Russian Fixed Income - GPB Perps Offer Conditional Upside
Gazprombank (GPB) is approaching the first call on its $1 bln perpetual Eurobond, which is scheduled for April 25. Investors are sizing up the chances of the bank's executing the call option. Based on our analysis of the bank's capital structure and current capital levels, we think that there is a reasonable chance that it will opt to skip the first call. This means that there is conditional upside to the current market prices.
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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