Report
Alexander Golinsky ...
  • Alexey Bulgakov
  • Alisa Zakirova
  • Andrew Keeley
  • Andrey Kuznetsov
  • Andrey Gromadin
  • Anna Kotelnikova
  • Ekaterina Sidorova
  • Kirill Rogachev
  • Nikolay Minko

Debt Markets Today - May 15, 2019

CIS EUROBOND MARKETAfter opening lower, quotes on Russian sovereign Eurobonds started rising in the afternoon yesterday. Most issues ended the day with gains, while trading volumes were subdued. The Russia 28 added 0.3 pp to 161.4% (YTM 4.5%, Z-spread 214 bps) and the Russia 47 0.2 pp to 102.45% (YTM 5.1%, Z-spread 255 bps). The Russia 5y CDS spread dropped 1 bp. GOVERNMENT DEBTOFZ yields were mostly stationary yesterday. Late in the day, headlines about sanctions pushed yields on OFZs maturing in longer than 7y up 1-3 bps. Today, the Finance Ministry is planning to place the 15y OFZ 26225 (May 2034, 7.25%), for which the remaining registered limit is R141 bln, the 5y OFZ 26227 (July 2024, 7.40%, R274 bln registered limit remains) and the CPI-linked OFZ 52002 (February 2028, 2.50%, R5.3 bln will be offered). We believe that demand will only be strong for the 5y paper, whereas we do not expect to see strong interest in the 15y issue.STORIES> Gazprom management proposes to hike dividend this year> TCS 1Q review: On track, weak on fees but strong loan and NII growth> NLMK to market new dollar Eurobond> Belarus considering new loan from China> BGEO 1Q review: Solid profitability dampened by one-off
Underlyings
Bank of Georgia GDR

Bank of Georgia Group

BGEO Group is a holding company. Together with its subsidiary, JSC Bank of Georgia (the Bank) and other subsidiaries, Co. makes up a group of companies that provide banking, insurance, real estate, utility, leasing, beverage production and distribution, brokerage and investment management services to corporate and individual customers. Co. has two operating segments: banking business, which comprises: retail banking and payment services, corporate investment banking and wealth management operations and banking operations in Belarus; and investment business, which comprises Co.'s stakes in Georgia Healthcare Group PLC, Georgia Global Utilities, m2 Real Estate, Aldagi and Teliani Valley.

Gazprom (GDR)

Gazprom PJSC

PJSC Gazprom is a gas company based in Russia. Co.'s principal activity is the sale of gas. Co. is also involved in other types of activities which include leasing of assets, gas transportation and storage services, sale of gas condensate and refined products. Co. and its subsidiaries and associates operates gas pipelines systems in Russia. Co. is responsible for substantially all gas production and high pressure gas transportation in the Russian Federation. Co. is also a major exporter of gas to European countries. Co. is directly involved in exploration and drilling for hydrocarbons, production of gas and other hydrocarbons and domestic and export sale of gas and other hydrocarbons.

NLMK (GDR)

Novolipetsk Steel

Novolipetsk Steel is a vertically integrated steel manufacturing and production group based in Russia. Co. specializes in the manufacturing of high-quality hot and cold rolled steel in a variety of grades and sizes. Co. is also engaged in production and sales of flat steel products including slabs, hot rolled and cold rolled sheet, electrical steel, galvanized steel, cold rolled sheet with polymeric coatings. In addition, Co.'s areas of manufacturing include sintering, coke production, blast furnace production, steel-making, hot and cold-rolled flat steel production, galvanized and prepainted steel production. Co. exports its products to 70 countries around the world.

TCS Group Holding Plc Sponsored GDR Class A RegS

TCS Group Holding is a retail banking services group based in the Russian Federation. Co. is principally engaged in providing retail banking services in the Russian Federation through its subsidiaries, primarily Tinkoff Credit Systems. Co., through this subsidiary, fully licensed by the Central Bank of Russia and a member of the Deposit Insurance System, specializes in credit cards. Co. provides online retail financial services through a branchless operating platform. Co. also offers remote access to its financial products and services through its online banking as well as through mobile banking and high-volume call centers.

Provider
Sberbank
Sberbank

​Sberbank CIB Investment Research is a research firm offering equity, fixed income, economics, and strategy research. It covers analysis on all aspects of Russia’s capital markets, issues and industries. The firm analyzes trends in Russia and combines local knowledge with a global perspective. It processes macroeconomic data, market and company-specific news, stock quotes and other information for providing research reports. The firm provides details and latest prices on the most traded names and most traded paper on all segments Russian market. In strategy research, it provides thematic research, tips and descriptions of the methodology used to evaluate companies.

Analysts
Alexander Golinsky

Alexey Bulgakov

Alisa Zakirova

Andrew Keeley

Andrey Kuznetsov

Andrey Gromadin

Anna Kotelnikova

Ekaterina Sidorova

Kirill Rogachev

Nikolay Minko

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