Sberbank - TBC Bank Group (TBCG) ... Debt Markets Today - June 27, 2019

Report

Sberbank

Alexander Golinsky ...

Alexey Bulgakov
Andrey Kuznetsov
Anton Stroutchenevski
Artem Vinogradov
Nikolay Minko
Oksana Mustiatsa
Rodion Lomivorotov
Svetlana Sukhanova

Debt Markets Today - June 27, 2019

CIS EUROBOND MARKETRussian Eurobond quotes came under pressure yesterday, though volumes were fairly limited. The retreat was not limited to Russian paper: 10y Indonesian (BBB) and Colombian (BBB) issues were yielding 2 bps higher by the close, as was the Russia 29. The Russia 27 dropped 0.5 pp to 110.1% (YTM 4.6%, Z-spread 245 bps). The Russia 42 and 43 retreated 0.4-0.5 pp.GOVERNMENT DEBTYields on most OFZs rose 3-4 bps in the belly and edged up 1 bp at the long end. Paper longer than 6y was the most actively traded. Trading volumes on the Moscow Exchange were R33 bln. STORIES> Russian y-o-y inflation on track to move below 5% in June> Finance Ministry exceeds quarterly OFZ target again> VEON tender offer for GTH to start on July 1> Sibur gets second investment-grade rating> TBC Bank places debut subordinated perpetual Eurobond> Chances of a Belarusian Eurobond placement next year decreasing

27/06/2019 42 EN

Underlyings

TBC Bank Group

TBC Bank Group is a holding company. Through JSC TBC Bank and its subsidiaries, Co. is engaged in universal banking operations that include corporate, small and medium enterprises, retail and micro operations within Georgia.

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GB00BYT18307 London Stock Exchange United Kingdom

TBC Bank Joint Stock Co

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US87217U2087 Georgia

VEON

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VimpelCom Ltd. ADS

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US92719A1060 Berlin Stock Exchange United States

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

Alexey Bulgakov

Andrey Kuznetsov

Anton Stroutchenevski

Artem Vinogradov

Nikolay Minko

Oksana Mustiatsa

Rodion Lomivorotov

Svetlana Sukhanova

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Debt Markets Today - June 27, 2019

TBC Bank Group: 1 director

The Rear-View Mirror – EME markets: Poland outperforms; Türkiye declines

WOOD Flash – Georgia macro: insights on a Ukraine deal spillover to Georgia

Russian Consumer - Unemployment and Income: The Outlook for 2022

Russian Banks - What We Know at This Stage

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