reports
Bank of Georgia Group: 1 director
A director at Bank of Georgia Group bought 460 shares at 4,410p and the significance rating of the trade was 52/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clear...
- Andrew Keeley
- Andrey Gromadin
- Anton Stroutchenevski
- Artem Vinogradov
- Arthur Cherkesov
- Cole Akeson
- Dmitry Troshin
- Ekaterina Sidorova
- Georgiy Ivanin
- Igor Rapokhin
- Konstantin Samarin
- Maria Martynova
- Research Team
- Sergey Donskoy
CIS Market Daily - February 24, 2022
MARKET COMMENT - MILITARY CONFLICT WITH UKRAINE ERUPTS; RUBLE AND FUTURES DOWN MORE THAN 9%Russia entered a military conflict with Ukraine overnight. Prior to the Moscow Exchange halting trading, RTS futures were down more than 9%, with the median stock having fallen 19%. The ruble has declined more than 9% in interbank trading to its weakest level since 1998. The European Council and G7 are to hold emergency summits today, and US President Joe Biden has promised "severe sanctions." STORIES> Rus...
- Alisa Zakirova
- Cole Akeson
- Ekaterina Sidorova
- Igor Rapokhin
- Research Team
- Sergey Kolesnikov
- FRM
- Yuri Popov
Debt Markets Today - January 11, 2022. Russia-US Talks Review; January...
CIS EUROBOND MARKETThe mood in the CIS Eurobond market remained rather negative yesterday in light of the increasing geopolitical risks in the wake of the recent events in Kazakhstan. A sharp uptick in US Treasury yields exerted further pressure.GOVERNMENT DEBTYesterday, yields across the OFZ curve rose 15 bps on average, catching up to rising UST yields during the holidays and reflecting a sharp decline in demand to place free ruble liquidity on the part of market participants. As we had expect...
- Andrew Keeley
- Arthur Cherkesov
- Cole Akeson
- Fedor Kornachev
- Georgiy Ivanin
- Research Team
CIS Market Daily - November 12, 2021
MARKET COMMENT - UKRAINE AND BELARUS TENSIONS, WEAKER OIL WEIGH ON THE MARKETThe MSCI ACWI edged up 0.1% and the RTS (1,854) was flat. Focus is more on events later in the day, as media reports claim US government officials have told their EU counterparts that the US is increasingly concerned about the potential for Russian military action regarding Ukraine. The ruble has weakened more than peers overnight, and RTS futures are down 0.7%, implying underperformance against other global markets. We...
- Anastasia Khakhaeva
- Andrew Keeley
- Andrey Gromadin
- Andrey Kuznetsov
- Anton Stroutchenevski
- Artem Vinogradov
- Arthur Cherkesov
- Cole Akeson
- Fedor Kornachev
- Georgiy Ivanin
- Research Team
CIS Market Daily - August 18, 2021
MARKET COMMENT - RTS SETS A (NEARLY) 10-YEAR RECORD HIGHAlthough plenty of markets saw gains yesterday, weakness in major markets like the US (S&P 500 -0.7%) and China (MSCI -2.8%) dragged on overall performances. Russia ignored the more dour performances and reached a nearly 10-year high on the RTS at just below 1,690. Results, Russian inflation, US oil data and FOMC minutes are in focus. STORIES> Gazprom Neft 2Q21 preview: Robust FCF expected> Bank of Georgia 2Q21 IFRS: A very strong quarter, ...
- Alisa Zakirova
- Andrew Keeley
- Anton Stroutchenevski
- Artem Vinogradov
- Arthur Cherkesov
- Ekaterina Sidorova
- Igor Rapokhin
- Research Team
- Rodion Lomivorotov
- Sergey Kolesnikov
- FRM
Debt Markets Today - August 18, 2021. Metalloinvest and Alfa Bank 1H21...
CIS EUROBOND MARKETDemand for Russian sovereign Eurobonds remained strong yesterday, particularly at the long end of the curve, despite the volatility in global markets. We suspect the strong bid was mainly attributable to local investors. The Russia 43 gained 0.6 pp, while the Russia 42 and Russia 47 both added 0.4 pp.GOVERNMENT DEBTYesterday, OFZs got off to a strong start, with yields falling 2-3 bps in the early half of the session. However, the second half saw a turnaround in both US Treasu...
- Andrew Keeley
- Andrey Kuznetsov
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Fedor Kornachev
- Lyudmila Melnikova
- Mikhail Krasnoperov
- Research Team
- Rodion Lomivorotov
CIS Market Daily - May 20, 2021
MARKET COMMENT - POSITIVE POLITICAL REMARKS FOR RUSSIA, US AMID A TUMBLE IN COMMODITY PRICESMarkets tended to retreat amid a rout in commodities and a less dovish than expected tone from the Fed. The MSCI ACWI declined 0.6% and the RTS (1,553) 1.4%. However, global and Russia indicators lean positive this morning, and political news flow last night leaned positive for sentiment.STORIES> SberCIB Trade Ideas> Current account surplus reaches $28.1 bln over 4m21> Russian CPI rises 0.1% last week> BG...
- Alexey Kirichok
- Andrew Keeley
- Andrey Gromadin
- Andrey Kuznetsov
- Anna Kotelnikova
- Cole Akeson
- Fedor Kornachev
- Ilyas Yerzhanov
- Irina Lapshina
- Research Team
- Vladimir Lezhnev
CIS Market Daily - February 26, 2021
MARKET COMMENT - INFLATION REACTIONS, US STIMULUS, MSCI, G20 AND EUThe RTS finished 0.3% higher at 1,450, but around the time of Moscow's close a pullback hastened across the markets still trading. Key US indexes tumbled 2.4-3.5% as some market participants showed concerns about coming inflation and rising rates. That pullback continues this morning, while a US stimulus vote, MSCI's February rebalancing, and G20 and EU meetings are also on the agenda.STORIES> Novatek signs first long-term LNG co...
- Anastasia Khakhaeva
- Andrew Keeley
- Andrey Gromadin
- Andrey Kuznetsov
- Anna Kotelnikova
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Research Team
- Rodion Lomivorotov
- Svetlana Sukhanova
CIS Market Daily - November 18, 2020
MARKET COMMENT - MARKETS CONSOLIDATE AS VACCINE CATALYSTS PASS BUT COVID REMAINSAfter a recent series of positive news developments, markets were left yesterday to focus back on the present state of play: expanding Covid-19 numbers in key economies, mass distribution of a certified vaccine months away at best, and another stalemate in US stimulus negotiations. The MSCI ACWI and RTS (1,258) fell 0.1% and 0.8%, respectively. APAC indicators are up, EMEA and US indicators down, and Russia indicator...
- Alexander Golinsky
- Alexey Kirichok
- Alisa Zakirova
- Anton Stroutchenevski
- Artem Vinogradov
- Ekaterina Sidorova
- Irina Lapshina
- Nikolay Minko
- Research Team
- Rodion Lomivorotov
- Vladimir Lezhnev
Debt Markets Today - October 14, 2020
CIS EUROBOND MARKETDespite the fairly sharp drop in US Treasury yields yesterday, Russian sovereign Eurobonds traded mostly flat. Medium-dated paper slightly outperformed, the Russia 29 gaining 0.2 pp in price. GOVERNMENT DEBTOFZ yields continued to decline yesterday morning, similar to last week. Nonresidents were buying in the middle of the curve, which sent yields 5 bps lower in this segment, while yields edged 1-2 bps lower at the long end. After the Finance Ministry announced that it will p...
- Alexey Kirichok
- Andrew Keeley
- Andrey Krylov
- Andrey Kuznetsov
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Irina Lapshina
- Kirill Rogachev
- Mikhail Krasnoperov
- Research Team
- Rodion Lomivorotov
- Vladimir Lezhnev
CIS Market Daily - September 8, 2020
MARKET COMMENT - STRONGER GLOBAL INDICATORS, FLAT RUSSIA INDICATORS, POLITICAL HEADLINESThe MSCI EM edged down 0.4% and RTS 0.1% on a mixed day for markets. Europe charged ahead with a 1.5% gain in MSCI terms. Yesterday's news flow and today's agenda are dominated by remarks from government officials in Russia and elsewhere, all detailed inside.STORIES> Polyus 2Q20 IFRS results: Strong as expected> Georgian banks: Closing long trade idea> MHP: Headwinds behind, recovery may drive re-rate> Nation...
- Andrew Keeley
- Kirill Rogachev
Georgian Banks - Closing Long Trade Idea
We are closing the long trade idea on Georgian banks that we opened on August 11 prior to the 2Q20 reporting season. > How has the trade idea performed? Since publishing the report, Bank of Georgia and TBC Bank are up 12% and 9%, respectively, in dollar terms. By comparison, Halyk Bank is up 2%, while the RTS and Sberbank are down 6% and 9%, respectively. > Why are we closing the idea now? We issued the trade idea heading into the 2Q20 reporting season given that we expected the market to apprec...
- Alexander Golinsky
- Alisa Zakirova
- Andrew Keeley
- Andrey Gromadin
- Anna Kotelnikova
- Anton Stroutchenevski
- Artem Vinogradov
- Ekaterina Sidorova
- Kirill Rogachev
- Nikolay Minko
- Research Team
- Rodion Lomivorotov
Debt Markets Today - August 21, 2020
CIS EUROBOND MARKETRussian sovereign Eurobonds again found themselves on the retreat yesterday, with prices sliding 1.3-1.4 pp at the long end of the curve and 0.4-0.9 pp in the middle. Other CIS sovereigns also retreated. Kazakh issues lost 1.3 pp and Belarusian paper 0.5-0.8 pp. GOVERNMENT DEBTOFZ yields were on the rise from the start yesterday, pushing 5-8 bps higher in the belly of the curve and 3-5 bps higher on issues maturing in longer than 10y. At that point, bids from both residents an...
- Alexander Golinsky
- Alisa Zakirova
- Andrew Keeley
- Andrey Gromadin
- Anna Kotelnikova
- Anton Stroutchenevski
- Artem Vinogradov
- Ekaterina Sidorova
- Kirill Rogachev
- Nikolay Minko
- Research Team
- Rodion Lomivorotov
Долговые рынки ÑÐµÐ³Ð¾Ð´Ð½Ñ - 21 авгуÑта 2020
РЫÐОК Ð’ÐЕШÐЕГО ДОЛГРСТРÐРСÐГВ роÑÑийÑких Ñуверенных еврооблигациÑÑ… ÑохранÑетÑÑ Ð½ÐµÐ³Ð°Ñ‚Ð¸Ð²Ð½Ð°Ñ Ð´Ð¸Ð½Ð°Ð¼Ð¸ÐºÐ°. Вчера длинные выпуÑки подешевели на 1,3-1,4 п. п., а ÑреднеÑрочные - на 0,4-0,9 п. п. Заметно упали в цене и Ñуверенные выпуÑки Ñтран СÐГ: КазахÑтана - на 1,3 п. п., БелоруÑÑии - на 0,5-0,...
- Andrew Keeley
- Andrey Gromadin
- Andrey Kuznetsov
- Anna Kotelnikova
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Kirill Rogachev
- Research Team
- Rodion Lomivorotov
CIS Market Daily - August 21, 2020
MARKET COMMENT - RUSSIA NEARLY LED GLOBAL CONSOLIDATION YESTERDAY; BETTER INDICATORS TODAYThe RTS declined 3.3% to mark 1,273, the second poorest performance among EMs after South Korea (-4.4%). Markets were broadly weak, the MSCI EM falling 1.7%. A rally in US tech appeared to halt the consolidation for now, with APAC stocks and EMEA, US and Russian futures looking up early this morning. STORIES> Basic sector output data shows economic recovery continued in July> Gazprom Neft 2Q20: FCF weak on ...
- Alexey Kirichok
- Andrew Keeley
- Andrey Krylov
- Andrey Kuznetsov
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Fedor Kornachev
- Ilyas Yerzhanov
- Irina Lapshina
- Kirill Rogachev
- Mikhail Krasnoperov
- Research Team
- Rodion Lomivorotov
- Vladimir Lezhnev
CIS Market Daily - August 12, 2020
MARKET COMMENT - SIGNALS OF CONSOLIDATION, US VICE PRESIDENTIAL CANDIDATE, AND MSCIMarkets gained earlier in the day, a 2.2% rise on the RTS to 1,296 being one of the best results. Performances soured during the American session, with a stalemate in US stimulus negotiations widely blamed as a trigger. The announcement of Senator Kamala Harris as the US Democratic nominee for vice president is unlikely to alter sentiment, in our view. Tonight's MSCI review is an obvious point of focus, while eyes...
- Andrew Keeley
- Kirill Rogachev
Georgian Banks - Opening Long Trade Idea
We are opening a long trade idea on Georgian banks before they report 2Q20 results next week. > Rationale. We think an important near-term driver for the Georgian bank stocks will be the 2Q20 IFRS results, which are due next week (for TBC Bank on August 18, for Bank of Georgia TBD), as well as the updated operating outlooks from the management teams. Having posted sizable losses in 1Q20 on very high up-front provisioning, we think both banks will bounce back with good profitability in 2Q20 - we ...
- Alexey Kirichok
- Andrew Keeley
- Andrey Gromadin
- Andrey Krylov
- Andrey Kuznetsov
- Anna Kotelnikova
- Cole Akeson
- Irina Lapshina
- Kirill Rogachev
- Mikhail Krasnoperov
- Research Team
- Vladimir Lezhnev
CIS Market Daily - July 28, 2020
MARKET COMMENT - US STIMULUS PROMISES, SINKING DOLLAR SUPPORTED GLOBAL MARKETSAfter intraday turbulence, the MSCI EM gained 1.2% and MSCI World 0.9%. Russia fared similar to peers, the RTS gaining 0.8% to 1,266. Rising expectations of a dovish message from the Fed and another massive US fiscal stimulus program have suppressed the dollar and supported most other assets, especially gold. STORIES> Lukoil joins upstream project in Senegal> Gazprom Neft to see substantial gas output boost> Rusal 2Q20...
00486 UNITED COMPANY RUSAL INTERNATIONAL PJSC
MGNT MAGNIT PJSC
LKOH OIL COMPANY LUKOIL PJSC
LNTA LENTA INTERNATIONAL PJSC
TBCB TBC BANK JOINT STOCK CO
SIBN GAZPROM NEFT PJSC
TBCG TBC BANK GROUP
5M71 MAGNIT PJSC SPONSORED GDR REGS
GZPFY GAZPROM NEFT (GDR)
LKOD LUKOIL
RUALR RUSAL
BANK OF GEORGIA GDR
- Alexander Golinsky
- Alexey Kirichok
- Alisa Zakirova
- Andrew Keeley
- Andrey Gromadin
- Anna Kotelnikova
- Ekaterina Sidorova
- Irina Lapshina
- Kirill Rogachev
- Nikolay Minko
- Research Team
- Vladimir Lezhnev
Долговые рынки ÑÐµÐ³Ð¾Ð´Ð½Ñ - 28 Ð¸ÑŽÐ»Ñ 2020
РЫÐОК Ð’ÐЕШÐЕГО ДОЛГРСТРÐРСÐГÐа рынке роÑÑийÑких Ñуверенных еврооблигаций в понедельник преобладал позитивный тренд. Лидерами роÑта по итогам Ð´Ð½Ñ Ñтали РоÑÑиÑ-47, подорожавшие на 0,6 п. п., РоÑÑиÑ-43 прибавили в цене 0,4 п. п.ГОСУДÐРСТВЕÐÐЫЕ ЦЕÐÐЫЕ БУМÐГИÐктивноÑÑ‚ÑŒ на рынке ОФ...
- Alexander Golinsky
- Alexey Kirichok
- Alisa Zakirova
- Andrew Keeley
- Andrey Gromadin
- Anna Kotelnikova
- Ekaterina Sidorova
- Irina Lapshina
- Kirill Rogachev
- Nikolay Minko
- Research Team
- Vladimir Lezhnev
Debt Markets Today - July 28, 2020
CIS EUROBOND MARKETUpbeat sentiment prevailed in the Russian sovereign Eurobond market yesterday. The top performers were the Russia 47 (up 0.6 pp in price) and Russia 43 (up 0.4 pp). GOVERNMENT DEBTLeft without new triggers and amid the summer lull in Russian markets, the OFZ market was languid yesterday. Volumes were just R9 bln. Yields edged up 2-3 bps at the long end of the curve.STORIES> OFZ weekly flows> Nostrum Oil to use interest grace period to negotiate standstill deal> Lukoil joins up...
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