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, this according to The Moscow Times.

Armenia plans to use the proceeds to repay the country's $500m debt to Russia, which it received in 2009 to help it through the financial crisis.

"The government approved the 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.