Report
Alexander Kudrin ...
  • Alexey Bulgakov
  • Alisa Zakirova
  • Andrew Keeley
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Ekaterina Sidorova
  • Elena Tsareva
  • Irina Lapshina
  • Kirill Plastinin
  • Nikolay Minko
  • Rodion Lomivorotov
  • Sergei Konygin

Debt Markets Today - February 27, 2018

CIS EUROBOND MARKET
S&P’s sovereign rating upgrade for Russia provided a boost to Russian sovereign Eurobonds. Long issues fared the best, the Russia 43 climbing 1 pp to close at 115.0% (YTM 4.8%, Z-spread 192 bps). The Russia 27 rose 0.6 pp to 101.3% (YTM 4.1%, Z-spread 126 bps). Short-dated issues were little changed.

GOVERNMENT DEBT
The ruble strengthened in the morning and yields declined along the curve, sliding 4-6 bps in the middle and 7-9 bps at the long end. However, long-dated paper saw a selloff in the afternoon, and yields climbed around 3 bps. The entire curve finished 4-6 bps lower. Volumes were below average.

STORIES
> Finance Ministry selects manager for Eurobond placement
> Effects of S&P's Russian sovereign rating upgrade on corporate ratings
> VTB 4Q17: Trading revenues provide boost, common dividends to rise
> Evraz 2H17 IFRS preview
> Belarus Economic Update: Back to the bond market
Underlyings
Evraz PLC

Evraz engages in the production and distribution of steel and related products and coal and iron ore mining. Co. also produces vanadium products. Co. has four segments: Steel, which includes production of steel and related products at all mills except for those in North America, and includes the extraction of vanadium ore and production of vanadium products, iron ore mining and enrichment and certain energy-generating companies; Steel, North America, which includes production of steel and related products in the U.S. and Canada; Coal, which includes coal mining and enrichment; and Other operations, which includes energy-generating companies, shipping and railway transportation companies.

VTB Bank (GDR)

VTB Bank PJSC

Bank VTB PAO is a Russia-based bank engaged in the provision of financial services. The Bank reports five segments: Corporate-Investment banking includes operations with corporate customers that are large business customers and banking financial institutions, as well as operations on the securities market; Mid-Corporate banking covers operations with medium business corporate customers; Retail business includes operations with individuals and small business corporate customers, and offers operations on Internet and mobile Point-of-Sale acquiring, plastic cards, payroll services and financial consulting, among others; Treasury comprises operations to manage liquidity, operations on financial and interbank markets, cash flow management and debit financing operation; as well as Other business includes two business: Construction and development involves operations undertaken by Company in the construction and development industry, and Other activities represent non-banking business.

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 Kudrin

Alexey Bulgakov

Alisa Zakirova

Andrew Keeley

Anton Stroutchenevski

Artem Vinogradov

Ekaterina Sidorova

Elena Tsareva

Irina Lapshina

Kirill Plastinin

Nikolay Minko

Rodion Lomivorotov

Sergei Konygin

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