Fixed Income. Russian Transport - Sector Update
Eurobond issuers in the Russian transport sector operate in different segments and thus face different operating and financial drivers. They also find themselves in different phases of the investment cycle, with capital allocation priorities ranging from leveraging up the balance sheet to finance expansion to paying down debt raised for growth. This explains why their credit ratings range from investment grade to low BB. In this report, we explore the companies' latest operating and financial dynamics, lay out our expectations and consider the factors important for investing in their Eurobonds. However, having recently adopted a wait-and-see approach to the entire Russian corporate bond universe owing to the high country-specific geopolitical risks, we avoid giving trade recommendations.
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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