Armenia Hires International Banking Giants to Supervise $500M Bond Issue

LONDON — 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 U.S. dollar-denominated eurobond, according to the country’s finance ministry.

It plans to use the proceeds to repay the country’s $500 million debt to Russia, which it received in 2009 to help it through the financial crisis.