Corporate Bond Yields in Armenia in 2026. Which Companies Offer the Highest Returns?

As of 26 July 2026, Shtigen LLC, a renewable energy company, offered the highest estimated ask yield among AMD-denominated corporate bonds, at 14.72%. Dalan Technologies LLC, the developer of Dalan Technopark, led the USD category with a yield of 8.59%, while ARMSWISSBANK CJSC offered the highest estimated EUR yield, at 2.94%. However, when yield, trading activity and the relative bid-ask spread were considered together, New Age Construction LLC, a developer of residential complexes and business centres, ranked first among AMD bonds under AFM’s methodology, Viva Armenia CJSC ranked first among USD bonds and ARMSWISSBANK CJSC led among EUR bonds.

The results of AFM’s research show that the highest estimated yield does not necessarily indicate the strongest overall market position. Shtigen’s AMD bond had the highest yield, but its significantly wider spread increased the potential cost of buying or selling it. The coupon rate alone is also insufficient for evaluation because a bond’s market price and remaining maturity can cause its yield to differ from the rate set at issuance.

Corporate bonds should therefore be compared separately by currency and assessed based on yield to maturity, liquidity, trading costs, maturity and issuer risk. The data reflect market conditions on the analysis date and may change as bond prices and quotations move. AFM’s rankings are analytical comparisons, not credit ratings or investment recommendations.

This article compares corporate bonds available in Armenia in 2026. The analysis examines AMD, USD and EUR-denominated bonds separately, considering coupon rates, current market prices, estimated yields to maturity, maturity dates and recent trading activity. All market figures are presented as of 26.07.2026, and estimated yields are distinguished from figures officially published by issuers or the Armenia Stock Exchange.

Readers who first need to understand how bonds work and how they can be purchased can read our article, “How to Buy Bonds in Armenia: A Step-by-Step Guide.” The guide explains coupon income, gains and losses from changes in market prices, access through banks and brokers, and the main factors investors should examine before buying a bond.

How to Compare Corporate Bond Yields?

Yield to maturity is the main measure used to compare bonds available at current market prices. The coupon rate alone does not reflect the expected annual return from buying a bond today.

Yield to maturity estimates the annual return an investor could receive if the bond is purchased at the quoted price, held until maturity, all payments are made according to schedule and coupon income is reinvested at the same rate. This figure does not necessarily reflect the return actually received by the investor and may exclude taxes, brokerage fees and other transaction costs.

This comparison uses five metrics calculated using Armenia Stock Exchange trading data as of 26.07.2026:

Bid Yield: The yield calculated based on the highest current bid price. It is relevant to a bondholder considering selling the bond at the quoted price.

Ask Yield: The estimated yield to maturity based on the lowest price a seller is currently willing to accept. It reflects the return an investor buying the bond today would receive. This is the figure used in the article to rank bonds.

Yield Spread: The difference between Bid Yield and Ask Yield, expressed in percentage points. A wide spread indicates lower trading liquidity or higher perceived risk, while a narrow spread indicates an actively traded bond with a more stable price.

Relative Spread: The difference between the bid and ask prices divided by the average of the two prices and expressed as a percentage. This figure measures trading costs as a share of the bond’s price, independently of the yield calculation.

Remaining Maturity: The number of days remaining until the bond’s maturity date as of 26.07.2026. A shorter remaining maturity generally means less exposure to changes in interest-rate and credit risk over time.

When compiling the ranking, AFM assessed each bond using three factors. Ask Yield has a weight of 50%. This is the estimated return available to an investor buying the bond today. Trading liquidity has a weight of 30%. It is based on the number of transactions and total trading volume in 2026. Spread cost has a weight of 20%. It is based on Relative Spread, which indicates how expensive it is to buy or sell a bond relative to its price.

Yield to maturity moves inversely to price. The yield of a bond trading above its nominal value is lower than its coupon rate, while the yield of a bond trading below its nominal value is higher than its coupon rate. This is why the coupon rate and yield to maturity differ. The specific effect is examined in the next two sections.

Which Companies Offer the Highest Coupon Rates?

The highest coupon rate among the Armenian corporate bonds included in this comparison is 14.00%. It is offered by the AMD-denominated bond issued by New Age Construction LLC, a developer of residential complexes and business centres, with ISIN AMNAGCB21SH3 and a maturity date of 27.02.2029. Among USD-denominated bonds, the highest coupon of 9.00% is offered by Team Holding CJSC, ISIN AMTMHDB22ER8. Among EUR-denominated bonds, the highest coupon of 5.25% is offered by Fast Bank CJSC.

The coupon rate is set at issuance and does not change during the life of the bond. It reflects the interest rate that the issuer agreed to pay when the bond was initially issued.

AMD Bonds Ranked by Coupon Rate

USD bonds, ranked by coupon rate

EUR bonds. All five EUR-denominated bonds available on the market are included.

Which Corporate Bonds Offer the Highest Yields in Armenia?

The highest yield among AMD bonds in this comparison is offered by Shtigen LLC issue AMSTIGB21ER8. Its estimated yield to maturity is 14.72%. However, this figure may be misleading. The bond’s yield spread of 4.67 percentage points is the widest in the dataset, indicating potential costs when opening or closing a position. New Age Construction LLC issue AMNAGCB21SH3 ranks first under AFM’s methodology, with a yield of 12.30%, a significantly narrower spread of 0.61 percentage points and more stable trading activity throughout 2026.

In the USD category, Dalan Technologies LLC issue AMDLNTB22ER8 leads with a yield of 8.59%. It is followed by three ENA CJSC bonds and two Team Holding bonds, with yields within a narrow range of 7.8% to 8.3%. Among the five EUR-denominated Armenian corporate bonds, ARMSWISSBANK CJSC issue AMSWISB2PER4 offers the highest yield, at 2.94%.

Highest-Yielding AMD Corporate Bonds

Highest-Yielding USD Corporate Bonds

The Best Corporate Bonds in Armenia in 2026 According to AFM

According to AFM’s comprehensive methodology, New Age Construction LLC ranks first among AMD bonds, Viva Armenia CJSC leads among USD bonds and ARMSWISSBANK CJSC ranks first among EUR bonds. The ranking combines estimated ask yield, trading activity and the relative bid-ask spread. This makes it possible to evaluate bonds based on yield, liquidity and trading costs, rather than yield alone.

Shtigen LLC has the highest estimated ask yield among the analysed AMD bonds, at 14.72%. However, its substantially wider relative spread prevents it from leading the comprehensive ranking. AFM’s results represent an analytical comparison of bonds within each currency category and are not credit ratings or investment recommendations.

For a more comprehensive comparison, AFM compiled a bond ranking, the results of which are presented in the tables below. The ranking considers estimated ask yield, trading activity and the relative bid-ask spread. It is an analytical comparison, not a credit rating or investment recommendation.

Each factor is measured against other bonds in the same currency because AMD, USD and EUR bonds trade in different yield environments and cannot be compared directly with one another.

Best AMD Bonds in Armenia in 2026

Best USD Bonds in Armenia in 2026

FAQ

Does Registration by the Central Bank of Armenia Mean That a Corporate Bond Is Safe?

No. Registration means that the bond prospectus has completed the required regulatory procedure, but it does not guarantee repayment or confirm the accuracy of the information provided by the issuer. Armenian legislation explicitly states that registration of a prospectus by the Central Bank does not confirm the safety of the investment.

Are Corporate Bonds Protected by Armenia’s Deposit Guarantee Fund?

Corporate bonds are not automatically protected by the Deposit Guarantee Fund, although most bank bonds are guaranteed. Investors should check the prospectus for a specific guarantee, collateral or another form of protection and should not assume that deposit protection applies automatically.

How Often Are Coupons Paid on Armenian Corporate Bonds?

The payment frequency depends on the specific bond issue. Coupons may be paid quarterly, semi-annually or according to another schedule specified in the prospectus and the final terms of the issue. Before buying a bond, investors should check both the annual coupon rate and the payment dates.

Can a Corporate Bond Be Redeemed Before Its Scheduled Maturity Date?

Early redemption is possible only if the bond’s terms grant this right to the issuer or the bondholder. If the terms provide for early redemption, the investor may receive the principal earlier than expected and lose part of the anticipated future coupon income. The redemption terms and price should therefore be checked in the prospectus.

Are All Corporate Bonds Secured by the Issuer’s Assets?

No. Some bonds may be secured by collateral or a third-party guarantee, while others represent unsecured obligations of the issuer. The prospectus should specify whether security exists, which assets or guarantees are involved and what rights bondholders have if the issuer fails to meet its payment obligations.

Can an Investor Always Buy a Bond at the Yield Displayed on AMX?

No. The displayed ask yield reflects the quoted ask price at a specific point in time and is not guaranteed until a transaction is completed. The quotation may change or disappear, the available quantity of bonds may be limited, and brokerage fees or settlement costs may reduce the investor’s net return.

Where Can Investors Find the Official Terms of a Corporate Bond Issue in Armenia?

The primary source is the bond prospectus and its final terms registered by the Central Bank of Armenia. Before making a decision, investors should also examine the issuer’s financial statements, material information disclosures and the bond’s trading data on the Armenia Stock Exchange.

Conclusion

As of 26 July 2026, Shtigen LLC offered the highest estimated ask yield among AMD-denominated corporate bonds on AMX, at 14.72%. Dalan Technologies LLC led the USD category with a yield of 8.59%, while ARMSWISSBANK CJSC offered the highest estimated yield among EUR bonds, at 2.94%. These results answer the question of which companies offered the highest market yields at the time of the analysis, but they do not identify the strongest bonds overall.

After simultaneously evaluating estimated ask yield, trading activity and the relative bid-ask spread, AFM’s comprehensive methodology identified different leaders. New Age Construction LLC ranked first among AMD bonds, Viva Armenia CJSC led among USD bonds and ARMSWISSBANK CJSC retained first place among EUR bonds. The wider relative spread of Shtigen’s bond demonstrates why high yield should not be considered separately from liquidity and trading costs.

The comparison also shows why corporate bonds should be assessed separately by currency. Exchange-rate fluctuations, maturity, market price, liquidity and the issuer’s ability to meet its obligations can affect the return actually received by the investor. Market yields and quotations may change after the analysis date. AFM’s results should therefore be viewed as a snapshot of market conditions and an analytical comparison, not as a credit rating, guarantee of returns or investment recommendation.