Sberbank - Lukoil (LKOD) ... Debt Markets Today - March 26, 2018

Report

Sberbank

Alex Fak ...

Alexander Kudrin
Alexey Bulgakov
Alisa Zakirova
Anna Kotelnikova
Anton Stroutchenevski
Artem Vinogradov
Nikolay Minko
Rodion Lomivorotov
Sergei Konygin
Valery Nesterov

Debt Markets Today - March 26, 2018

CIS EUROBOND MARKET
Friday was a rough day for the CIS Eurobond market on the whole, though moderate demand from foreign accounts appeared in the second half of the session. The new Russia 29 issue underperformed, dropping 0.5 pp in price to 98.2% (YTM 4.6%, Z-spread 170 bps). Longer-dated Russian sovereign notes lost 0.4 pp.

GOVERNMENT DEBT
On Friday, certain market players who had been buying OFZs in expectation of a deeper rate cut (50 bps) than the consensus changed tack following publication of the 25 bp cut and started selling long-dated paper.

STORIES
> CBR Review: CBR confidently cuts rate 25 bps
> Lukoil holds investor day
> Ferrexpo publishes 2017 IFRS results
> Statistical revision does not change our view on GDP growth in 2018

26/03/2018 40 EN

Underlyings

Lukoil

See profile

Oil company LUKOIL PJSC

PJSC Lukoil is a vertically-integrated oil company engaged in the exploration and production of crude oil and natural gas. Co. is engaged in all main sectors of the modern oil business including supplies, refining, marketing, transportation, petrochemicals and oil-related activities. Co.'s operations are divided into five business segments: Exploration and Production; Refining, Marketing and Distribution; Chemicals; Power Generation and Other Business Segments. Co. owns and operates refineries in Bulgaria (LUKOIL Neftochim Bourgas AD) and Romania (Petrotel-LUKOIL).

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RU0009024277 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.

See profile

Analysts

Alex Fak

Alexander Kudrin

Alexey Bulgakov

Alisa Zakirova

Anna Kotelnikova

Anton Stroutchenevski

Artem Vinogradov

Nikolay Minko

Rodion Lomivorotov

Sergei Konygin

Valery Nesterov

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TheScreener

An unfavourable environment weighs on PJSC LUKOIL 144A ADR, which sees a downgrade to Slightly Negative

The independent financial analyst theScreener just requalified the general evaluation of PJSC LUKOIL 144A ADR (RU), active in the Integrated Oil & Gas industry. As regards its fundamental valuation, the title still shows 0 out of 4 stars and its market behaviour is seen as moderately risky. theScreener believes that the unfavourable environment weighs on the sector and penalises the company, which sees a downgrade to its general evaluation to Slightly Negative. As of the analysis date March 15, 2022, the closing price was USD 46.40 and its target price was estimated at USD 42.96.

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Russian Consumer - Unemployment and Income: The Outlook for 2022

In its modern history, Russia has not suffered any major spikes in joblessness. Its unemployment rate has ranged from between 4.8% and 8.3% since 2005 (versus 3.6-9.9% in the US for the same period). However, considering the sectors currently affected and companies scaling down operations in Russia, we see 1.1 mln out of the total 71 mln jobs at risk. But because this comes amid a labor shortage, which emerged in late 2021, companies are aiming to hold on to personnel, while the government is announcing extra social support measures. In a conservative scenario, the unemployment rate could go u...

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Andrew Keeley ... (+3)

Andrew Keeley
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Anton Stroutchenevski ... (+6)

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Debt Markets Today - March 26, 2018

Raiffeisen Research Institutional Equity Daily 17.05.2022

Raiffeisen Research Institutional Equity Daily 29.04.2022

An unfavourable environment weighs on PJSC LUKOIL 144A ADR, which sees a downgrade to Slightly Negative

Russian Consumer - Unemployment and Income: The Outlook for 2022

Russian Banks - What We Know at This Stage

CIS Market Daily - March 24, 2022

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