be purchased either directly from the Ministry of Finance through Treasury Direct or on the secondary market through a bank or broker. The return depends on the bond’s coupon rate, purchase price, maturity, accrued interest and transaction costs. Based on the bonds reviewed for this article on 9 August 2026, Treasury Direct coupon rates were 8.0% to 9.0%. Using the exact purchase amounts, payment fees and scheduled cash flows, AFM’s approximate annualized cash-flow returns ranged from 7.79% to 9.23% if the bonds were held to maturity. On Ameriabank’s MyInvest secondary-market platform, displayed yields to maturity ranged from 6.78% to 8.55%.

The coupon rate alone does not show the investor’s actual return. On the secondary market, a bond can trade above or below nominal value, and the amount paid can also include accrued interest and brokerage commission. Through Treasury Direct, there is no brokerage commission, although an online payment-system fee applies. This article shows what was actually available on both routes, how much an investor would pay and receive, and which figures matter before buying.

For the full account-opening and purchase process for government, bank and corporate bonds, read our article “How to Buy Bonds in Armenia: A Step-by-Step Guide.”

What Returns Can You Earn from Armenian Government Bonds?

There is no single government-bond rate. Treasury Direct gives retail investors access to government savings coupon bonds sold directly by the state. The secondary market gives access to already-issued government bonds whose prices and yields change.

Government Bonds Available Through Treasury Direct

On 9 August 2026, Treasury Direct showed four savings coupon bonds available for purchase, with coupon rates from 8.0% to 9.0%.

These are coupon rates, not necessarily the investor’s exact annualized return. Treasury Direct calculates the purchase amount according to the purchase date. A buyer can therefore pay slightly more than AMD 100,000 for AMD 100,000 of nominal value. For online purchases, a payment-system fee of 0.15% applies, capped at AMD 400. This is a payment fee, not a Treasury Direct brokerage commission.

How Much Do You Actually Pay and Receive Through Treasury Direct?

We used the Treasury Direct calculator on 9 August 2026 for AMD 100,000 of nominal value for each issue. The platform showed a purchase amount of AMD 100,130 to AMD 100,147 and an AMD 150 payment fee.

For the same AMD 100,000 nominal investment, the four bonds produce different payment schedules and cash returns. AMGS02042275 requires a total payment of AMD 100,280 and returns AMD 104,000, giving a nominal cash gain of AMD 3,720 and an AFM-calculated annualized return of 7.79%.

AMGS04048270 requires AMD 100,287, pays four coupons of AMD 2,100 and returns AMD 108,400 in total, for a nominal cash gain of AMD 8,113 and an approximate annualized return of 8.47%.

AMGS08048284 requires AMD 100,290, pays eight quarterly coupons of AMD 2,150 and returns AMD 117,200 in total, giving a nominal cash gain of AMD 16,910 and an approximate annualized return of 8.77%.

AMGS12048296 requires AMD 100,297, pays twelve quarterly coupons of AMD 2,250 and returns AMD 127,000 in total, giving a nominal cash gain of AMD 26,703 and an approximate annualized return of 9.23%.

The annualized-return figures are AFM calculations based on the purchase outflow on 9 August 2026 and the scheduled coupon and principal inflows. They are not official quoted yields.

Government Bonds Available on the Secondary Market

Government bonds can also be bought after issuance through a bank or broker. For this article, we checked the government bonds available in Ameriabank’s MyInvest platform on 9 August 2026.

A quote such as 109.6 does not mean the entire investment costs AMD 109.6. In these MyInvest quotations, the ask price is quoted as a percentage of nominal value, not as the total cash required for the order. The minimum quantity determines the real purchase amount.

What Ask Price, Accrued Interest, and Minimum Amount Mean

The following table shows what MyInvest displayed when the minimum permitted quantity was entered for each bond.

The total amount is the figure that matters for the investor’s cash balance. It combines the clean bond value, accrued coupon interest and brokerage commission.

For GB1133A, a minimum quantity of 1,000 produced a clean bond value of AMD 109,647.7. MyInvest then added AMD 2,701.6 of accrued interest and AMD 1,000 commission, making the total AMD 113,349.3.

Minimum quantity can matter even more than the quoted price. GN36284 had a minimum quantity of 100 and a clean value of AMD 10,225.9, but the AMD 1,000 minimum commission is large relative to that trade. Several other issues required a minimum quantity of 100,000, pushing the actual purchase amount above AMD 10 million. Always check the final total, not just the price quote.

Coupon Rate vs Yield to Maturity: Which Number Should You Compare?

For a secondary-market bond held to maturity, yield to maturity, or YTM, is more useful than the coupon rate. The coupon is calculated on nominal value. YTM also reflects the price paid today and the nominal amount repaid at maturity.

GB1133A had a 9.60% coupon, but at an ask price of 109.6 its YTM was 7.82%. The investor is paying above nominal value, so part of the coupon income is offset when the bond is repaid at nominal value. GB3150A similarly had a 9.75% coupon and an 8.55% YTM.

When comparing secondary-market government bonds, start with YTM, then consider commission and other costs. A platform’s quoted YTM may not reflect the effect of a minimum commission on a small trade. If you sell before maturity, actual return depends on the sale price rather than the original YTM.

How to Buy Armenian Government Bonds

There are two practical routes: Treasury Direct and the secondary market.

Buying Through Treasury Direct

Treasury Direct is the Ministry of Finance’s retail system for direct government-bond purchases. Resident and non-resident individuals can use it. The basic process is to register and complete identification, activate the account, select an available bond, use the calculator to review the exact purchase amount and cash-flow schedule, and pay through the state electronic payment system.

Treasury Direct does not charge a brokerage commission. For online purchases, the payment-system fee is 0.15% of the transaction amount, capped at AMD 400.

Buying on the Secondary Market Through a Bank or Broker

For secondary-market purchases, you need a bank or licensed investment company that provides brokerage access to Armenian government securities. Open a brokerage and securities account, fund it, select the bond and place an order.

Before confirming, check quantity, ask price, clean bond value, accrued interest, commission and the final total. Do not assume every government bond visible on AMX will be available in your broker’s app. The list of instruments and minimum order sizes can differ by provider.

How to Compare Armenian Government Bonds

Yield to Maturity

For secondary-market bonds, compare YTM first and compare bonds on the same date because market yields change. For Treasury Direct savings bonds, compare the full cash-flow schedule: total purchase cost against all coupons and principal repayment.

Maturity and Interest Rate Risk

Longer-maturity bonds are generally more sensitive to interest-rate changes. If market yields rise after you buy, the secondary-market price can fall. If you expect to hold to maturity, short-term price changes matter less, but your money remains committed for longer.

A 2050 bond and a 2027 bond should therefore not be compared only by YTM. Choose a maturity consistent with when you may need the money.

Total Purchase Cost, Fees, and Accrued Interest

For a secondary-market purchase:

Total cash paid = clean bond value + accrued interest + brokerage commission.

Accrued interest compensates the seller for interest earned since the previous coupon date. The buyer generally receives the full next coupon.

Commission is different: it is a transaction cost and directly reduces net return.

Minimum Investment Amount

Check the broker’s minimum quantity before choosing a bond. In our MyInvest snapshot, minimum quantities ranged from 100 to 100,000 units, producing minimum total purchase amounts from AMD 11,462.3 to more than AMD 10.9 million.

A platform minimum is not proof that the bond itself has a high nominal value. If a minimum is too large, check another issue or another licensed provider.

Liquidity and Selling Before Maturity

Marketable government bonds can be sold before maturity if there is a buyer, but the price is not guaranteed. Check bid and ask prices and trading activity if you may need to exit early.

Treasury Direct savings coupon bonds work differently. The Ministry of Finance states that they are not freely transferable through sale, donation or collateral. The issuer can provide buyback dates on which the holder can return the bond. They should not be treated as identical to marketable bonds held through a broker.

Treasury Direct vs Secondary Market: Which Option Is Better?

Treasury Direct is simpler if you want one of the retail bonds currently offered by the Ministry of Finance and intend to follow its payment schedule. It shows the exact coupons and principal repayment and has no brokerage commission.

The secondary market offers more maturities and already-issued bonds, but adds market price, accrued interest, brokerage commission, minimum quantity and sale-price risk. Compare the actual cash outlay and the return to your intended exit date.

Risks of Investing in Armenian Government Bonds

Government bonds are obligations of the Republic of Armenia and generally have lower issuer risk than private-company bonds, but they are not risk-free.

The main practical risks are interest-rate risk, inflation and liquidity. A marketable bond can fall in price if market yields rise, especially when maturity is long. Fixed coupon income can also lose purchasing power if inflation rises. If you need to sell before maturity, the available market price may be below your purchase price.

Platform conditions also matter. A bond may be listed on AMX (Armenian Stock Exchange) but unavailable through a particular broker, or the broker may impose a minimum quantity that makes the trade impractical.

FAQ

Are Armenian Government Bonds Taxed?

No. Income from Armenian government bonds is exempt from taxation for resident and non-resident individuals, according to the Ministry of Finance and AMX. Brokerage and payment fees are separate costs, not taxes.

Can You Sell a Government Bond Before Maturity?

Yes. Marketable government bonds can be sold through the secondary market if there is demand. Treasury Direct savings coupon bonds have separate issuer buyback rules and are not freely traded in the same way.

Why Can a Bond with a Higher Coupon Have a Lower Yield?

Because the investor may be paying above nominal value. A 9.6% coupon bond bought above 100 can have a YTM below 9.6% because repayment at maturity is based on nominal value.

Why Is the Minimum Purchase Amount Different for Each Bond?

Minimums can depend on the issue, trading lot and broker’s platform rules. In our MyInvest check, minimum quantities ranged from 100 to 100,000 units.

Are Armenian Government Bonds Considered Safe?

Yes. They are backed by the Republic of Armenia and generally have lower issuer risk than private-company bonds. Market-price, inflation and liquidity risks still remain.

Can Non-Residents Buy Armenian Government Bonds?

Yes. The Ministry of Finance states that foreign citizens can purchase government treasury securities through Treasury Direct, subject to registration and identification requirements.

Do You Need a Brokerage Account to Buy Government Bonds?

Not for eligible bonds purchased directly through Treasury Direct. A brokerage or investment account is required for secondary-market purchases through a bank or investment company.

What Is the Minimum Amount Needed to Invest in Government Bonds?

There is no single minimum across all bonds and platforms. Treasury Direct calculates the amount for each available issue, while brokers can apply issue-specific minimum quantities.

How Often Are Coupon Payments Made?

It depends on the issue. The four Treasury Direct bonds reviewed on 9 August 2026 paid quarterly coupons. Savings coupon bonds can also have semiannual or annual schedules.

What Happens When a Government Bond Reaches Maturity?

The government repays the bond’s nominal principal and any final coupon due under the issue terms through the account where the bond is held.

Can the Market Price of a Government Bond Fall After You Buy It?

Yes. Secondary-market prices change with interest rates, demand and time to maturity. A lower market price matters most if you need to sell before maturity.

Conclusion

On 9 August 2026, Treasury Direct offered four retail savings coupon bonds with coupons of 8.0% to 9.0% and maturities from February 2027 to August 2029. MyInvest showed secondary-market government bonds with YTMs from 6.78% to 8.55%, but minimum purchase amounts varied sharply because of minimum quantities, accrued interest and commissions.

Do not rank government bonds by coupon alone. For Treasury Direct, compare total cash paid with the full coupon and principal schedule. For secondary-market bonds, compare YTM, final order cost, maturity, minimum quantity and the price you could receive if you need to sell early.

Sources

Information about Armenian government bond issues, Treasury Direct terms, coupon schedules, buyback rules and transaction conditions is based on official materials of the Ministry of Finance of the Republic of Armenia and the Treasury Direct platform. Information about government bonds on the secondary market, market quotations and trading conditions is based on data from the Armenia Stock Exchange (AMX) and Ameriabank’s MyInvest platform. Tax information is based on the Tax Code of the Republic of Armenia and official materials published by the Ministry of Finance and AMX. General information about securities-market regulation and investment service providers is also based on the Republic of Armenia Law on the Securities Market and regulatory materials of the Central Bank of Armenia.

Information verified: 9 August 2026.