Capital Markets

We help clients raise capital, understand market positioning, and maintain investor confidence through independent research, issuance advisory, and continuous post-issuance coverage.

Bond Issuance Advisory
Equity Issuance Advisory
Post-Issuance Compliance

Equity Research Coverage
Credit Research Coverage
Investment Advisory

Issuance of Bonds and Equity

Structuring and documentation support for bond and equity issuances
Pricing advice
Investor targeting, roadshow preparation, and market positioning advisory
Coordination with legal, regulatory, and underwriting counterparties through to deal completion
Support with AMX listing

We help clients access capital markets with the preparation, positioning, and execution support needed to achieve the best possible terms and reach the right investors.

Credit Research Coverage

Credit profile initiation covering business fundamentals, debt structure, and risk assessment
Ongoing covenant monitoring and periodic credit update note

We provide ongoing credit analysis that helps bond issuers maintain investor transparency and gives fixed-income investors a reliable, continuous view of credit quality.

Equity Research Coverage

Initiation of coverage with a comprehensive research note covering business model, financials, and valuation
Periodic update notes reflecting latest results, strategy developments, and market conditions

We provide independent equity research that gives local companies credible, continuous visibility with institutional and international investors.

Investment Advisory

Market entry and investment opportunity assessment for institutional and private investors
Financial and credit analysis of Armenian issuers and instruments

We help clients and investors understand the Armenian capital market — identifying opportunities, assessing risk, and building a basis for informed investment decisions.

Post-Issuance Compliance

Covenant tracking and compliance monitoring against bond documentation
Periodic disclosure support and preparation of investor-facing compliance reports

We help bond issuers meet their ongoing disclosure and covenant obligations, reducing compliance risk and maintaining the investor confidence built at issuance.

Who we work with

Our Capital Markets clients include Armenian companies and financial institutions planning bond or equity issuances who need structuring, documentation, and investor-targeting support; institutional and private investors seeking independent analytical coverage of Armenian issuers and instruments; bond issuers requiring ongoing post-issuance compliance and covenant tracking; buy-side clients building or managing exposure to Armenian capital markets; and companies seeking continuous equity or credit research coverage to improve visibility and credibility with the international investor community.

Selected capital market engagements

Bond Issuance Advisory (2025)

MB Consulting provided financial advisory services for the issuance of an AMD-denominated bonds on the Armenian Stock Exchange (AMX), with a total issuance amount of AMD 1.5 billion. The transaction was listed on the AMX under ISIN AMHSKAAB21ER.
Bond Issuance Advisory (2025)

MB Consulting provided financial advisory services for the issuance of USD-denominated bonds by Luyser CJSC on the Armenian Stock Exchange (AMX). The transaction was listed on the AMX under ISIN AMLUYSB25ER4.
IPO Advisory (2024)

MB Consulting provided financial advisory services for the Initial Public Offering of Tel-Cell OJSC on the Armenian Stock Exchange (AMX), with a total placement volume of AMD 1.54 billion. The IPO comprised 3,850,000 shares placed at AMD 400 per share, making it one of the significant equity market transactions in Armenia's capital markets. The transaction was listed on the AMX under ISIN AMTLCLS10ER3.
Bond Issuance Advisory (2023)

MB Consulting provided financial advisory services for the issuance of AMD-denominated bonds by Luyser CJSC on the Armenian Stock Exchange (AMX), with a total issuance amount of AMD 1.5 billion. The transaction was listed on the AMX under ISIN AMLUYSB24ER7.
Equity Research Coverage

MB Consulting provided equity research coverage of Unibank OJSC. Unibank's shares are listed on the Armenian Securities Exchange (AMX). Coverage includes an initiation note covering the bank's business model, financial position, asset quality, and valuation, followed by periodic update notes and flash notes on material developments.
Bond issuance Advisory (2023)

MB Consulting provided financial advisory services for the issuance of USD-denominated bonds by Luyser CJSC on the Armenian Stock Exchange (AMX), with a total issuance amount of $6 million. The transaction was listed on the AMX under ISIN AMLUYSB23ER9.
Fund Performance Coverage

MB Consulting provides ongoing fund performance coverage of ROQ Capital OJSC, one of Armenia's largest investment company by assets and equity. Coverage tracks fund performance, asset composition, return metrics, and year-on-year growth , with quarterly update notes and flash notes on material developments.