Armenia's sovereign bond issue really doesn't have anything to do with Kim Kardashian, but the nickname given to the security, "Kardashian bond," may have helped demand for it, one analyst says.
Was it the nickname or was it the Fed?
Whatever it was, Armenia's sovereign bond enjoyed strong demand when it came to market on Thursday — perhaps in part because of its celebrity nickname.
Standard Bank's head of emerging markets research, Timothy Ash, coined the term "Kardashian bond" in September, naming it after Kim Kardashian — one of the stars of the reality TV show "Keeping Up With The Kardashians" – whose family originates from Armenia.
And on Friday, Ash said that the bond's "successful" tapping of the eurobond market might have been helped by its celebrity link.
(Read more: What Was Kim Kardashian Doing at the NYSE?)
"A lot has been made of the Kardashian 'wrapper.' I made the link originally admittedly a little tongue in cheek, i.e., something to lighten up the week," he wrote in a note on Friday. "I think net-net the sovereign has benefited from the extra attention/focus/PR around the issue."
Interest in the seven-year bond was also helped by a renewed interest in emerging markets, following the Federal Reserve's decision to shocked markets by announcing that it was keeping its stimulus measures intact on Wednesday.
The Fed's continuation of its bond-buying program at its current level boosted risk sentiment, causing investors to turn their back on so-called "safe havens" and pile into assets seen as riskier – such as emerging markets sovereign bonds.
(Read more: GDP revisions...and why Kardashians don't kount)
Indications were that demand for the issue was very strong, Ash said, "thanks also partially to the Fed."
"The sovereign got its timing pretty much spot on," he wrote. "So smiles all around."
The Republic of Armenia raised $700 million from the sale, which saw the bond priced at 6.25 percent to yield 6 percent.
—ByCNBC's Katrina Bishop. Follow her on Twitter@KatrinaBishop
First published September 20 2013, 8:15 AM