Sberbank - Global Ports Investments (GDR) (GLPR) ... Debt Markets Today - September 25, 2018

Report

Sberbank

Alexander Sychev ...

Andrey Kuznetsov
Anton Stroutchenevski
Artem Vinogradov
Nikolay Minko
Rodion Lomivorotov
Sergei Konygin
Yuri Popov

Debt Markets Today - September 25, 2018

CIS EUROBOND MARKETRussian sovereign Eurobonds, helped by a positive backdrop in EMs, gained 0.25-0.50 pp yesterday. The Russia 47 added 0.325 pp to 93.81% (YTM 5.7%, Z-spread 253 bps).GOVERNMENT DEBTOFZ yields declined, as locals reemerged on the bid side and were focused on "old" 10y issues, which lost 10 bps. Once again, 6-8y bonds were well bid. The OFZ 26215 (August 2023, 7.00%) appears to have been considerably oversold and is now finding substantial demand and trading 3-5 bps below the curve.STORIES> Federal Reserve preview: Hikes may come every quarter> Russian Railways and Polyus announce results of Eurobond buybacks> Global Ports announces tender offer for its Eurobonds> Petropavlovsk: Update on refinancing of IRC loan from ICBC> Ukrainian industrial output drops 0.5% y-o-y in August

25/09/2018 40 EN

Underlyings

Global Ports Investments (GDR)

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US37951Q2021 London Stock Exchange Cyprus

Polyus (GDR)

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US73181M1172 London Stock Exchange Russia

Polyus PJSC

PJSC Polyus is an open joint stock company based in Russia. Co. is engaged in operations as a gold production company. Co.'s major assets are: in Krasnoyarsk region, Olympiada deposit as well as Blagodantoe, Titimukhta, Tyrada, Olenii, Razdolinskaya, Zyryanovskaya and Panimba fields; in Irkutsk region, Zapadnoe, Verninskoe, Pervenets, and Chertovo Koryto and Mukodek goldfields as well as some 94 placer deposits; in Magadan region, Natalka deposit and smaller Degdekan and Vostochnoye fields; in the Republic of Sakha (Yakutia), Kuranakh ore body and Kyutchus field as well as 50% interest in the giant Nezhdaninskoye field; and in Amur region, Bamskoe gold field.CJSC Deloitte & Touche CIS

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RU000A0JNAA8 Moscow Exchange MICEX-RTS Russia

Provider

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.

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Analysts

Alexander Sychev

Andrey Kuznetsov

Anton Stroutchenevski

Artem Vinogradov

Nikolay Minko

Rodion Lomivorotov

Sergei Konygin

Yuri Popov

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Debt Markets Today - September 25, 2018

The Rear-View Mirror – EME markets: Turkey on top again, but muted this time around

WOOD Daily: EME Macro/Strategy – US Macro; SHO PW; SPL PW; PEO PW; PKO PW; PLZL LI

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