Belarus Fixed Income - Good Value for the Money
Belarus is placing a dual-tranche dollar-denominated senior unsecured bond under Reg S/144A. The two tranches are likely to be benchmark-sized, with 5y (February 2023) and 10y maturities. We think the bonds offer good value for investors. We see fair pricing at 6.25-6.75% for the bond maturing in February 2023 and 7.00-7.50% for the 10y tenor. This implies spreads of about 300 bps over the Russian sovereign curve. In our assessment, we see a stronger rationale for pricing closer to the lower end of these ranges.
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.
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