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Eurobonds Weekly
WTI and Brent oil rose at the end of the last week and continue same
upward movement this week. Today WTI and Brent are traded at the level of
$101.16 and $109.45 per barrel respectively.
Eurobond Market Outlook
World Market
The economic deceleration in the US will likely extend through February,
partially because of the disastrous weather that continues to put pressure
on economic activity. Analysts expect that the first quarter US GDP growth
in this year will be around 1.0%, following a downward revision of the forth
quarter GDP growth in the last year, despite the US President Barack Obama
signed legislation on Saturday that raises the US debt ceiling until March
2015.
Eurozone GDP for the fourth quarter 2013 increased by 0.3% on a quarterly
basis, which is more than analysts’ expectation of 0.2%. According to the
consensus forecast, Chinese broad M2 Money Supply rose 13.2% on an yearly
basis in January, which is significantly lower than the previous result of 13.6%
rise seen in December. It puts pressure on the Chinese Government to
continue fixing weakness of the financial market’s structure. Japan's
economy grew 0.3% in the fourth quarter last year on a quarterly basis,
below analysts' expectation of 0.7%. Investors look forward to continue the
easing program by the Bank of Japan.
Gold delivered decent gains for commodity investors last week. On Monday
gold was traded at the level of more than $1330 per ounce, which was a
record high for this year.
Issuer
Bond Name
Russian Standard Bank
RUSB 9 1/4 07/11/17
Pr ice
103,448
Yield
8,06
VEBBNK 6.025 07/05/22
102,167
1900
1800
5,70
BBB/BBB/-
1200
02.2013
05.2013
MICEX
08.2013
11.2013
RTS
02.2014
S&P 5 00
-0,53 %
40735,48
+0,06 %
-2,81 %
-4,66 %
Brazilian Bovespa
47576,33
-1,30 %
-3,26 %
-7,63 %
6152
+1,34 %
+5,00 %
+14,11 %
FTSE
6735,44
-0,01 %
-1,37 %
-0,20 %
DAX
9639,56
-0,18 %
-1,06 %
+0,92 %
Last week Russian ruble was very volatile reaching the level of 35.39 rubles
per USD by the end of the week. On Friday last week the Bank of Russia left
its key rate of refinancing intact at the level of 5.5% a year giving support to
the ruble. In the statement the Bank of Russia said that “the main source of
uncertainty” are the risks of price growth and ruble weakening.
The Russian Minister of Finance, Anton Siluanov, announced yesterday that
Russia would continue to purchase Ukraine’s sovereign Eurobonds in the
amount of $2 bln making a new tranche this week.
Russian Eurobonds’ dynamics last week was unclear, but sovereign bonds
spreads to US Treasuries continued to narrow. This week we expect lateral
dynamics in the Russian Eurobonds’ market and steady spreads to the UST
securities. This week we expect the placement of Eurobonds by Sberbank,
Gazprom and Russian Railways.
Recommendations
The premium of the Eurobond to the issue of ALFARU 7 7/8 7/25/17 in terms of Z-spreads remains more than 350 bp.
Argentina Merval
CAC
4313,35
-0,50 %
-0,33 %
+0,41 %
NIKKEI
14843,24
+3,13 %
-5,66 %
-8,89 %
Hang Seng
22587,72
+0,23 %
-2,36 %
-3,08 %
1946,91
+0,03 %
+0,13 %
-3,20 %
964,29
+0,73 %
-0,82 %
-3,83 %
1345,52
-0,14 %
-3,60 %
-6,74 %
1506,3
-0,08 %
+1,31 %
+0,15 %
Korea Composite
MSCI EM
RTS
MICEX
Cur r ency
Close
1D, %
1M, %
Y-t-D, %
USD/RUB
32,6771
-0,07 %
-4,27 %
-6,81 %
EUR/RUB
44,8615
-0,25 %
-5,46 %
-6,48 %
EUR/USD
1,3739
+0,18 %
+1,33 %
-0,08 %
EUR/GBP
0,8340
-0,22 %
+0,37 %
+1,01 %
USD/JPY
105,3400
-0,51 %
+1,70 %
+2,80 %
The premium of the Eurobond to the issue of SBERRU 6 1/8 02/07/22 in terms of Z-spreads increased sharply to the
USD/CHF
0,8923
+0,16 %
+2,24 %
+0,31 %
level of more than 45 bp. We consider the spread ex ceeded its normal value and ex pect the bond's yield decrease
USD/NZD
1,2288
+0,55 %
+0,08 %
-1,24 %
by 15-20 b.p. in the short-term.
EUR/AUD
1,1300
+0,11 %
-2,34 %
-1,19 %
85
84
83
82
81
80
79
78
77
76
38
34
32
05.2013
-0,00 %
Mex ico Bolsa
100
50
02.2013
+0,48 %
+1,62 %
36
1300
-2,55 %
1839
+1,11 %
40
150
Y-t-D, %
+0,08 %
1700
1400
1M, %
-1,85 %
4244,025
42
1500
1D, %
+0,79 %
Nasdaq
250
200
Close
16154,39
The uncertain period is seemingly over in the global emerging markets. But
some doubts about an appropriate economic growth trigger remain among
potential investors that still keeps them off the EM.
300
1600
Dow Jones
S&P 500
We assume that the spread ex ceeded its normal value and will decrease by 45-50 bp in the short-term.
VEB
Wor ld Indices
Russian Market
Ratings
B+/B+/B2
February 18, 2014
08.2013
Russi a CDS USD 5Y
11.2013
02.2014
Russi a-30 - UST-10
30
02.2013
05.2013
08.2013
RUB basket
11.2013
Index USD (п.ш.)
02.2014
125
1800
120
1700
115
1600
1500
110
1400
105
1300
100
1200
95
1100
90
02.2013
1000
05.2013
08.2013
Bre nt, USD
11.2013
02.2014
Gold, USD (п.ш.)
Source: Bloomberg, companies data, Univer Capital LLC assamptions
Copyright ©2014 Univer Capital LLC
Eurobonds Weekly
Russian Eurobonds Watch List
Issuer
Bond Name
Price
Price Chg
Yield
Yield Chg
5D, %
Duration
Z spread
Issued Date
Price Date
February 18, 2014
Currency
5D, bp
Ratings
Country
Quantity
Industry
ISIN
S/F/M
RUSSIA-EUROBOND RUSSIA 3 5/8 04/29/15
103,314
-0,420
0,82
30,95
1,16
46,502 29.04.2010
18.02.2014
USD
BBB/BBB/Baa1
RU
2000000000 Government
XS0504954180
RUSSIA-EUROBOND RUSSIA 3 1/4 04/04/17
105,010
-0,110
1,60
2,69
2,96
72,857 04.04.2012
18.02.2014
USD
BBB/BBB/Baa1
RU
2000000000 Government
XS0767469827
RUSSIA-EUROBOND RUSSIA 11 07/24/18
135,670
0,026
2,53
4,67
3,73
114,158 24.07.1998
18.02.2014
USD
BBB/BBB/Baa1
RU
3466398000 Government
XS0089375249
RUSSIA
101,855
0,265
3,09
-6,02
4,49
149,615 16.09.2013
18.02.2014
USD
BBB/BBB/Baa1
RU
1500000000 Government
XS0971721377
RUSSIA-EUROBOND RUSSIA 5 04/29/20
107,528
-0,178
3,63
2,96
5,36
163,745 29.04.2010
18.02.2014
USD
BBB/BBB/Baa1
RU
3500000000 Government
XS0504954347
RUSSIA-EUROBOND RUSSIA 4 1/2 04/04/22
101,765
0,410
4,24
-6,08
6,79
176,980 04.04.2012
18.02.2014
USD
BBB/BBB/Baa1
RU
2000000000 Government
XS0767472458
RUSSIA
102,417
-0,073
4,56
0,92
7,63
185,028 16.09.2013
18.02.2014
USD
BBB/BBB/Baa1
RU
3000000000 Government
XS0971721450
RUSSIA-EUROBOND RUSSIA 12 3/4 06/24/28
170,415
0,244
5,59
-0,13
8,48
259,947 24.06.1998
18.02.2014
USD
BBB/BBB/Baa1
RU
2500000000 Government
XS0088543193
RUSSIA-EUROBOND RUSSIA 7 1/2 03/31/30
116,500
0,275
4,13
-5,50
4,71
199,045 25.08.2000
18.02.2014
USD
BBB/BBB/Baa1
RU
2121817666 Government
XS0114288789
RUSSIA-EUROBOND RUSSIA 5 5/8 04/04/42
99,346
-0,592
5,67
4,24
14,09
214,680 04.04.2012
18.02.2014
USD
BBB/BBB/Baa1
RU
3000000000 Government
XS0767473852
1500000000 Government
XS0971721963
RUSSIA 3 1/2 01/16/19
RUSSIA 4 7/8 09/16/23
RUSSIA
RUSSIA 5 7/8 09/16/43
101,581
0,172
5,76
-1,22
14,12
223,770 16.09.2013
18.02.2014
USD
BBB/BBB/Baa1
RU
ALFA BANK
ALFARU 7 1/2 09/26/19
106,270
-0,194
6,16
3,89
4,58
441,203 26.09.2012
18.02.2014
USD
BB-/BB+/Ba3
RU
750000000 Financial
XS0832412505
ALFA BANK
ALFARU 7 3/4 04/28/21
108,252
-0,065
6,30
0,89
5,59
411,352 28.04.2011
18.02.2014
USD
BB+/BBB-/Ba1
RU
1000000000 Financial
XS0620695204
ALFA BANK
ALFARU 7 7/8 09/25/17
102,698
0,276
6,91
-8,56
3,47
564,976 01.02.2013
18.02.2014
USD
BB+/BBB-/Ba1
RU
1000000000 Financial
XS0544362972
BAOSTEEL GROUP SBSG 3 1/2 12/01/14
97,474
0,166
9,37
-4,13
3,87
782,724 13.05.2013
18.02.2014
CNY
A-/A-/A3
CN
2100000000 Basic Materials
HK0000094950
CREDIT BANK OF M CRBKMO 7.7 02/01/18
104,224
0,487
5,92
-17,97
2,83
502,356 24.04.2012
18.02.2014
USD
BB-/BB/B1
RU
500000000 Financial
XS0879105558
CREDIT BANK OF M CRBKMO 8.7 11/13/18
99,226
0,039
6,96
-0,96
3,64
564,267 27.04.2011
18.02.2014
USD
-/BB-/NR
RU
500000000 Financial
XS0924078453
108,268
0,036
7,17
-1,91
3,47
588,092 24.04.2008
18.02.2014
EUR
NR/AAA/Aaa
DE
14000000000 Government
DE0001135325
93,201
0,284
7,91
-5,35
5,02
594,307 22.04.2013
18.02.2014
USD
-/B/B3
KZ
100000000 Industrial
XS0918292151
105,534
0,024
5,04
-0,66
5,78
287,133 23.11.2011
18.02.2014
USD
B+/BB-/B1
RU
600000000 Basic Materials
XS0652913558
DEUTSCHLAND REP DBR 4 1/4 07/04/39
EASTCOMTRANS
EASTCM 7 3/4 04/22/18
EVRAZ GROUP SA
EVRAZ 7.4 04/24/17
EVRAZ GROUP SA
EVRAZ 6 3/4 04/27/18
97,854
0,188
5,27
-2,72
6,93
276,838 19.07.2012
18.02.2014
USD
B+/BB-/B1
RU
850000000 Basic Materials
XS0618905219
EVRAZ GROUP SA
EVRAZ 9 1/2 04/24/18
107,384
0,097
5,37
-1,72
6,28
297,903 07.03.2007
18.02.2014
USD
B+/BB-/B1
RU
700000000 Basic Materials
XS0359381331
EVRAZ GROUP SA
EVRAZ 6 1/2 04/22/20
89,290
0,769
6,10
-7,81
9,97
292,997 06.02.2013
18.02.2014
USD
B+/BB-/-
RU
1000000000 Basic Materials
XS0808638612
GAZPROM
GAZPRU 5.999 01/23/21
105,865
0,227
6,78
-2,00
11,88
341,180 16.08.2007
18.02.2014
USD
BBB/BBB/Baa1
RU
600000000 Energy
XS0708813810
GAZPROM
GAZPRU 4.95 07/19/22
118,597
0,002
6,90
-0,09
10,46
363,806 28.04.2004
18.02.2014
USD
BBB/BBB/Baa1
RU
1000000000 Energy
XS0805570354
GAZPROM
GAZPRU 6.51 03/07/22
92,426
0,474
5,49
-6,54
7,04
294,730 19.09.2012
18.02.2014
USD
BBB/BBB/Baa1
RU
1300000000 Energy
XS0290580595
GAZPROM
GAZPRU 4.95 02/06/28
101,172
0,289
5,84
-3,96
7,44
315,937 27.11.2013
18.02.2014
USD
BBB/BBB/Baa1
RU
900000000 Energy
XS0885736925
GAZPROM
GAZPRU 7.288 08/16/37
103,035
0,064
6,75
-34,63
4,13
522,449 30.09.2013
18.02.2014
USD
BBB/BBB/Baa1
RU
1250000000 Energy
XS0316524130
GAZPROM
GAZPRU 8 5/8 04/28/34
110,008
0,393
5,16
-6,36
6,52
271,064 07.06.2007
18.02.2014
USD
BBB/BBB/Baa1
RU
1200000000 Energy
XS0191754729
GAZPROM NEFT
SIBNEF 4 3/8 09/19/22
94,365
0,422
5,35
-5,59
7,43
270,201 24.04.2013
18.02.2014
USD
BBB-/BBB/Baa2
RU
1500000000 Energy
XS0830192711
GAZPROM NEFT
SIBNEF 6 11/27/23
97,333
0,210
6,15
-3,95
5,17
416,389 17.04.2013
18.02.2014
USD
BBB-/BBB/Baa2
RU
1500000000 Energy
XS0997544860
GAZPROMBANK
GPBRU 7.496 12/28/23
100,422
0,047
7,13
-1,34
3,60
576,614 25.04.2013
18.02.2014
USD
-/BB-/NR
RU
750000000 Financial
XS0975320879
LUKOIL INTL FIN
LUKOIL 6.656 06/07/22
99,415
0,084
5,07
-1,68
4,86
325,355 26.09.2012
18.02.2014
USD
BBB/BBB/Baa2
RU
500000000 Energy
XS0304274599
Source: Bloomberg, companies data, Univer Capital LLC assamptions
Copyright ©2014 Univer Capital LLC
Eurobonds Weekly
Russian Eurobonds Watch List
Issuer
Bond Name
Price
Price Chg
Yield
Yield Chg
5D
LUKOIL INTL FIN
Duration
Z spread
Issued Date
Price Date
February 18, 2014
Currency
5D, bp
Ratings
Country
Quantity
Industry
ISIN
S/F/M
LUKOIL 4.563 04/24/23
108,200
0,420
5,64
-16,45
2,80
471,622 25.04.2012
18.02.2014
USD
BBB/BBB/Baa2
RU
1500000000 Energy
XS0919504562
METALLOINVEST FI METINR 5 5/8 04/17/20
103,448
-0,111
8,06
3,17
2,97
701,992 11.07.2012
18.02.2014
USD
BB-/BB-/Ba2
RU
1000000000 Basic Materials
XS0918297382
MMC FINANCE
GMKNRM 4 3/8 04/30/18
99,623
-0,128
10,86
4,01
3,32
944,275 10.10.2012
18.02.2014
USD
BBB-/BB+/Baa2
RU
750000000 Basic Materials
XS0922134712
NOMOS BANK
NMOSRM 7 1/4 04/25/18
101,563
-0,206
5,46
3,14
6,49
302,873 05.04.2012
18.02.2014
USD
-/BB-/Ba3
RU
500000000 Financial
XS0923110232
NOMOS BANK
NMOSRM 8 3/4 10/21/15
106,349
0,745
5,14
-11,96
6,46
275,303 07.02.2012
18.02.2014
USD
-/B+/B1
RU
350000000 Financial
XS0503839622
NOMOS BANK
NMOSRM 10 04/26/19
96,535
1,003
5,63
-14,37
6,97
307,027 29.10.2012
18.02.2014
USD
-/B+/B1
RU
500000000 Financial
XS0776121062
OJSC NOVOLIPETSKNLMKRU 4.95 09/26/19
94,713
0,677
6,00
-9,27
7,29
335,876 23.05.2013
18.02.2014
USD
BB+/BBB-/Baa3
RU
500000000 Basic Materials
XS0783934325
PROMSVYAZBK
97,373
-0,002
6,30
0,10
6,73
377,206 17.10.2012
18.02.2014
USD
-/BB-/Ba3
RU
400000000 Financial
XS0775984213
RUSSIA-EUROBOND RUSSIA 7.85 03/10/18
102,167
0,031
5,69
-0,54
6,67
322,729 05.07.2012
18.02.2014
RUB
BBB+/BBB/Baa1
RU
90000000000 Government
XS0564087541
RUSSIAN STAND BK RUSB 9 1/4 07/11/17
99,980
0,266
5,94
-3,63
7,43
325,512 21.11.2013
18.02.2014
USD
B+/B+/B2
RU
525000000 Financial
XS0802648955
RUSSIAN STAND BK RUSB 10 3/4 04/10/18
104,956
0,235
6,20
-2,95
8,24
330,113 22.11.2010
18.02.2014
USD
B-/B/B3
RU
350000000 Financial
XS0841677387
RUSSIAN STAND BK RUSB 7.73 12/16/15
106,870
0,230
5,31
-4,53
5,42
323,519 13.10.2010
18.02.2014
USD
B-/-/B3
RU
200000000 Financial
XS0238091507
RUSSIAN STAND BK RUSB 7.561 12/01/16
105,887
0,031
5,77
-0,28
12,24
236,197 30.06.2005
18.02.2014
USD
B-/-/B3
RU
200000000 Financial
XS0275728557
RUSSIAN STAND BK RUSB 9 1/4 07/11/17
102,510
0,440
6,56
-6,84
6,53
408,053 17.10.2012
18.02.2014
USD
B+/B+/B2
RU
525000000 Financial
XS0802648955
RZD CAPITAL PLC
RURAIL 5.7 04/05/22
104,296
0,005
5,99
-3,21
1,55
547,829 21.04.2010
18.02.2014
USD
BBB/BBB/Baa1
RU
1400000000 Industrial
XS0764220017
SBERBANK
SBERRU 6 1/8 02/07/22
99,789
0,026
7,85
-1,49
1,71
703,750 16.12.2005
18.02.2014
USD
-/BBB/Baa1
RU
1500000000 Financial
XS0743596040
SBERBANK
SBERRU 5 1/8 10/29/22
98,649
0,024
8,11
-0,66
2,52
716,113 01.12.2006
18.02.2014
USD
-/BBB-/Baa3
RU
2000000000 Financial
XS0848530977
SBERBANK
SBERRU 5 1/4 05/23/23
105,201
0,077
8,72
-2,26
4,08
705,001 26.04.2012
18.02.2014
USD
-/BBB-/-
RU
1000000000 Financial
XS0935311240
PROMBK 8 1/2 04/25/17
Source: Bloomberg, companies data, Univer Capital LLC assamptions
Copyright ©2014 Univer Capital LLC
Eurobonds Weekly
Russian Eurobonds Watch List
February 18, 2014
12,00
GMKNRM 4 3/8 04/30/18
10,00
SBSG 3 1/2 12/01/14
SBERRU 5 1/8 10/29/22
METINR 5 5/8 04/17/20
8,00
EASTCM 7 3/4 04/22/18
SBERRU 6 1/8 02/07/22
GPBRU 7.496 12/28/23
DBR 4 1/4 07/04/39
CRBKMO 8.7 11/13/18
Yield
ALFARU 7 7/8 09/25/17
RURAIL 5.7 04/05/22
CRBKMO 7.7 02/01/18
6,00
GAZPRU 4.95 07/19/22
GAZPRU 7.288 08/16/37
ALFARU 7 1/2 09/26/19
RUSB 9 1/4 07/11/17
SIBNEF 6 11/27/23
NLMKRU 4.95 09/26/19
RUSSIA 7.85 03/10/18
NMOSRM 7 1/4 04/25/18
RUSB 7.73 12/16/15
LUKOIL 4.563 04/24/23
LUKOIL 6.656 06/07/22
EVRAZ 7.4 04/24/17
EVRAZ 9 1/2 04/24/18
NMOSRM 8 3/4 10/21/15
RUSSIA 7 1/2 03/31/30
4,00
GAZPRU 5.999 01/23/21
ALFARU 7 3/4 04/28/21 PROMBK 8 1/2 04/25/17
RUSB 9 1/4 07/11/17
RUSB 10 3/4 04/10/18
GAZPRU 4.95 02/06/28
NMOSRM 10 04/26/19
RUSSIA 12 3/4 06/24/28
GAZPRU 6.51 03/07/22
SIBNEF 4 3/8 09/19/22
EVRAZ 6 3/4 04/27/18
EVRAZ 6 1/2 04/22/20
RUSB 7.561 12/01/16
RUSSIA 5 5/8 04/04/42
RUSSIA 5 7/8 09/16/43
GAZPRU 8 5/8 04/28/34
RUSSIA 4 7/8 09/16/23
RUSSIA 4 1/2 04/04/22
RUSSIA 5 04/29/20
RUSSIA 3 1/2 01/16/19
RUSSIA 11 07/24/18
2,00
RUSSIA 3 1/4 04/04/17
RUSSIA 3 5/8 04/29/15
0,00
0,00
2,00
4,00
6,00
8,00
10,00
12,00
14,00
16,00
Duration
Source: Bloomberg, companies data, Univer Capital LLC assamptions
Copyright ©2014 Univer Capital LLC
Eurobonds Weekly
Russian Eurobonds Spreads
RUSB 9 1/4 07/11/17 - ALFARU 7 7/8 09/25/17
February 18, 2014
SBERRU 6 1/8 02/07/22 - VTB 6.95 10/17/22
900
0
800
-50
900
700
-100
800
600
-150
500
-200
CHMFRU 5.9 10/17/22 - ROSNRM 4.199 03/06/22
1000
0
-50
700
-250
-300
200
-350
200
100
-400
100
0
02.2013
-450
05.2013
08.2013
Pri ce Spre ad
11.2013
02.2014
100
0
-200
-250
05.2013
Z-spread delta (п.ш.)
08.2013
Pri ce Spre ad
11.2013
02.2014
0
800
-400
05.2013
Z-spread delta (п.ш.)
200
60
-100
Z-spread delta (п.ш.)
150
-220
50
40
0
500
11.2013
SIBNEF 6 11/27/23 - RSHB 8 1/2 10/16/23
-50
600
0
08.2013
Pri ce Spre ad
100
700
50
-200
VEBBNK 6.025 07/05/22 - SBERRU 6 1/8 02/07/22
900
-230
100
-240
30
20
-100
50
-250
10
400
300
-150
-200
0
100
-200
04.2013
07.2013
Pri ce Spre ad
10.2013
Z-spread delta (п.ш.)
01.2014
-250
-20
-400
-500
01.2013
-260
0
-10
-300
200
0
01.2013
-100
150
-150
300
VIP 7.5043 03/01/22 - GAZPRU 6.51 03/07/22
200
200
400
0
02.2013
600
-100
500
300
250
400
600
400
800
-270
-50
-280
-30
-40
04.2013
07.2013
Ряд1
10.2013
Z-spread delta (п.ш.)
01.2014
-100
12.2013
-290
Pri ce Spre ad
Z-spread delta (п.ш.)
Source: Bloomberg, companies data, Univer Capital LLC assamptions
Copyright ©2014 Univer Capital LLC
Eurobonds Weekly
Russian Eurobonds Financials
Issuer
Bond Name
Price
Price Chg
Yield
Yield Chg
5D, %
Duration
Z spread
Issued Date
Price Date
February 18, 2014
Currency
5D, bp
Ratings
Country
Quantity
Industry
ISIN
S/F/M
ALFA BANK
ALFARU 7 1/2 09/26/19
106,27
-0,194
6,16
3,89
4,58
441,20
26.09.2012
18.02.2014
USD
BB-/BB+/Ba3
RU
750000000
Financial
XS0832412505
ALFA BANK
ALFARU 7 3/4 04/28/21
108,2517
-0,065
6,30
0,89
5,59
411,35
28.04.2011
18.02.2014
USD
BB+/BBB-/Ba1
RU
1000000000
Financial
XS0620695204
CREDIT BANK OF M CRBKMO 7.7 02/01/18
102,6979
0,276
6,91
-8,56
3,47
564,98
01.02.2013
18.02.2014
USD
BB-/BB/B1
RU
500000000
Financial
XS0879105558
CREDIT BANK OF M CRBKMO 8.7 11/13/18
97,47396
0,166
9,37
-4,13
3,87
782,72
13.05.2013
18.02.2014
USD
-/BB-/NR
RU
500000000
Financial
XS0924078453
DME AIRPORT LTD DMEAIR 6 11/26/18
101,8712
0,242
5,55
-6,04
4,16
401,24
25.11.2013
18.02.2014
USD
BB+/BB+/-
RU
300000000
Financial
XS0995845566
GAZPROMBANK
GPBRU 7.496 12/28/23
103,035
0,064
6,75
-34,63
4,13
522,45
30.09.2013
18.02.2014
USD
-/BB-/NR
RU
750000000
Financial
XS0975320879
HCFB LLC
HCFBRU 9 3/8 04/24/20
100,7292
0,239
9,15
0,35
3,45
783,21
24.10.2012
18.02.2014
USD
-/BB-/B1
RU
500000000
Financial
XS0846652666
HCFB LLC
HCFBRU 10 1/2 04/19/21
99,98708
0,112
10,50
-2,29
3,97
884,84
17.10.2013
18.02.2014
USD
-/BB-/NR
RU
200000000
Financial
XS0981028177
NOMOS BANK
NMOSRM 7 1/4 04/25/18
100,422
0,047
7,13
-1,34
3,60
576,61
25.04.2013
18.02.2014
USD
-/BB-/Ba3
RU
500000000
Financial
XS0923110232
PROMSVYAZBK
PROMBK 8 1/2 04/25/17
108,2
0,420
5,64
-16,45
2,80
471,62
25.04.2012
18.02.2014
USD
-/BB-/Ba3
RU
400000000
Financial
XS0775984213
SBERBANK
SBERRU 6 1/8 02/07/22
106,3492
0,745
5,14
-11,96
6,46
275,30
07.02.2012
18.02.2014
USD
-/BBB/Baa1
RU
1500000000
Financial
XS0743596040
SBERBANK
SBERRU 5 1/8 10/29/22
96,535
1,003
5,63
-14,37
6,97
307,03
29.10.2012
18.02.2014
USD
-/BBB-/Baa3
RU
2000000000
Financial
XS0848530977
SBERBANK
SBERRU 5 1/4 05/23/23
94,7125
0,677
6,00
-9,27
7,29
335,88
23.05.2013
18.02.2014
USD
-/BBB-/-
RU
1000000000
Financial
XS0935311240
SISTEMA
AFKSRU 6.95 05/17/19
106,465
0,163
5,51
-4,14
4,43
383,06
18.05.2012
18.02.2014
USD
BB/BB-/-
RU
500000000
Financial
XS0783242877
VEB FINANCE PLC
VEBBNK 6.025 07/05/22
102,1669
0,031
5,69
-0,54
6,67
322,73
05.07.2012
18.02.2014
USD
BBB/BBB/-
RU
1000000000
Financial
XS0800817073
VEB FINANCE PLC
VEBBNK 5.942 11/21/23
99,98
0,266
5,94
-3,63
7,43
325,51
21.11.2013
18.02.2014
USD
BBB/BBB/-
RU
1150000000
Financial
XS0993162683
VEB FINANCE PLC
VEBBNK 6.8 11/22/25
104,9557
0,235
6,20
-2,95
8,24
330,11
22.11.2010
18.02.2014
USD
BBB/BBB/-
RU
1000000000
Financial
XS0559915961
VTB BANK
VTB 6.551 10/13/20
106,8703
0,230
5,31
-4,53
5,42
323,52
13.10.2010
18.02.2014
USD
BBB/BBB-/Baa2
RU
1000000000
Financial
XS0548633659
VTB BANK
VTB 6 1/4 06/30/35
105,887
0,031
5,77
-0,28
12,24
236,20
30.06.2005
18.02.2014
USD
BBB/BBB-/Baa2
RU
1000000000
Financial
XS0223715920
VTB BANK
VTB 6.95 10/17/22
102,5095
0,440
6,56
-6,84
6,53
408,05
17.10.2012
18.02.2014
USD
BBB-/BB+/Ba1
RU
1500000000
Financial
XS0842078536
Source: Bloomberg, companies data, Univer Capital LLC assamptions
Copyright ©2014 Univer Capital LLC
Eurobonds Weekly
Russian Eurobonds Financials Yield Curve
February 18, 2014
12,00
HCFBRU 10 1/2 04/19/21
10,00
CRBKMO 8.7 11/13/18
HCFBRU 9 3/8 04/24/20
8,00
NMOSRM 7 1/4 04/25/18
Доходность
CRBKMO 7.7 02/01/18
GPBRU 7.496 12/28/23
VTB 6.95 10/17/22
ALFARU 7 3/4 04/28/21
SBERRU 5 1/4 05/23/23
6,00
ALFARU 7 1/2 09/26/19
PROMBK 8 1/2 04/25/17
VTB 6 1/4 06/30/35
RUSSIA 5 7/8 09/16/43
SBERRU 5 1/8 10/29/22
DMEAIR 6 11/26/18
VEBBNK 6.025 07/05/22
RUSSIA 5 5/8 04/04/42
RUSSIA 12 3/4 06/24/28
SBERRU 6 1/8 02/07/22
RUSSIA 4 7/8 09/16/23
4,00
RUSSIA 7 1/2 03/31/30
RUSSIA 4 1/2 04/04/22
RUSSIA 5 04/29/20
RUSSIA 3 1/2 01/16/19
RUSSIA 11 07/24/18
2,00
RUSSIA 3 1/4 04/04/17
RUSSIA 3 5/8 04/29/15
0,00
0,00
2,00
4,00
6,00
8,00
10,00
12,00
14,00
16,00
Дюрация
Source: Bloomberg, companies data, Univer Capital LLC assamptions
Copyright ©2014 Univer Capital LLC
Eurobonds Weekly
Russian Eurobonds Non-Financials
Issuer
Bond Name
Price
Price Chg
Yield
5D, %
Yield Chg
Duration
Z spread
Issued Date
Price Date
February 18, 2014
Currency
Ratings
5D, bp
Country
Quantity
Industry
ISIN
1000000000 Basic Materials XS0555493203
S/F/M
ALROSA FINANCE
ALRSRU 7 3/4 11/03/20
110,9163
0,037
5,76
-1,15
5,32
368,67
03.11.2010
18.02.2014
USD
BB-/BB/Ba3
RU
BORETS FIN
BORFIN 7 5/8 09/26/18
100,75
0,000
7,43
-0,03
3,85
591,02
26.09.2013
18.02.2014
USD
BB/-/B1
RU
420000000
Energy
XS0974469206
BRUNSWICK RAIL
RBNRL 6 1/2 11/01/17
102,195
0,561
5,83
-17,43
3,29
465,61
01.11.2012
18.02.2014
USD
BB-/-/Ba3
RU
600000000
Industrial
XS0850393264
EDC FINANCE LTD
EDCLLI 4 7/8 04/17/20
96,1525
0,050
5,62
-0,74
5,28
361,58
17.04.2013
18.02.2014
USD
BB+/BB/-
RU
600000000
Energy
XS0918604496
EVRAZ GROUP SA
EVRAZ 7.4 04/24/17
104,2242
0,487
5,92
-17,97
2,83
502,36
24.04.2012
18.02.2014
USD
B+/BB-/B1
RU
600000000 Basic Materials XS0652913558
EVRAZ GROUP SA
EVRAZ 6 3/4 04/27/18
99,22584
0,039
6,96
-0,96
3,64
564,27
27.04.2011
18.02.2014
USD
B+/BB-/B1
RU
850000000 Basic Materials XS0618905219
EVRAZ GROUP SA
EVRAZ 9 1/2 04/24/18
108,2683
0,036
7,17
-1,91
3,47
588,09
24.04.2008
18.02.2014
USD
B+/BB-/B1
RU
700000000 Basic Materials XS0359381331
EVRAZ GROUP SA
EVRAZ 6 1/2 04/22/20
93,20126
0,284
7,91
-5,35
5,02
594,31
22.04.2013
18.02.2014
USD
B+/BB-/-
RU
1000000000 Basic Materials XS0808638612
90,565
0,038
10,85
0,04
3,52
943,81
02.05.2013
18.02.2014
USD
BB-/B+/-
RU
550000000
Industrial
XS0920334900
90,5
0,138
10,89
-2,49
4,70
889,83
02.05.2013
18.02.2014
USD
BB-/B+/-
RU
325000000
Industrial
XS0920335030
FAR EAST CPL LTD FESHRU 8 05/02/18
FAR EAST CPL LTD FESHRU 8 3/4 05/02/20
GAZPROM
GAZPRU 4.95 07/19/22
97,85395
0,188
5,27
-2,72
6,93
276,84
19.07.2012
18.02.2014
USD
BBB/BBB/Baa1
RU
1000000000
Energy
XS0805570354
GAZPROM
GAZPRU 6.51 03/07/22
107,3838
0,097
5,37
-1,72
6,28
297,90
07.03.2007
18.02.2014
USD
BBB/BBB/Baa1
RU
1300000000
Energy
XS0290580595
GAZPROM
GAZPRU 4.95 02/06/28
89,28959
0,769
6,10
-7,81
9,97
293,00
06.02.2013
18.02.2014
USD
BBB/BBB/Baa1
RU
900000000
Energy
XS0885736925
GAZPROM
GAZPRU 8 5/8 04/28/34
118,5967
0,002
6,90
-0,09
10,46
363,81
28.04.2004
18.02.2014
USD
BBB/BBB/Baa1
RU
1200000000
Energy
XS0191754729
GAZPROM
GAZPRU 7.288 08/16/37
105,8646
0,227
6,78
-2,00
11,88
341,18
16.08.2007
18.02.2014
USD
BBB/BBB/Baa1
RU
1250000000
Energy
XS0316524130
GAZPROM NEFT
SIBNEF 4 3/8 09/19/22
92,42575
0,474
5,49
-6,54
7,04
294,73
19.09.2012
18.02.2014
USD
BBB-/BBB/Baa2
RU
1500000000
Energy
XS0830192711
GAZPROM NEFT
SIBNEF 6 11/27/23
101,1717
0,289
5,84
-3,96
7,44
315,94
27.11.2013
18.02.2014
USD
BBB-/BBB/Baa2
RU
1500000000
Energy
XS0997544860
LUKOIL INTL FIN
LUKOIL 6.656 06/07/22
110,0075
0,393
5,16
-6,36
6,52
271,06
07.06.2007
18.02.2014
USD
BBB/BBB/Baa2
RU
500000000
Energy
XS0304274599
LUKOIL INTL FIN
LUKOIL 4.563 04/24/23
94,36533
0,422
5,35
-5,59
7,43
270,20
24.04.2013
18.02.2014
USD
BBB/BBB/Baa2
RU
1500000000
Energy
XS0919504562
METALLOINVEST FI METINR 5 5/8 04/17/20
97,3325
0,210
6,15
-3,95
5,17
416,39
17.04.2013
18.02.2014
USD
BB-/BB-/Ba2
RU
1000000000 Basic Materials XS0918297382
MMC NOR VIA MMC GMKNRM 5.55 10/28/20
100,3013
0,051
5,49
-0,93
5,58
338,67
28.10.2013
18.02.2014
USD
BBB-/BB+/Baa2
RU
1000000000 Basic Materials XS0982861287
NORD GOLD NV
NORDLI 6 3/8 05/07/18
97,36792
-0,039
7,11
1,38
3,68
576,62
07.05.2013
18.02.2014
USD
-/BB-/Ba3
RU
NOVATEK OAO
NVTKRM 4.422 12/13/22
93,79359
0,348
5,31
-4,70
7,27
270,87
13.12.2012
18.02.2014
USD
BBB-/BBB-/Baa3
RU
99,41542
0,084
5,07
-1,68
4,86
325,35
26.09.2012
18.02.2014
USD
BB+/BBB-/Baa3
RU
OJSC NOVOLIPETSKNLMKRU 4.95 09/26/19
POLYUS GOLD INT PGILLN 5 5/8 04/29/20
500000000 Basic Materials XS0923472814
1000000000
Energy
XS0864383723
500000000 Basic Materials XS0783934325
98,0125
0,429
6,01
-8,19
5,21
401,30
29.04.2013
18.02.2014
USD
BB+/BBB-/-
RU
ROSNEFT OIL CO
ROSNRM 4.199 03/06/22
91,98572
0,250
5,44
-3,47
6,71
297,72
06.12.2012
18.02.2014
USD
BBB/BBB-/Baa1
RU
2000000000
750000000 Basic Materials XS0922301717
Energy
XS0861981180
RZD CAPITAL PLC
RURAIL 5.7 04/05/22
101,5627
-0,206
5,46
3,14
6,49
302,87
05.04.2012
18.02.2014
USD
BBB/BBB/Baa1
RU
1400000000
Industrial
XS0764220017
SCF CAPITAL LTD
SCFRU 5 3/8 10/27/17
99,81438
-0,031
5,43
0,97
3,34
427,00
27.10.2010
18.02.2014
USD
-/BB-/Ba3
RU
800000000
Industrial
XS0552679879
SEVERSTAL OAO
CHMFRU 5.9 10/17/22
97,37326
-0,002
6,30
0,10
6,73
377,21
17.10.2012
18.02.2014
USD
BB+/BB/Ba1
RU
750000000 Basic Materials XS0841671000
Source: Bloomberg, companies data, Univer Capital LLC assamptions
Copyright ©2014 Univer Capital LLC
Eurobonds Weekly
Russian Eurobonds Non-Financials Yield Curve
February 18, 2014
12,00
HCFBRU 10 1/2 04/19/21
10,00
CRBKMO 8.7 11/13/18
HCFBRU 9 3/8 04/24/20
8,00
NMOSRM 7 1/4 04/25/18
CRBKMO 7.7 02/01/18
VTB 6.95 10/17/22
GPBRU 7.496 12/28/23
Yield
ALFARU 7 3/4 04/28/21
ALFARU 7 1/2 09/26/19
VEBBNK 5.942 11/21/23
6,00
DMEAIR 6 11/26/18
VEBBNK 6.8 11/22/25
SBERRU 5 1/8 10/29/22
VTB 6 1/4 06/30/35
SBERRU 5 1/4 05/23/23
RUSSIA 12 3/4 06/24/28
AFKSRU 6.95 05/17/19
RUSSIA 5 7/8 09/16/43
VEBBNK 6.025 07/05/22
RUSSIA 5 5/8 04/04/42
PROMBK 8 1/2 04/25/17
VTB 6.551 10/13/20
SBERRU 6 1/8 02/07/22
RUSSIA 4 7/8 09/16/23
RUSSIA 7 1/2 03/31/30
4,00
RUSSIA 4 1/2 04/04/22
RUSSIA 5 04/29/20
RUSSIA 3 1/2 01/16/19
RUSSIA 11 07/24/18
2,00
RUSSIA 3 1/4 04/04/17
RUSSIA 3 5/8 04/29/15
0,00
0,00
2,00
4,00
6,00
8,00
10,00
12,00
14,00
16,00
Duration
Source: Bloomberg, companies data, Univer Capital LLC assamptions
Copyright ©2014 Univer Capital LLC
Eurobonds Weekly
Russian Eurobonds Non-Investment Grade
Issuer
Bond Name
Price
Price Chg
Yield
5D, %
Yield Chg
Duration
Z spread
Issued Date
Price Date
February 18, 2014
Currency
Ratings
5D, bp
Country
Quantity
Industry
ISIN
S/F/M
ALLIANCE OIL CO
VOSTOK 7 05/04/20
95,930
-0,008
7,84
0,38
5,00
585,31
03.05.2013
18.02.2014
USD
B /*/B/-
RU
500000000
Energy
XS0925043100
CB RENCAP
RCCF 13 1/2 06/21/18
100,500
-
13,33
-
3,35
1 210,40
21.12.2012
06.02.2014
USD
-/WD/B3
RU
150000000
Financial
XS0869792928
CB RENCAP
RCCF 7 3/4 05/31/16
96,928
0,054
9,27
-1,49
2,09
847,64
31.05.2013
18.02.2014
USD
B+/WD/B2
RU
350000000
Financial
XS0938341780
CB RENCAP
RCCF 13 1/2 05/22/19
97,938
0,000
14,05
0,13
3,79
1 228,21
22.11.2013
18.02.2014
USD
-/-/-
RU
100000000
Financial
XS0996297544
KOKS OAO
KOKSRU 7 3/4 06/23/16
93,779
0,298
10,82
-12,06
2,15
992,11
23.06.2011
18.02.2014
USD
CCC+/-/B3
RU
350000000 Basic Materials XS0640334768
NOMOS BANK
NMOSRM 10 12/17/19
105,688
0,000
8,73
-0,34
4,52
688,70
06.06.2013
18.02.2014
USD
-/B+/B1
RU
300000000
Financial
XS0940730228
NOMOS BANK
NMOSRM 10 04/26/19
105,201
0,077
8,72
-2,26
4,08
705,00
26.04.2012
18.02.2014
USD
-/B+/B1
RU
500000000
Financial
XS0776121062
OAO TMK
TRUBRU 6 3/4 04/03/20
97,164
0,234
7,33
-4,56
4,96
536,92
03.04.2013
18.02.2014
USD
B+/-/B1
RU
500000000
Industrial
XS0911599701
OJSC RASPADSKAYARASPAD 7 3/4 04/27/17
102,063
0,104
7,01
-4,09
2,82
601,07
27.04.2012
18.02.2014
USD
-/B+/B2
RU
400000000
Energy
XS0772835285
OJSC RUSS AGRIC RSHB 8 1/2 10/16/23
101,264
0,202
8,30
-3,09
6,60
572,09
16.10.2013
18.02.2014
USD
-/-/NR
RU
500000000
Financial
XS0979891925
PROMSVYAZBK
107,661
0,299
8,47
-7,31
4,40
667,50
06.11.2012
18.02.2014
USD
-/B+/B1
RU
600000000
Financial
XS0851672435
RENAISSANCE SEC RENSEC 11 04/21/16
PROMBK 10.2 11/06/19
98,850
0,000
17,87
627,708
0,17
1 046,88
21.04.2011
18.02.2014
USD
B/B/B3
RU
325000000
Financial
XS0616784509
RUSSIAN STAND BK RUSB 9 1/4 07/11/17
103,448
-0,111
8,06
3,17
2,97
701,99
11.07.2012
18.02.2014
USD
B+/B+/B2
RU
525000000
Financial
XS0802648955
99,623
-0,128
10,86
4,01
3,32
944,28
10.10.2012
18.02.2014
USD
B-/B/B3
RU
350000000
Financial
XS0841677387
109,027
0,660
8,04
-121,62
6,17
560,62
06.08.2012
18.02.2014
USD
-/-/NR
RU
2250000000
Financial
XS0810596832
RUSSIAN STAND BK RUSB 10 3/4 04/10/18
VTB BANK
VTB 9 1/2 12/29/49
Source: Bloomberg, companies data, Univer Capital LLC assamptions
Copyright ©2014 Univer Capital LLC
Eurobonds Weekly
Russian Eurobonds Non-Investment Grade Yield Curve
February 18, 2014
12,00
HCFBRU 10 1/2 04/19/21
10,00
CRBKMO 8.7 11/13/18
HCFBRU 9 3/8 04/24/20
8,00
NMOSRM 7 1/4 04/25/18
CRBKMO 7.7 02/01/18
GPBRU 7.496 12/28/23
Yield
ALFARU 7 3/4 04/28/21
6,00
ALFARU 7 1/2 09/26/19
SBERRU 5 1/4 05/23/23
DMEAIR 6 11/26/18
SBERRU 5 1/8 10/29/22
VEBBNK 6.025 07/05/22
AFKSRU 6.95 05/17/19
PROMBK 8 1/2 04/25/17
SBERRU 6 1/8 02/07/22
4,00
2,00
0,00
0,00
1,00
2,00
3,00
4,00
5,00
6,00
7,00
Duration
Source: Bloomberg, companies data, Univer Capital LLC assamptions
Copyright ©2014 Univer Capital LLC
Eurobonds Weekly
CIS Eurobonds
Issuer
Bond Name
Price
Price Chg
Yield
5D, %
Yield Chg
Duration
Z spread
Issued Date
February 18, 2014
Price Date
Currency
Ratings
5D, bp
Country
Quantity
Industry
ISIN
S/F/M
ALLIANCE BANK
ALLIBK 10 1/2 03/25/17
43,750
1,744
51,61
-46,97
2,23
4 629,41
25.03.2010
18.02.2014
USD
CCC/C/Cau
KZ
615138114
Financial
XS0495755562
ATF BANK
ATFBP 9 05/11/16
99,994
0,182
8,99
-9,09
2,02
812,41
11.05.2006
18.02.2014
USD
NR/B-/Caa2
KZ
350000000
Financial
XS0253723281
BTA BANK JSC
BTASKZ 12 1/2 07/01/18
44,125
0,857
37,67
-6,58
3,27 -
25.08.2010
18.02.2014
USD
-/WD/WR
KZ
2082371783
Financial
XS0532988770
BTA BANK JSC
BTASKZ 0 06/30/20
13,875
0,000
32,30
10,23
6,36
-
25.08.2010
18.02.2014
USD
-/-/-
KZ
5221494216
Financial
XS0532995049
BTA BANK JSC
BTASKZ 3.7 07/01/21
44,125
0,857
16,97
-9,48
6,13
-
26.08.2010
18.02.2014
USD
-/WD/WR
KZ
384848130
Financial
XS0532989828
CITY OF KYIV
CITKIE 8 11/06/15
88,998
-1,462
15,56
104,24
1,59
1 391,72
08.11.2005
18.02.2014
USD
B-/B-/Caa1
UA
250000000
Government
XS0233620235
CITY OF KYIV
CITKIE 9 3/8 07/11/16
89,880
-1,233
14,52
63,91
2,16
1 337,33
11.07.2011
18.02.2014
USD
B-/B-/Caa1
UA
300000000
Government
XS0644750027
DTEK FINANCE
DTEKUA 7 7/8 04/04/18
85,832
0,904
12,36
-24,98
3,43
1 081,23
04.04.2013
18.02.2014
USD
-/B-/Caa1
UA
750000000
Financial
USG2941DAA03
DTEK FINANCE BV
DTEKUA 9 1/2 04/28/15
96,805
-0,201
12,45
22,89
1,12
1 152,66
28.04.2010
18.02.2014
USD
-/B-/Caa1
UA
500000000
Energy
USN2800PAA59
FERREXPO FINANCEFXPOLN 7 7/8 04/07/16
94,435
1,817
10,86
-91,81
1,94
1 008,54
07.04.2011
18.02.2014
USD
B-/B-/Caa1
UA
500000000 Basic Materials XS0614325586
FINANCING INFRAS UKRINF 9 12/07/17
85,188
-3,607
14,17
122,03
3,18
1 292,70
07.12.2012
18.02.2014
USD
-/-/(P)Caa1
UA
550000000
Government
XS0862476230
FINANCING INFRAS UKRINF 8 3/8 11/03/17
84,875
-2,161
13,71
74,49
3,12
1 213,79
03.11.2010
18.02.2014
USD
-/-/Caa1
UA
568000000
Government
XS0556327822
FINANCING INFRAS UKRINF 7.4 04/20/18
83,750
-3,461
12,52
105,04
3,50
1 068,78
21.04.2011
18.02.2014
USD
-/-/Caa1
UA
690000000
Government
XS0619856460
99,563
0,189
11,79
-84,28
0,13
539,20
07.04.2004
18.02.2014
USD
CCC+/B-/Caa2
KZ
100000000
Financial
XS0190189034
5,24
925,31
30.06.2010
18.02.2014
USD
B-/NR/-
KZ
60750000
Financial
USY8584LAA18
JSC KAZKOMMERTSBKKBGR 8.7 04/07/14
JSC TEMIRBANK
TEMIR 14 06/30/22
110,000 -
12,06 -
KAZKOMMERTSBANKKKB 7 1/2 11/29/16
99,5
0,378
7,70
-15,14
2,51
680,79
29.11.2006
18.02.2014
USD
B/B/Caa1
KZ
500000000
Financial
XS0276707923
KAZKOMMERTSBANKKKB 8 1/2 05/11/18
97,3075
-0,068
9,28
2,26
3,54
791,15
11.05.2011
18.02.2014
USD
B/B/Caa1
KZ
300000000
Financial
XS0625516157
KAZKOMMERTSBANKKKB 9.2 11/29/49
73,38501
0,263
30,11
4,04
1,56
2 669,04
09.11.2005
18.02.2014
USD
CCC-/CCC/Caa3
KZ
100000000
Financial
XS0234398245
METINVEST
METINV 10 1/4 05/20/15
98,95667
0,848
11,14
-71,74
1,17
987,07
20.05.2010
18.02.2014
USD
-/B-/Caa1
UA
500000000 Basic Materials XS0511379066
METINVEST
METINV 8 3/4 02/14/18
89,02042
0,873
12,32
-25,71
3,40
1 077,58
14.02.2011
18.02.2014
USD
-/B-/Caa1
UA
750000000 Basic Materials XS0591549232
MHP SA
MHPSA 8 1/4 04/02/20
82,69501
1,622
12,36
-34,62
4,61
1 033,99
02.04.2013
18.02.2014
USD
B-/B-/-
UA
750000000
Consumer
USL6366MAC75
MRIYA AGRO HLDG MRIYA 10.95 03/30/16
96,49751
-0,003
12,88
1,92
1,86
1 144,54
30.03.2011
18.02.2014
USD
B-/B-/-
UA
250000000
Consumer
XS0559140875
MRIYA AGRO HLDG MRIYA 9.45 04/19/18
82,49751
0,914
15,27
-25,90
3,34
1 370,54
19.04.2013
18.02.2014
USD
B-/B-/-
UA
400000000
Consumer
XS0916902256
OSCHADBANK
OSCHAD 8 7/8 03/20/18
75,81417
2,107
17,39
-62,72
3,25
1 587,78
20.03.2013
18.02.2014
USD
-/B-/Caa1
UA
500000000
Financial
XS0906434872
PRIVATBANK
PRBANK 10 7/8 02/28/18
78,7525
0,475
18,61
-12,49
3,06
1 664,36
28.02.2013
18.02.2014
USD
-/B-/Caa1
UA
175000000
Financial
XS0896890315
UKRAINE GOVT
UKRAIN 9 1/4 07/24/17
91,39584
0,160
12,40
-4,28
2,97
1 138,45
24.07.2012
18.02.2014
USD
B-/B-/Caa1
UA
2600000000
Government
XS0808758196
UKRAINE GOVT
UKRAIN 6 3/4 11/14/17
88,02334
2,576
10,72
-78,43
3,27
960,20
14.11.2007
18.02.2014
USD
B-/B-/Caa1
UA
700000000
Government
XS0330776617
UKRAINE GOVT
UKRAIN 7 3/4 09/23/20
87,12583
1,753
10,50
-34,67
4,99
843,70
23.09.2010
18.02.2014
USD
B-/B-/Caa1
UA
1500000000
Government
XS0543783194
Source: Bloomberg, companies data, Univer Capital LLC assamptions
Copyright ©2014 Univer Capital LLC
Eurobonds Weekly
CIS Eurobonds
Issuer
Bond Name
Price
Price Chg
Yield
5D, %
Yield Chg
Duration
Z spread
Issued Date
February 18, 2014
Price Date
Currency
Ratings
5D, bp
Country
Quantity
Industry
ISIN
S/F/M
UKRAINE GOVT
UKRAIN 7.95 02/23/21
87,22667
1,169
10,58
-22,10
5,15
841,10
23.02.2011
18.02.2014
USD
B-/B-/Caa1
UA
1500000000
Government
XS0594390816
UKRAINE GOVT
UKRAIN 7.8 11/28/22
85,625
0,434
10,42
2,89
6,17
791,74
28.11.2012
18.02.2014
USD
B-/B-/Caa1
UA
2250000000
Government
XS0858358236
UKRAINE GOVT
UKRAIN 7 1/2 04/17/23
85,280
0,144
9,99
-1,91
6,37
744,19
17.04.2013
18.02.2014
USD
B-/B-/Caa1
UA
1250000000
Government
XS0917605841
UKREXIMBANK
EXIMUK 8 3/8 04/27/15
85,333
0,391
23,20
-13,54
1,12
2 198,54
27.04.2010
18.02.2014
USD
-/B-/Caa1
UA
750000000
Government
XS0503737461
UKRLANDFARMING UKRLAN 10 7/8 03/26/18
89,000
-1,793
14,52
58,76
3,21
1 274,03
26.03.2013
18.02.2014
USD
B-/B-/-
UA
500000000
Consumer
XS0908502452
UZ RAIL SHORTLIN RAILUA 9 1/2 05/21/18
82,688
-2,000
15,16
63,39
3,42
1 331,65
21.05.2013
18.02.2014
USD
B-/B-/-
UA
500000000
Industrial
XS0934134312
Source: Bloomberg, companies data, Univer Capital LLC assamptions
Copyright ©2014 Univer Capital LLC
Eurobonds Weekly
CIS Eurobonds Yield Curve
February 18, 2014
40,00
BTASKZ 12 1/2 07/01/18
35,00
BTASKZ 0 06/30/20
30,00
KKB 9.2 11/29/49
25,00
Yield
EXIMUK 8 3/8 04/27/15
20,00
PRBANK 10 7/8 02/28/18
OSCHAD 8 7/8 03/20/18
MRIYA 9.45 04/19/18
RAILUA 9 1/2 05/21/18
UKRLAN 10 7/8 03/26/18
UKRINF 9 12/07/17
CITKIE 8 11/06/15
CITKIE 9 3/8 07/11/16
15,00
BTASKZ 3.7 07/01/21
UKRINF 8 3/8 11/03/17
MRIYA 10.95 03/30/16
UKRAIN 9 1/4 07/24/17
KKBGR 8.7 04/07/14
10,00
DTEKUA 9 1/2 04/28/15
FXPOLN 7 7/8 04/07/16
METINV 10 1/4 05/20/15
ATFBP 9 05/11/16
UKRINF 7.4 04/20/18
DTEKUA 7 7/8 04/04/18 METINV 8 3/4 02/14/18
UKRAIN 6 3/4 11/14/17
KKB 8 1/2 05/11/18
MHPSA 8 1/4 04/02/20
TEMIR 14 06/30/22
UKRAIN 7 3/4 09/23/20
UKRAIN 7.8 11/28/22
UKRAIN 7 1/2 04/17/23
UKRAIN 7.95 02/23/21
KKB 7 1/2 11/29/16
5,00
0,00
0,00
1,00
2,00
3,00
4,00
5,00
6,00
7,00
Duration
Source: Bloomberg, companies data, Univer Capital LLC assamptions
Copyright ©2014 Univer Capital LLC
Оценка российского рынка по коэффициентам
Eurobonds Weekly
February 18, 2014
Univer Capital LLC
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