Armenia hires banks for debut Eurobond
LONDON, Aug 9 (IFR) - The Republic of Armenia, rated Baa2 by Moody's and BB- by Fitch, has hired Deutsche Bank, HSBC and JP Morgan to lead the issue of its debut US dollar-denominated Eurobond, according to the country's finance ministry.
" government approved finance minister's proposal about an agreement with lead-managers to issue Eurobonds. Three companies - Deutsche Bank, HSBC and JP Morgan have been selected as lead-managers of the issue," the finance ministry said in a statement on its website.
In May, Prime Minister Tigran Sarksyan said the sovereign plans to raise USD500m through its first Eurobond sometime this year.
It plans to use the proceeds to repay the country's USD500m debt to Russia, which it received in 2009 to help it through the financial crisis. (Reporting by Davide Scigliuzzo in London and Hasmik Mkrtchyan in Yerevan; Editing by Sudip Roy)
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