Fixed Income. O1 Properties - Walking on Thin Ice
Amid low yields and compressed spreads in the Russian corporate bond space, investors are struggling to find mispriced credit that will give good returns at an acceptable level of risk. One bond that has attracted a lot of attention in this regard is the O1 Properties 21, which offers a double-digit yield. Though we consider the company's fundamentals strong, unsecured creditors face deep structural subordination, and there are issues at the shareholder level that make for a high degree of uncertainty. In our view, the risk is too high until these issues are resolved.
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.
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.