EXPOSURE AND FLOWS: Eurobonds on My Mind
In July, ATON’s affluent and high-net-worth clients continued to reduce their equity positions on US-Russia tensions, and boosted exposure to Eurobonds and government bonds using the local jump in yields as a buying opportunity. The surge in corn and wheat prices, as well as a rebound in urea from multi-year lows spurred investors’ interest in chemicals; however, we reiterate our HOLD rating on the sector in light of looming abundant new supply. Investors took profits in Yandex following the stock’s rally on the agreement to merge ride-hailing operations with Uber, and bought RSTI on results. Investment style was cherry-picking among exporters that benefit from a weaker RUB, as there was appetite for names that are still cheap, trading below 4x EBITDA.
Since its inception in 1991, ATON has built a reputation for combining in-depth local knowledge of the Russian market with the highest international standards in research, sales and trade execution. As a result, we have been able to attract many of the leading domestic and international institutional fund management groups as our clients. As one of the leading independent investment banks in Russia, we offer the full range of institutional brokerage service, including:
- Detailed fundamental analysis of economics, sectors and companies, with the widest coverage universe in Russia and the CIS;
- Timely trading ideas to help clients take advantage from short-term pricing discrepancies;
- Competitive prices and prompt execution of trades;
- An on-line platform providing easy access to all our research products and tools.
- Client-focused Service
- We employ state-of-the art technology to ensure the highest quality of investment services as well as the highest level of data protection.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.