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the year’s total), and was lowest in July (AMD 161 mln, or 1.54% of the year’s total),number of trades was highest in February (134 trades, or 18.64% of the year’s total) andfewest trades were concluded in November (16 trades, or 2.23% of the year’s total).The greatest annual value – nearly AMD 2.5 bln – was traded in the second issue of “EliteGroup” cjsc bonds (ELTGB2), which was also the undisputable leader by the number ofbonds traded—2,343,711 making up over 80% of the total number traded during 2009.Ranking second and third by value traded were “Shen-Concern” cjsc bonds (SHNCB4) (seeTable 7) with AMD 2.1 bln and “HSBC Bank Armenia” cjsc bonds with AMD 1.6 bln.Altogether the mentioned three bond issues are responsible for nearly 59% of the totalturnover in the corporate bonds market.HSBCB1was also the second best by the number of trades (131), slightly topped by “IMEXGroup” cjsc bonds (EMXGB1) with 141, or about 20% of all trades done. Considerablybehind but the third best nevertheless were the bonds of “Ardshininvestbank” cjsc(ASBKB1), which were traded in 73 trades over the year.Top five bond issues by value traded (ELTGB2, SHNCB4, HSBCB1, EMXGB1, and CVBKB1)accounted for nearly 82% of the total value of corporate bonds traded in 2009 (2008:75%). Top five issues by number of trades (EMXGB1, HSBCB1, ASBKB1, SHNCB4, andELTGB2) and by number of securities traded (ELTGB2, ASBKB1, ELTGB1, EMXGB1, andSHNCB4) stood for 64% and 94% of the year’s total (2008: 78% and 85%).Table 7. Corporate Bonds Exchange Trading Statistics, 2009Ticker List IssuerValue Traded,AMDNumberof TradesNumberof BondsIssuedNumber ofBondsTradedTurnoverRatio, %HRGAB2 Abond ARMRUSGASPROM 451,090,840.79 30 20,000 9,127 0.4564ARBKB2 Bbond ARARATBANK 153,373,743.00 26 40,000 15,224 0.3806ARCPB1BbondARMENIAN COPPERPROGRAMME76,767,863.08 32 10,000 1,480 0.1480CVBKB1 Bbond CONVERSE BANK 1,062,727,215.40 47 10,000 35,018 3.5018ELTGB2 Bbond ELITE GROUP 2,469,557,005.40 57 1,737,250 2,343,711 2.6982ENECB1 Bbond INECOBANK 162,794,019.36 38 7,000 3,426 0.4894HSBCB1 Bbond HSBC BANK ARMENIA 1,602,727,850.74 131 10,000 15,681 1.5681SHNCB4 Bbond SHEN-CONCERN 2,109,285,771.20 59 60,000 205,133 3.4189VALTB1 Bbond VALLETTA 1,735,814.00 2 7,000 33 0.0047ASBKB1 Cbond ARDSHININVESTBANK 700,919,930.07 73 150,000 70,720 0.4715ELTGB1 Cbond ELITE GROUP 74,983,703.72 29 131,375 71,630 0.5452EMXGB1 Cbond IMEX GROUP 1,371,714,281.51 141 110,952 135,765 1.4847TNTNB1 Cbond TONTON 16,406,050.80 4 5,000 314 0.0628VALTB2 Cbond VALLETTA 120,124,021.01 29 20,000 2,383 0.2383VALTB3 Cbond VALLETTA 171,309,741.12 21 20,000 3,341 0.3341TOTAL 10,545,517,851.20 719 2,338,577 2,912,98616 | Annual Review 2009 | NASDAQ OMX Armenia