reports
- Egor Fedorov
- Oleksiy Soroka
- CFA
- Trieu Pham
EM Credit Spark/Sovereign and corporate weekly comment
Investor sentiment remains very strong, with the JPM EMBI Global Diversified up by 1.0% in May so far (vs +2.2% in April) and the year-to-date loss reducing to 1.5%. When it comes to this week's dynamics, we can roughly split into halves, with lower UST yields and widening spreads in the first half followed by a reversal in the second. All in all, the EMBIGD is up by 0.4% this week (as of yesterday's close), compared to +3.3% for equities (MSCI EM) and +0.4% for EM FX (JPM EMCI).
- Alex Fak
- Anna Kotelnikova
Russian Oil and Gas. May 2018 - Tickling Giants
In this report we offer an alternative way of looking at Gazprom's strategy which much better explains the company's decisions. Using this inverted viewpoint, we deduce Gazprom's likely future investment program - never disclosed before - and suggest the way to play it is via the pipe producers. We also argue that Lukoil is trading at bargain levels, given the company's newfound commitment to capital discipline, and then suggest why market might take its time to bid up the stock.
TRNFP OIL COMPANY LUKOIL PJSC
LKOH NOVATEK JSC
ROSN ROSNEFT OIL CO.
SNGS SURGUTNEFTEGAS PJSC
NVTK ROSNEFT OIL CO. SPONSORED GDR REGS
BANE NOVATEK JSC SPONSORED GDR REGS
SIBN BASHNEFT
GAZP GAZPROM NEFT
TATNP GAZPROM
BANEP TATNEFT (PREF A)
GZPFY GAZPROM NEFT (GDR)
LKOD LUKOIL
SNGSP SURGUTNEFTEGAS PJSC PFD
TRNF TRANSNEFT
TATN TATNEFT
- Research Team
The Rear-View Mirror – CEE markets: Greek equities gained the most i...
EME Equity Market – April 2018 Market performance – ASE gained the most in April, while the ISE30 lost the most. The MSCI EME dropped by 3.2% mom in EUR terms. The ASE index (+10% mom) reported the largest rate of return, followed by the Polish WIG20 index (+2.9%), and the BUX (+2.7% mom); while the Turkish ISE30 lost -10.4% mom, followed by the Russian MICEX (-6.3% mom), and the Czech PX index (-1.4% mom). The Romanian BET index stayed fairly flat (-0.1% mom).
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
KER KERNEL HOLDING S.A.
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
TCELL TURKCELL ILETISIM HIZMETLERI A.S.
ATRS ATRIUM EUROPEAN REAL ESTATE LIMITED
EBS ERSTE GROUP BANK AG
OGZD GAZPROM
CDR CD PROJEKT S.A.
ELPE HELLENIC PETROLEUM SA
IMO1 IMMOFINANZ AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
PKO PKO BANK POLSKI S.A.
CETV CENTRAL EUROPEAN MEDIA ENTERPRISES LTD. CL A
FFGRP FOLLI FOLLIE S.A.
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
FP FONDUL PROPRIETATEA
ARHOF AMREST HOLDING
SIF2 SIF MOLDOVA S.A.
PODRRA PODRAVKA
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
FOYRK FOURLIS HOLDINGS S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KGH KGHM POLSKA MIEDZ S.A.
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
SAR GR. SARANTIS S.A.
LPP LPP S.A.
AKBNK AKBANK TAS
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
ENKAI ENKA INSAAT VE SANAYI A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
AEGN AEGEAN AIRLINES SA
TTKOM TURK TELEKOMUNIKASYON A.S.
ENA ENEA S.A.
EKGYO EMLAK KONUT GAYRIMENKUL YATIRIM ORTAKLIGI A.G.
NOG NOSTRUM OIL & GAS PLC
LVC LIVECHAT SOFTWARE SA
PCM PRIME CAR MANAGEMENT
ALPHA ALPHA BANK AE
ETE NATIONAL BANK OF GREECE S.A.
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
PPA PIRAEUS PORT AUTHORITY S.A.
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
EUR EUROCASH S.A.
PJP X5 RETAIL GROUP N.V. SPONSORED GDR REGS
LTS GRUPA LOTOS S.A.
ECH ECHO INVESTMENT
TKFEN TEKFEN HOLDING
CPS CYFROWY POLSAT SA
GPW WARSAW STOCK EXCHANGE
MDG MEDICALGORITHMICS SA
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
PKP PKP CARGO
WPL WIRTUALNA POLSKA HOLDING SA
TLV BANCA TRANSILVANIA S.A.
NVTK NOVATEK JSC SPONSORED GDR REGS
N7MG NLMK (GDR)
SVST SEVERSTAL (GDR)
TELEC O2 CZECH REPUBLIC A.S.
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
5M71 MAGNIT PJSC SPONSORED GDR REGS
MMK MAGNITOGORSK IRON & STEEL WORKS (GDR)
EREGL ERDEMIR
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
PLY PLAY COMMUNICATIONS SA
TPEIR PIRAEUS FINANCIAL HOLDINGS S.A.
PFL PFLEIDERER GROUP SA
NIIS NAFTNA INDUSTRIJA SRBIJE NOVA SAD
MNOD NORILSK NICKEL
COTE CONPET SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
KAZ LN KAZ MINERALS
HTO OTE
JSW JSW
SAB1L SIAULIU BANKAS
BELA JUMBO
CEZ CEZ
OMV OMV
EVR EVRAZ
RBI RAIFFEISEN BANK INTERNATIONAL
DOM PW DOM DEVELOPMENT
UQA AV UNIQA INSURANCE GROUP
LNTA LI LENTA
UNIP UNIPETROL
SFG SPHERA FRANCHISE GROUP SA
ARGRRA ATLANTIC GRUPA DD
FTE FORTE ENERGY NL
SBER SBERBANK OF RUSSIA PJSC
SGGD SURGUTNEFTEGAS OJSC
- Research Team
WOOD Morning (30 April)
HEADLINES: * CCC: weak 1Q18 results, miss vs. the consensus, but better than we expected NEGATIVE * NLMK: recommends large dividend for 1Q18, at 3.6% quarterly yield (15% annualised) POSITIVE * Public Power Corporation: 4Q17 boosted by PSO one-off, weak cash generation NEGATIVE * Electrica: real rate of return might be cut to 5% NEGATIVE * Electrica: new board, more state representatives * National Bank: VRS details POSITIVE * OMV: signs new offshore agreement in UAE wi...
CCC CCC SA
PCM PRIME CAR MANAGEMENT
ETE NATIONAL BANK OF GREECE S.A.
PPC PUBLIC POWER CORPORATION S.A.
WPL WIRTUALNA POLSKA HOLDING SA
N7MG NLMK (GDR)
EREGL ERDEMIR
ELSA SOCIETATEA ENERGETICA ELECTRICA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
GARAN GARANTI BANK
OMV OMV
- Research Team
WOOD Morning (27 April)
HEADLINES: * Greece: keep calm, this time it is real! (AEGN, ALPHA, BELA, CCH, ELPE, ETE, EUROB, EXAE, FOYRK, GRIV, HTO, MOH, MYTIL, OPAP, PPA, PPC, SAR, TITK, TPEIR) * Gazprom: 4Q17 results - weaker than expected NEGATIVE * Ford Otosan: 1Q18 review - a strong set of results POSITIVE * Tekfen: 1Q18 review - strong quarter, as expected NEUTRAL * Tofas: 1Q18 review - revenues and EBITDA in line, beat on net income NEUTRAL * Kruk: 1Q18 - 8-13% beat on net income; 30% yoy growth i...
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
OGZD GAZPROM
ELPE HELLENIC PETROLEUM SA
FFGRP FOLLI FOLLIE S.A.
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
FOYRK FOURLIS HOLDINGS S.A.
MYTIL MYTILINEOS S.A.
SAR GR. SARANTIS S.A.
CIE CIECH S.A.
EUPRO GRIVALIA PROPERTIES REIC
AEGN AEGEAN AIRLINES SA
ETE NATIONAL BANK OF GREECE S.A.
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
PPA PIRAEUS PORT AUTHORITY S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
PJP X5 RETAIL GROUP N.V. SPONSORED GDR REGS
LTS GRUPA LOTOS S.A.
TKFEN TEKFEN HOLDING
GPW WARSAW STOCK EXCHANGE
OTOEL AUTOHELLAS S.A.
PKP PKP CARGO
TLV BANCA TRANSILVANIA S.A.
NVTK NOVATEK JSC SPONSORED GDR REGS
TELEC O2 CZECH REPUBLIC A.S.
MONET MONETA MONEY BANK AS
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
EREGL ERDEMIR
TPEIR PIRAEUS FINANCIAL HOLDINGS S.A.
MNOD NORILSK NICKEL
DNP DINO POLSKA S.A.
ELSA SOCIETATEA ENERGETICA ELECTRICA
KAZ LN KAZ MINERALS
HTO OTE
ARGRRA ATLANTIC GROUP
BELA JUMBO
PETG PETROL GROUP
EVR EVRAZ
ALPHA ALPHA BANK
WIZZ WIZZ AIR
- Aleksey Ryabushko
- Alex Fak
- Alexander Kudrin
- Andrey Kuznetsov
- Cole Akeson
- Igor Vasilyev
- Irina Lapshina
- Mikhail Krasnoperov
- Nikolay Minko
- Tom Levinson
CIS Market Daily - April 27, 2018
MARKET COMMENT - WEAK RUBLE, STRONG OIL AND PLENTY OF CENTRAL BANK ACTION TO COMEThe RTS and MSCI EM gained 0.8% (to 1,147) and 0.4% yesterday, respectively. Indicators look decent this morning, though investors may seek to position cautiously ahead of Russia's long May holidays. Key events in coming days include the CBR meeting today and Fed meeting next Wednesday.STORIES> Inflows decelerate after two heavy weeks> US 10y hits 3% - trouble ahead > CBR preview: Cut to be put on hold> Gazprom 4Q17...
- Aleksey Ryabushko
- Alex Fak
- Alexander Kudrin
- Andrey Krylov
- Cole Akeson
- Igor Vasilyev
- Irina Lapshina
- Mikhail Krasnoperov
CIS Market Daily - 27 Ð°Ð¿Ñ€ÐµÐ»Ñ 2018
КОММЕÐТÐРИЙ И ПРОГÐОЗ - РУБЛЬ СЛÐБЕЕТ, ÐЕФТЬ ДОРОЖÐЕТ, ЦЕÐТРОБÐÐКИ ГОТОВЯТСЯ ДЕЙСТВОВÐÐ¢Ð¬Ð˜Ð½Ð´ÐµÐºÑ Ð Ð¢Ð¡ вчера Ð²Ñ‹Ñ€Ð¾Ñ Ð½Ð° 0,8% до 1 147 пунктов, MSCI EM - на 0,4%. Утренние индикаторы выглÑдÑÑ‚ обнадеживающе, Ñ…Ð¾Ñ‚Ñ Ð² преддверии длинных майÑких праздников в РоÑÑии инвеÑторы могут предпочеÑÑ‚ÑŒ Ð...
- Alex Fak
- Alexander Kudrin
- Alexander Sychev
- Alisa Zakirova
- Anna Kotelnikova
- Irina Lapshina
- Nikolay Minko
- Tom Levinson
Долговые рынки ÑÐµÐ³Ð¾Ð´Ð½Ñ - 27 Ð°Ð¿Ñ€ÐµÐ»Ñ 2018
РЫÐОК Ð’ÐЕШÐЕГО ДОЛГРСТРÐРСÐГВчера роÑÑийÑкие Ñуверенные еврооблигации пользовалиÑÑŒ ÑпроÑом, так как доходноÑÑ‚ÑŒ деÑÑтилетних казначейÑких облигаций СШРÑнижалаÑÑŒ. РоÑÑиÑ-42 показали наибольший роÑÑ‚ в Ñегменте (на 0,3 п. п.), РоÑÑиÑ-27 подорожали на 0,2 п. п. до 97,2% (4,6%, Z+163). ГОСУÐ...
- Alex Fak
- Alexander Kudrin
- Alexander Sychev
- Alisa Zakirova
- Anna Kotelnikova
- Irina Lapshina
- Nikolay Minko
- Tom Levinson
Debt Markets Today - April 27, 2018
CIS EUROBOND MARKETRussian sovereign Eurobonds were supported by a decline in US Treasury yields yesterday. The Russia 42 posted the best result in the segment, adding 0.3 pp, while the Russia 27 advanced 0.2 pp to 97.2% (YTM 4.6%, Z-spread 163 bps). GOVERNMENT DEBTThe weakening ruble pushed OFZ yields considerably higher in the morning, though local investors exhibited modest demand later. Yields closed around 2 bps higher at the short end and 5 bps higher at the long end. Volumes were low. Alm...
- Research Team
WOOD Morning (26 April)
HEADLINES: * Turkey macro: do not expect big changes post rate hike * Getin Noble Bank: 2017 results overshadowed by capital raising announcement NEGATIVE * Getin Noble Bank: Leszek Czarnecki comments on GNB and Idea Bank investments * X5: head of Pyatetochka departs NEGATIVE * Warsaw Stock Exchange: proposes PLN 2.2/share dividend from 2017 net profit NEGATIVE * Jeronimo Martins: 1Q18 beat, positive outlook for all markets POSITIVE * CME: 1Q18 results - 7% OIBDA beat, Ti...
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
EBS ERSTE GROUP BANK AG
OGZD GAZPROM
KOMB KOMERCNI BANKA A.S.
CETV CENTRAL EUROPEAN MEDIA ENTERPRISES LTD. CL A
FFGRP FOLLI FOLLIE S.A.
BSK ING BANK SLASKI S.A.
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
AKBNK AKBANK TAS
CCC CCC SA
TTKOM TURK TELEKOMUNIKASYON A.S.
GNB GETIN NOBLE BANK SA
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
EUR EUROCASH S.A.
PJP X5 RETAIL GROUP N.V. SPONSORED GDR REGS
TKFEN TEKFEN HOLDING
GPW WARSAW STOCK EXCHANGE
ALR ALIOR BANK SA
NVTK NOVATEK JSC SPONSORED GDR REGS
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
FTE FORTE
UNIP UNIPETROL
- Alex Fak
- Alexander Kudrin
- Andrey Kuznetsov
- Cole Akeson
- Irina Lapshina
- Mikhail Krasnoperov
CIS Market Daily - April 23, 2018
MARKET COMMENTThe Russian market crept down for a second day in a row on Friday, the RTS declining 0.7% to 1,146. The MSCI EM fell 1.3%. Few strong catalysts emerged for global markets. The obvious highlight on this week's calendar is the CBR meeting for Russian markets, while globally investors will also have eyes on the ECB and BoJ meetings, and a number of second-tier political events.
- Alex Fak
- Alexander Kudrin
- Andrey Krylov
- Cole Akeson
- Irina Lapshina
- Mikhail Krasnoperov
CIS Market Daily - 23 Ð°Ð¿Ñ€ÐµÐ»Ñ 2018
КОММЕÐТÐРИЙ И ПРОГÐОЗ - Ð ÐЗÐИЦРВ ДИÐÐМИКЕ С ÐÐЧÐЛРГОДРСОКРÐЩÐЕТСЯВ пÑтницу роÑÑийÑкий рынок ÑнижалÑÑ Ð²Ñ‚Ð¾Ñ€Ð¾Ð¹ день подрÑд. Ð˜Ð½Ð´ÐµÐºÑ Ð Ð¢Ð¡ отÑтупил на 0,7% до 1 146 пунктов, Ð¸Ð½Ð´ÐµÐºÑ MSCI EM - на 1,3%. Важных факторов, ÑпоÑобных повлиÑÑ‚ÑŒ на глобальные рынки, было мало. Ð”Ð»Ñ Ñ€Ð¾ÑÑийÑкого рынка...
- Aleksey Ryabushko
- Alex Fak
- Alexander Kudrin
- Andrey Kuznetsov
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Igor Vasilyev
- Julia Gordeyeva
- Mikhail Krasnoperov
- Rodion Lomivorotov
- Sergei Konygin
CIS Market Daily - April 13, 2018
MARKET COMMENT - RTS CLIMBS 3.8% AS TENSIONS EASE The MSCI Russia is now some 3.0 pp below the MSCI EM YTD. The market climbed yesterday as officials around the world took a much more constructive tone on Syria and more generally, which has eased tensions. Meanwhile, Brent remains above $70/bbl. Most data on today’s calendar concerns oil. STORIES > Passive investors piled into Russia last week (yes, really) > Chief Economist's View: Balance of payments to change significantly > Russian budget...
- Aleksey Ryabushko
- Alex Fak
- Alexander Kudrin
- Andrey Krylov
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Igor Vasilyev
- Julia Gordeyeva
- Mikhail Krasnoperov
- Rodion Lomivorotov
- Sergei Konygin
CIS Market Daily - 13 Ð°Ð¿Ñ€ÐµÐ»Ñ 2018
КОММЕÐТÐРИЙ И ПРОГÐОЗ - ИÐДЕКС РТС ПРИБÐВИЛ 3,8% ÐРФОÐЕ СПÐДРÐÐПРЯЖЕÐÐÐžÐ¡Ð¢Ð˜Ð˜Ð½Ð´ÐµÐºÑ MSCI Russia на данный момент Ñ Ð½Ð°Ñ‡Ð°Ð»Ð° года отÑтает от индекÑа MSCI EM примерно на 3 п. п. Вчера роÑÑийÑкий рынок выроÑ, так как политики в разных Ñтранах мира в целом занÑли более конÑтруктивную позицию,...
- Research Team
The Rear-View Mirror – CEE markets: Romanian index the top performer...
EME Equity Market – March 2018 Market performance – only Romania and Prague in positive territory. The MSCI EME lost 5.8% mom in March, continuing the negative trend after February’s 1.1% contraction. The Romanian BET index was the best performer in March, +3.1%, while Prague’s PX index remained broadly flat, recording a small gain of 0.3%. On the negative side, the Turkish ISE30 performed poorly, losing 9.1%, followed by the Warsaw WIG20, -7.3%. The Greek ASE index fell by 6.6% and Mosc...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
ATRS ATRIUM EUROPEAN REAL ESTATE LIMITED
BOCH BANK OF COMMERCE HOLDINGS
OGZD GAZPROM
KRKG KRKA D.D.
CDR CD PROJEKT S.A.
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
BHW BANK HANDLOWY W WARSZAWIE S.A.
ARHOF AMREST HOLDING
BIMAS BIM BIRLESIK MAGAZALAR A.S.
SIF2 SIF MOLDOVA S.A.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
PODRRA PODRAVKA
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
KGH KGHM POLSKA MIEDZ S.A.
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SAR GR. SARANTIS S.A.
LPP LPP S.A.
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
ENKAI ENKA INSAAT VE SANAYI A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
AEGN AEGEAN AIRLINES SA
ENA ENEA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
EKGYO EMLAK KONUT GAYRIMENKUL YATIRIM ORTAKLIGI A.G.
AFLT AEROFLOT RUSSIAN AIRLINES
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
LVC LIVECHAT SOFTWARE SA
PCM PRIME CAR MANAGEMENT
ETE NATIONAL BANK OF GREECE S.A.
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
AYGAZ AYGAZ A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
SAHOL HACI OMER SABANCI HOLDING A.S.
LTS GRUPA LOTOS S.A.
ECH ECHO INVESTMENT
CPS CYFROWY POLSAT SA
GPW WARSAW STOCK EXCHANGE
TPE TAURON POLSKA ENERGIA S.A.
MDG MEDICALGORITHMICS SA
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
PKP PKP CARGO
ICD ENERGA SA
HB HELLENIC BANK LTD.
WPL WIRTUALNA POLSKA HOLDING SA
NVTK NOVATEK JSC SPONSORED GDR REGS
N7MG NLMK (GDR)
TLV BANCA TRANSILVANIA
SVST SEVERSTAL (GDR)
TELEC O2 CZECH REPUBLIC A.S.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
MMK MAGNITOGORSK IRON & STEEL WORKS (GDR)
EREGL ERDEMIR
PLY PLAY COMMUNICATIONS SA
TPEIR PIRAEUS FINANCIAL HOLDINGS S.A.
DIGI DIGI COMMUNICATIONS NV
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
MNOD NORILSK NICKEL
DNP DINO POLSKA S.A.
LKOD LUKOIL
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
0RO5 MEDLIFE
GEB BANK OF GEORGIA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
HTO OTE
JSW JSW
RICHT RICHTER
SAB1L SIAULIU BANKAS
SBER03 SBERBANK
ARGRRA ATLANTIC GROUP
ANY ANY SECURITY PRINTING COMPANY
WABERERS WABERER'S INTERNATIONAL ZRT
SGGD SURGUTNEFTEGAS
ATAD TATNEFT
CEZ CEZ
KOFOL KOFOLA
OMV OMV
EVR EVRAZ
RBI RAIFFEISEN BANK INTERNATIONAL
ALPHA ALPHA BANK
DPEU DP EURASIA
DOM PW DOM DEVELOPMENT
UQA AV UNIQA INSURANCE GROUP
LNTA LI LENTA
UNIP UNIPETROL
- Alex Fak
- Alexander Kudrin
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Maria Sukhanova
- Rodion Lomivorotov
- Sergei Konygin
- Valery Nesterov
CIS Market Daily - 3 Ð°Ð¿Ñ€ÐµÐ»Ñ 2018
КОММЕÐТÐРИЙ И ПРОГÐОЗ - ГЛОБÐЛЬÐЫЕ РЫÐКИ УПÐЛИ ВСЛЕД ЗРТЕХÐОЛОГИЧЕСКИМ СЕКТОРОМ СШРВчерашние торги оказалиÑÑŒ неблагоприÑтными Ð´Ð»Ñ Ñ€Ð¸Ñкованных активов, в том чиÑле роÑÑийÑких акций, из-за Ð¾Ð¶Ð¸Ð²Ð»ÐµÐ½Ð¸Ñ Ð³Ð»Ð¾Ð±Ð°Ð»ÑŒÐ½Ñ‹Ñ… опаÑений на фоне возобновившегоÑÑ Ð¿Ð°Ð´ÐµÐ½Ð¸Ñ Ð½Ð° рынке СШÐ, оÑоб...
- Alex Fak
- Alexander Golinsky
- Alexander Kudrin
- Alisa Zakirova
- Anton Stroutchenevski
- Artem Vinogradov
- Ekaterina Sidorova
- Rodion Lomivorotov
- Sergei Konygin
- Valery Nesterov
Долговые рынки ÑÐµÐ³Ð¾Ð´Ð½Ñ - 3 Ð°Ð¿Ñ€ÐµÐ»Ñ 2018
РЫÐОК Ð’ÐЕШÐЕГО ДОЛГРСТРÐРСÐГ Ðа рынке внешних долговых обÑзательÑтв Ð¸Ð·Ð¼ÐµÐ½ÐµÐ½Ð¸Ñ Ñ†ÐµÐ½ были минимальными из-за отÑутÑÑ‚Ð²Ð¸Ñ Ð¼Ð½Ð¾Ð³Ð¸Ñ… иноÑтранных инвеÑторов. ГОСУДÐРСТВЕÐÐЫЕ ЦЕÐÐЫЕ БУМÐГИ ÐктивноÑÑ‚ÑŒ торгов ОФЗ была минимальной в ÑвÑзи Ñ выходными в Европе. Снижение доходноÑÑ‚Ð...
- Alex Fak
- Alexander Golinsky
- Alexander Kudrin
- Alisa Zakirova
- Anton Stroutchenevski
- Artem Vinogradov
- Ekaterina Sidorova
- Rodion Lomivorotov
- Sergei Konygin
- Valery Nesterov
Debt Markets Today - April 3, 2018
CIS EUROBOND MARKET Due to the absence of many foreign investors, there were only minor price movements in the CIS Eurobond market yesterday. GOVERNMENT DEBT Trading was minimal in the OFZ market yesterday because of the holiday in Europe. Yields were falling, with the biggest decline 4 bps. STORIES > Russia Economic Monthly: Improving Russia's business environment > Quarterly GDP statistics for 9m17 revised, now closer to our estimates > Russian 1Q18 oil production statistics > Russian 1Q18...
- Alexander Kudrin
- Alexey Bulgakov
- Alisa Zakirova
- Andrew Keeley
- Andrey Kuznetsov
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Elena Tsareva
- Igor Vasilyev
- Rodion Lomivorotov
- Sergei Konygin
Долговые рынки ÑÐµÐ³Ð¾Ð´Ð½Ñ - 15 марта 2018
РЫÐОК Ð’ÐЕШÐЕГО ДОЛГРСТРÐРСÐГ Ð’ Ñреду на рынке Ñуверенных еврооблигаций доминировали продажи. Давление на рынок оказывало как предÑтоÑщее размещение Ñуверенного выпуÑка, так и внешнеполитичеÑкие ÑобытиÑ. Хуже рынка выглÑдели РоÑÑиÑ-28, ÑнизившиÑÑŒ в цене на 0,4 п. п. до 167,25% ...
- Alexander Kudrin
- Alexey Bulgakov
- Alisa Zakirova
- Andrew Keeley
- Andrey Kuznetsov
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Ekaterina Sidorova
- Elena Tsareva
- Igor Vasilyev
- Nikolay Minko
- Rodion Lomivorotov
- Sergei Konygin
Debt Markets Today - March 15, 2018
CIS EUROBOND MARKET Selling prevailed in the Russian sovereign Eurobond market yesterday, driven both by the upcoming placement and by foreign political events. The Russia 28 lost the most, falling 0.4 pp to 167.25% (YTM 4.5%, Z-spread 167 bps). The Russia 47 lost nearly the same amount to close at 100.99% (YTM 5.2%, Z-spread 228 bps). GOVERNMENT DEBT Things were rather quiet in the OFZ market early on yesterday, but UK Prime Minister Theresa May’s announcement of measures against Russia in ...
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