Sberbank - Polyus (GDR) (PLZL) ... Debt Markets Today - April 20, 2020

Report

Sberbank

Alexander Golinsky ...

Alexander Sychev
Alexey Bulgakov
Alisa Zakirova
Andrew Keeley
Anton Stroutchenevski
Artem Vinogradov
Ekaterina Sidorova
Kirill Rogachev
Nikolay Minko
Research Team
Rodion Lomivorotov

Debt Markets Today - April 20, 2020

CIS EUROBOND MARKETThe Russian sovereign Eurobond market had a restrained day on Friday. The only movers were the Russia 47 (down 0.4 pp) and Russia 26 (up 0.2 pp). GOVERNMENT DEBTCBR Governor Elvira Nabiullina's comments on Friday sparked a rally on the OFZ market. She said the bank plans to seriously consider a rate cut at its next policy meeting this Friday and will gauge what scope there is for further easing. Yields dropped 20 bps at the short end and 30-40 bps further along the curve. Volumes were up at R54 bln, with both nonresidents and locals evidently buying.STORIES> CBR sends clear dovish signal> CBR sees improvement in economy versus beginning of April> OPEC+: Oil prices more important than volumes> CBR preview: Cut strongly hinted at on Friday, we now expect 50 bp cut> Nabiullina comments on banking sector> Polyus exercises call option for 2021 convertible> Russian Standard Ltd recovery notes trustee seeks to enforce pledge> Changes to OFZ recommendations> Belarus weighing financing sources

20/04/2020 43 EN

Underlyings

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 Golinsky

Alexander Sychev

Alexey Bulgakov

Alisa Zakirova

Andrew Keeley

Anton Stroutchenevski

Artem Vinogradov

Ekaterina Sidorova

Kirill Rogachev

Nikolay Minko

Research Team

Rodion Lomivorotov

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Debt Markets Today - April 20, 2020

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