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EUROBONDS WEEKLY
September 22, 2014
Eurobond Market Outlook
World & Russian Indexes and currencies
World Market
Russian Market
Last week the FOMC meeting and Scotland independence
referendum were the main markets’ drivers. Now the markets can
focus back on the macro statistics of the global economic
recovery. The Eurozone economic growth continues to be a major
concern. This week the German IFO index along with PMI data
for China and the US are to be released gauging the pace of
global economic activity.
Russian market moved downward last week in response to the
new round of sanctions and weak corporate statistics.
Last week the S&P500 index had made a new high after the
FOMC meeting causing the US dollar strengthened against the
major global currencies (USDJPY hit a high of 109.46, the highest
level since summer 2008) and the 10-year and 2-year Treasury
yields moved up to the level of 2.63% and 0.59% respectively.
The successful Alibaba IPO also made investors more optimistic.
Chaina’s finance minister said that the economy faces downward
pressure, but the government won’t change policy in response to
individual indicators.
Japanese yen last week dropped to its six-year lows that have
improved the export-sensitive Japan stock market.
Issuer
Bond Name
ROSNEFT OIL CO ROSNRM 4.199 03/06/22
Price
YTM
86.140
6.58
In the Russian energy sector big names including NVTK, LKOH,
ROSN, and GAZP ended up last weak at their new lows. Banking
sector looked more attractive for investors adding to the
Eurobonds’ prices. So, SBERRU notes added some 0,4-1,0 pp to
the price, also long VEBBNK and GAZPRU prices moved up by
40-80 bps.
We expect this week the RUB will get some support during a
period of tax payments with increased demand for liquidity.
Launched last week reverse currency swaps by CBR isn’t expected
to affect Russian key rates. But this week we expect key rates start
to increase.
Recommendations
The y ield of ROSNRM 4.199 03/06/22 decreased by 24 bps ov er the last w eek
but still has potencial to drop. We think that the bond's y ield w ill drop by 45-50
bps in the short-term.
GAZPROMBANK
GPBRU 3.984 10/30/18
95.310
5.28
86
44
84
42
40
82
38
80
36
78
34
32
09.2013
76
12.2013
BBB-/BBB-/Baa3 GPBRU 3.984 10/30/18 y ield has dropped 23 bps ov er the last w eek, but w e still
ex pect that the y ield w ill drop by 50-60 bps in the short-term.
MMC
GMKNRM 4 3/8 04/30/18
99.498
4.53
06.2014
RUB basket
09.2014
USD Index (п.ш.)
2000
1800
1600
1400
1200
1000
09.2013
BBB-/BBB-/Baa2 Since last w eek the y ield of GMKNRM 4 3/8 04/30/18 dropped by just 4 bps.
Because the company isn't on the sanction list, w e ex pect that the y ield of the
bond still has potential to decrease by 35-40 bps.
12.2013
03.2014
MICEX
Wor ld Indices
Dow Jones
S&P 500
06.2014
RTS
09.2014
S&P 5 00
Close
1D, %
1M, %
Y-t-D, %
17279.74
+0.08 %
+1.64 %
+4.24 %
2010
-0.05 %
+1.11 %
+8.77 %
4579.789
-0.30 %
+0.91 %
+9.65 %
Mex ico Bolsa
45761.9
-0.88 %
+0.85 %
+7.10 %
Brazilian Bovespa
57788.7
-1.00 %
-1.06 %
+12.20 %
Nasdaq
Argentina Merval
11581
+0.39 %
FTSE
6790.75
-0.69 %
+0.23 %
+0.62 %
DAX
9797.83
-0.02 %
+4.91 %
+2.57 %
CAC
4457.25
-0.09 %
+4.81 %
+3.76 %
NIKKEI
16205.9
-0.71 %
+4.29 %
-0.52 %
23955.49
-1.44 %
-4.61 %
+2.79 %
Korea Composite
2039.27
-0.71 %
-0.85 %
+1.39 %
MSCI EM
1053.92
-0.23 %
-2.69 %
+5.11 %
RTS
1159.95
-0.88 %
-7.95 %
-19.60 %
MICEX
1421.08
-0.73 %
-1.76 %
-5.52 %
Hang Seng
MMC NOR VIA
03.2014
2200
By the end of last week the RUB firmed approximately 0,1%
against USD and 0,5% against the BASKET thanks to the lower
EURUSD. Despite new sanctions and continuing crisis in Ukraine
the RUB shows relative resilience and dynamics adequate to the
global risks.
Ratings
BBB-/WD/Baa1
46
+26.28 % +114.82 %
Источник: Bloomberg, данные компаний, оценки Универ Капитал
©2014 ООО «Универ Капитал»
1
EUROBONDS WEEKLY
Issuer
Bond Name
September 22, 2014
Russian Eurobonds Watch List
Price
Price Chg
Yield
Yield Chg
5D, %
Duration
Z spread
Issued Date
Price Date
Currency
5D, bp
Ratings
Country
Quantity
Industry
ISIN
S/F/M
RUSSIA-EUROBOND RUSSIA 3 5/8 04/29/15
101.047
-0.095
1.84
10.10
0.59
115.50
29.04.2010
22.09.2014
USD
BBB-/BBB/Baa1
RU
2000000000 Government
XS0504954180
RUSSIA-EUROBOND RUSSIA 3 1/4 04/04/17
101.481
-0.361
2.64
14.45
2.41
146.49
04.04.2012
22.09.2014
USD
BBB-/BBB/Baa1
RU
2000000000 Government
XS0767469827
RUSSIA-EUROBOND RUSSIA 11 07/24/18
125.378
0.048
3.81
-4.42
3.25
217.62
24.07.1998
22.09.2014
USD
BBB-/BBB/Baa1
RU
3466398000 Government
XS0089375249
97.829
-0.543
4.05
13.92
4.01
221.43
16.09.2013
22.09.2014
USD
BBB-/BBB/Baa1
RU
1500000000 Government
XS0971721377
102.409
0.365
4.51
-7.62
4.86
238.09
29.04.2010
22.09.2014
USD
BBB-/BBB/Baa1
RU
3500000000 Government
XS0504954347
RUSSIA-EUROBOND RUSSIA 4 1/2 04/04/22
97.748
0.314
4.86
-4.88
6.31
241.86
04.04.2012
22.09.2014
USD
BBB-/BBB/Baa1
RU
2000000000 Government
XS0767472458
RUSSIA-EUROBOND RUSSIA 4 7/8 09/16/23
98.654
0.346
5.06
-4.78
7.35
247.37
16.09.2013
22.09.2014
USD
BBB-/BBB/Baa1
RU
3000000000 Government
XS0971721450
RUSSIA-EUROBOND RUSSIA 12 3/4 06/24/28
165.020
0.859
5.81
-11.06
8.15
301.56
24.06.1998
22.09.2014
USD
BBB-/BBB/Baa1
RU
2500000000 Government
XS0088543193
RUSSIA-EUROBOND RUSSIA 7 1/2 03/31/30
112.113
0.484
4.81
-11.72
4.37
262.62
25.08.2000
22.09.2014
USD
BBB-/BBB/Baa1
RU
21218176656 Government
XS0114288789
RUSSIA-EUROBOND RUSSIA 5 5/8 04/04/42
98.989
0.691
5.70
-4.97
13.87
252.41
04.04.2012
22.09.2014
USD
BBB-/BBB/Baa1
RU
3000000000 Government
XS0767473852
RUSSIA-EUROBOND RUSSIA 5 7/8 09/16/43
101.288
0.912
5.78
-6.54
14.32
261.45
16.09.2013
22.09.2014
USD
BBB-/BBB/Baa1
RU
1500000000 Government
XS0971721963
RUSSIA-EUROBOND RUSSIA 3 1/2 01/16/19
RUSSIA-EUROBOND RUSSIA 5 04/29/20
ALFA BANK
ALFARU 7 1/2 09/26/19
99.730
0.469
7.57
-11.29
4.11
555.19
26.09.2012
22.09.2014
USD
BB-/BB+/Ba3
RU
750000000 Financial
XS0832412505
ALFA BANK
ALFARU 7 3/4 04/28/21
102.349
0.146
7.29
-2.91
5.14
499.38
28.04.2011
22.09.2014
USD
BB+/BBB-/Ba1
RU
1000000000 Financial
XS0620695204
ALFA BANK
ALFARU 7 7/8 09/25/17
104.939
-0.042
6.05
0.59
2.74
460.73
24.09.2010
22.09.2014
USD
BB+/BBB-/Ba1
RU
1000000000 Financial
XS0544362972
SEVERSTAL OAO
CHMFRU 5.9 10/17/22
95.430
0.408
6.64
-6.33
6.32
415.46
17.10.2012
22.09.2014
USD
BB+/BB+/Ba1
RU
750000000 Basic Materials
XS0841671000
CREDIT BANK OF M CRBKMO 7.7 02/01/18
97.944
1.630
8.41
-55.43
2.98
672.91
01.02.2013
22.09.2014
USD
BB-/BB/B1
RU
500000000 Financial
XS0879105558
CREDIT BANK OF M CRBKMO 8.7 11/13/18
90.955
0.182
11.50
-4.24
3.41
950.15
13.05.2013
22.09.2014
USD
-/BB-/NR
RU
500000000 Financial
XS0924078453
EVRAZ GROUP SA
EVRAZ 6 1/2 04/22/20
91.838
1.770
8.36
-38.07
4.59
623.12
22.04.2013
22.09.2014
USD
B+/BB-/-
RU
1000000000 Basic Materials
XS0808638612
EVRAZ GROUP SA
EVRAZ 6 3/4 04/27/18
96.040
1.129
8.04
-35.22
3.15
639.63
27.04.2011
22.09.2014
USD
B+/BB-/B1
RU
850000000 Basic Materials
XS0618905219
EVRAZ GROUP SA
EVRAZ 7.4 04/24/17
100.145
0.648
7.33
-27.74
2.33
605.56
24.04.2012
22.09.2014
USD
B+/BB-/B1
RU
600000000 Basic Materials
XS0652913558
EVRAZ GROUP SA
EVRAZ 9 1/2 04/24/18
104.766
0.928
7.94
-31.18
3.02
633.07
24.04.2008
22.09.2014
USD
B+/BB-/B1
RU
700000000 Basic Materials
XS0359381331
GAZPROM
GAZPRU 4.95 02/06/28
88.346
2.238
6.25
-23.52
9.61
334.05
06.02.2013
22.09.2014
USD
BBB-/BBB/Baa1
RU
900000000 Energy
XS0885736925
GAZPROM
GAZPRU 4.95 07/19/22
94.351
0.911
5.86
-14.09
6.47
338.12
19.07.2012
22.09.2014
USD
BBB-/BBB/Baa1
RU
1000000000 Energy
XS0805570354
GAZPROM
GAZPRU 5.999 01/23/21
100.465
0.320
5.91
-6.16
5.31
365.53
23.11.2011
22.09.2014
USD
BBB-/BBB/Baa1
RU
600000000 Energy
XS0708813810
GAZPROM
GAZPRU 6.51 03/07/22
102.499
0.351
6.09
-6.08
6.02
368.31
07.03.2007
22.09.2014
USD
BBB-/BBB/Baa1
RU
1300000000 Energy
XS0290580595
GAZPROM
GAZPRU 7.288 08/16/37
106.307
2.020
6.74
-17.64
11.71
366.97
16.08.2007
22.09.2014
USD
BBB-/BBB/Baa1
RU
1250000000 Energy
XS0316524130
GAZPROM
GAZPRU 8 5/8 04/28/34
116.905
1.107
7.02
-10.93
10.19
402.65
28.04.2004
22.09.2014
USD
BBB-/BBB/Baa1
RU
1200000000 Energy
XS0191754729
MMC NOR VIA MMC GMKNRM 4 3/8 04/30/18
99.498
0.158
4.53
-4.70
3.31
287.55
30.04.2013
22.09.2014
USD
BBB-/BBB-/Baa2
RU
GAZPROMBANK
GPBRU 3.984 10/30/18
95.310
0.899
5.28
-23.75
3.71
478.48
30.10.2013
22.09.2014
EUR
BBB-/BBB-/Baa3
RU
1000000000 Financial
XS0987109658
GAZPROMBANK
GPBRU 7.496 12/28/23
95.060
0.609
8.91
38.59
3.64
704.42
30.09.2013
22.09.2014
USD
-/BB-/NR
RU
750000000 Financial
XS0975320879
LUKOIL INTL FIN
LUKOIL 4.563 04/24/23
90.620
0.332
5.98
-4.53
6.96
340.98
24.04.2013
22.09.2014
USD
BBB-/BBB/Baa2
RU
1500000000 Energy
XS0919504562
LUKOIL INTL FIN
LUKOIL 6.656 06/07/22
102.942
0.602
6.17
-10.09
6.06
373.54
07.06.2007
22.09.2014
USD
BBB-/BBB/Baa2
RU
500000000 Energy
XS0304274599
METALLOINVEST FI METINR 5 5/8 04/17/20
92.525
1.464
7.28
-30.68
4.69
511.96
17.04.2013
22.09.2014
USD
BB/BB/Ba2
RU
750000000 Basic Materials
1000000000 Basic Materials
XS0922134712
XS0918297382
Источник: Bloomberg, данные компаний, оценки Универ Капитал
©2014 ООО «Универ Капитал»
2
EUROBONDS WEEKLY
Issuer
Bond Name
September 22, 2014
Russian Eurobonds Watch List
Price
Price Chg
Yield
Yield Chg
5D, %
Duration
Z spread
Issued Date
Price Date
Currency
5D, bp
Ratings
Country
Quantity
Industry
ISIN
S/F/M
OJSC NOVOLIPETSKNLMKRU 4.95 09/26/19
96.794
0.632
5.70
-14.13
4.37
364.30
26.09.2012
22.09.2014
USD
BB+/BBB-/Baa3
RU
500000000 Basic Materials
XS0783934325
BANK OTKRITIE
NMOSRM 10 04/26/19
98.464
-0.669
10.42
18.82
3.63
845.49
26.04.2012
22.09.2014
USD
-/WD/B1
RU
500000000 Financial
XS0776121062
NOMOS BANK
NMOSRM 7 1/4 04/25/18
96.776
0.101
8.31
-2.71
3.12
656.96
25.04.2013
22.09.2014
USD
-/WD/Ba3
RU
500000000 Financial
XS0923110232
NOMOS BANK
NMOSRM 8 3/4 10/21/15
100.603
0.041
8.14
-4.79
1.01
696.72
21.04.2010
22.09.2014
USD
-/WD/B1
RU
350000000 Financial
XS0503839622
PROMSVYAZBK
PROMBK 8 1/2 04/25/17
102.429
0.124
7.44
-5.98
2.30
613.68
25.04.2012
22.09.2014
USD
-/BB-/Ba3
RU
400000000 Financial
XS0775984213
ROSNEFT OIL CO
ROSNRM 4.199 03/06/22
86.140
1.578
6.58
-24.82
6.36
413.44
06.12.2012
22.09.2014
USD
BBB-/WD/Baa1
RU
2000000000 Energy
XS0861981180
RZD CAPITAL PLC
RURAIL 5.7 04/05/22
99.150
0.276
5.84
-4.50
6.05
341.69
05.04.2012
22.09.2014
USD
BBB-/BBB/Baa1
RU
1400000000 Industrial
XS0764220017
RUSSIAN STAND BK RUSB 10 3/4 04/10/18
89.324
1.910
14.72
-65.39
2.85
1276.23
10.10.2012
22.09.2014
USD
B-/B/B3
RU
350000000 Financial
XS0841677387
RUSSIAN STAND BK RUSB 7.561 12/01/16
86.325
-4.083
15.13
222.47
1.99
1287.24
01.12.2006
22.09.2014
USD
B-/-/B3
RU
200000000 Financial
XS0275728557
RUSSIAN STAND BK RUSB 7.73 12/16/15
92.456
-0.048
14.65
14.64
1.17
1264.86
16.12.2005
22.09.2014
USD
B-/-/B3
RU
200000000 Financial
XS0238091507
RUSSIAN STAND BK RUSB 9 1/4 07/11/17
96.750
-0.407
13.65
321.81
0.77
1207.90
11.07.2012
22.09.2014
USD
B+/B+/B2
RU
525000000 Financial
XS0802648955
RUSSIA-EUROBOND RUSSIA 7.85 03/10/18
95.500
-0.521
9.40
18.27
3.08
-94.39
10.03.2011
19.09.2014
RUB
BBB/BBB/Baa1
RU
90000000000 Government
XS0564087541
SBERBANK
SBERRU 5 1/4 05/23/23
89.253
0.463
6.92
-6.56
6.82
435.41
23.05.2013
22.09.2014
USD
-/BBB-/-
RU
1000000000 Financial
XS0935311240
SBERBANK
SBERRU 5 1/8 10/29/22
91.648
1.006
6.47
-15.25
6.51
394.69
29.10.2012
22.09.2014
USD
-/BBB-/Baa3
RU
2000000000 Financial
XS0848530977
SBERBANK
SBERRU 5.18 06/28/19
99.094
0.392
5.40
-9.29
4.22
344.128
28.06.2012
22.09.2014
USD
-/BBB/Baa1
RU
1000000000 Financial
XS0799357354
SBERBANK
SBERRU 6 1/8 02/07/22
101.297
1.191
5.90
-20.19
6.00
349.98
07.02.2012
22.09.2014
USD
-/BBB/Baa1
RU
1500000000 Financial
XS0743596040
0.18
-119.52
01.12.2011
22.09.2014
CNY
A-/A-/A3
CN
2100000000 Basic Materials
HK0000094950
6.71
406.13
19.09.2012
22.09.2014
USD
BBB-/BBB/Baa2
RU
1500000000 Energy
XS0830192711
BAOSTEEL GROUP SBSG 3 1/2 12/01/14
GAZPROM NEFT
SIBNEF 4 3/8 09/19/22
100.104 86.501
2.91 0.661
6.58
-9.68
Источник: Bloomberg, данные компаний, оценки Универ Капитал
©2014 ООО «Универ Капитал»
3
EUROBONDS WEEKLY
September 22, 2014
Russian Eurobonds Watch List
16.00
RUSB 7.561 12/01/16
RUSB 10 3/4 04/10/18
RUSB 7.73 12/16/15
14.00
RUSB 9 1/4 07/11/17
12.00
CRBKMO 8.7 11/13/18
VEBBNK 6.025 07/05/22
NMOSRM 10 04/26/19
ROSNRM 4.199 03/06/22
SBERRU 5 1/4 05/23/23
10.00
CRBKMO 7.7 02/01/18
NMOSRM 8 3/4 10/21/15
Yield
VEBBNK 5.942 11/21/23
SIBNEF 6 11/27/23
GPBRU 7.496 12/28/23
EVRAZ 6 3/4 04/27/18
EVRAZ 6 1/2 04/22/20
NMOSRM 7 1/4 04/25/18
8.00
ALFARU 7 1/2 09/26/19
VTB 6.95 10/17/22
EVRAZ 9 1/2 04/24/18
PROMBK 8 1/2 04/25/17
EVRAZ 7.4 04/24/17
METINR 5 5/8 04/17/20
GAZPRU 8 5/8 04/28/34
CHMFRU 5.9 10/17/22
VTB 6.551 10/13/20
GAZPRU 7.288 08/16/37
SIBNEF 4 3/8 09/19/22
SBERRU 5 1/8 10/29/22
SBERRU 6 1/8 02/07/22
GAZPRU 5.999 01/23/21
NLMKRU 4.95 09/26/19
6.00
VEBBNK 6.8 11/22/25
ALFARU 7 3/4 04/28/21
ALFARU 7 7/8 09/25/17
RUSSIA 12 3/4 06/24/28
GAZPRU 4.95 02/06/28
VTB 6 1/4 06/30/35
RUSSIA 5 7/8 09/16/43
RUSSIA 5 5/8 04/04/42
SBERRU 5.18 06/28/19
GPBRU 3.984 10/30/18
GMKNRM 4 3/8 04/30/18
RUSSIA 7 1/2 03/31/30
RUSSIA 5 04/29/20
RUSSIA 4 7/8 09/16/23
RUSSIA 4 1/2 04/04/22
RUSSIA 3 1/2 01/16/19
4.00
RUSSIA 11 07/24/18
LUKOIL 4.563 04/24/23
SBSG 3 1/2 12/01/14
GAZPRU 4.95 07/19/22
LUKOIL 6.656 06/07/22
RUSSIA 3 1/4 04/04/17
GAZPRU 6.51 03/07/22
2.00
RUSSIA 3 5/8 04/29/15
RURAIL 5.7 04/05/22
0.00
0.00
2.00
4.00
6.00
8.00
Duration
10.00
12.00
14.00
16.00
Источник: Bloomberg, данные компаний, оценки Универ Капитал
©2014 ООО «Универ Капитал»
4
EUROBONDS WEEKLY
September 22, 2014
Russian Eurobonds Watch List
8.5
9
The yield of GMKNRM 4 3/8 04/30/18 has
potential to drop by 35-40 bps.
8
8
7.5
7
6.5
YTM
YTM
7
6
6
5
5.5
4
5
4.5
ноя 13
фев 14
май 14
авг 14
SIBNEF 4 3/8 09/19/22
LUKOIL 6.656 06/07/22
ROSNRM 4.199 03/06/22
LUKOIL 6.656 06/07/22
SBERRU 6 1/8 02/07/22
VTB 6.95 10/17/22
3
ноя 13
фев 14
май 14
авг 14
VEBBNK 6.025 07/05/22
SBERRU 6 1/8 02/07/22
SIBNEF 4 3/8 09/19/22
ROSNRM 4.199 03/06/22
GPBRU 3.984 10/30/18
GMKNRM 4 3/8 04/30/18
Источник: Bloomberg, данные компаний, оценки Универ Капитал
©2014 ООО «Универ Капитал»
5
EUROBONDS WEEKLY
September 22, 2014
Russian Eurobonds Watch List
LUKOIL 6.656 06/07/22 - ROSNRM 4.199 03/06/22
SBERRU 6 1/8 02/07/22 - VTB 6.95 10/17/22
2500
0
-20
2000
-40
1500
SIBNEF 4 3/8 09/19/22 - ROSNRM 4.199 03/06/22
700
600
500
400
-60
300
1000
-80
500
-100
0
03.2014
-120
06.2014
Pri ce Spre ad
200
100
0
09.2013
Z-spread Delta (п.ш.)
0
2000
1500
1000
500
Z-spread delta (п.ш.)
250
20
-40
200
10
-60
150
-80
100
-100
50
-120
0
-140
-50
-160
-100
-40
-180
-150
-50
-200
-200
03.2014
09.2014
Z-spread delta (п.ш.)
08.2014
0
-10
-20
-30
-60
06.2014
Pri ce spread
Z-spread Delta (п.ш.)
GPBRU 3.984 10/30/18 - GMKNRM 4 3/8 04/30/18
0
160
400
80
-100
140
300
60
-20
-200
120
200
40
-30
-300
-40
-400
-50
-500
100
80
20
100
0
0
-20
-100
60
-600
40
-40
-200
-60
-70
-700
-80
-800
20
-400
-100
-90
-900
0
-500
-120
-20
-600
03.2014
-100
Pri ce spread
30
-20
-10
-60
05.2014
06.2014
300
VEBBNK 6.025 07/05/22 - SBERRU 6 1/8 02/07/22
2500
02.2014
03.2014
Pri ce Spre ad
SIBNEF 4 3/8 09/19/22 - LUKOIL 6.656 06/07/22
0
11.2013
12.2013
0
-1000
09.2013
12.2013
03.2014
Ряд1
06.2014
Z-spread delta (п.ш.)
09.2014
-300
-80
-140
06.2014
Pri ce Spre ad
Z-Spread Delta (п.ш.)
Источник: Bloomberg, данные компаний, оценки Универ Капитал
©2014 ООО «Универ Капитал»
6
EUROBONDS WEEKLY
Issuer
Bond Name
September 22, 2014
Russian Eurobonds Financials
Price
Price Chg
Yield
Yield Chg
5D, %
Duration
Z spread
Issued Date
Price Date
Currency
5D, bp
Ratings
Country
Quantity
Industry
ISIN
S/F/M
ALFA BANK
ALFARU 7 1/2 09/26/19
99.73
0.469
7.57
-11.29
4.11
555.19
26.09.2012
22.09.2014
USD
BB-/BB+/Ba3
RU
750000000
Financial
XS0832412505
ALFA BANK
ALFARU 7 3/4 04/28/21
102.349
0.146
7.29
-2.91
5.14
499.38
28.04.2011
22.09.2014
USD
BB+/BBB-/Ba1
RU
1000000000
Financial
XS0620695204
CREDIT BANK OF M CRBKMO 7.7 02/01/18
97.944
1.630
8.41
-55.43
2.98
672.91
01.02.2013
22.09.2014
USD
BB-/BB/B1
RU
500000000
Financial
XS0879105558
CREDIT BANK OF M CRBKMO 8.7 11/13/18
90.955
0.182
11.50
-4.24
3.41
950.15
13.05.2013
22.09.2014
USD
-/BB-/NR
RU
500000000
Financial
XS0924078453
95.31
0.899
5.28
-23.75
3.71
478.48
30.10.2013
22.09.2014
EUR
BBB-/BBB-/Baa3
RU
1000000000
Financial
XS0987109658
GAZPROMBANK
GPBRU 3.984 10/30/18
GAZPROMBANK
GPBRU 7.496 12/28/23
95.06
0.609
8.91
38.59
3.64
704.42
30.09.2013
22.09.2014
USD
-/BB-/NR
RU
750000000
Financial
XS0975320879
HCFB LLC
HCFBRU 9 3/8 04/24/20
87.726
0.360
13.83
131.05
2.96
1 192.15
24.10.2012
22.09.2014
USD
-/BB-/B1
RU
500000000
Financial
XS0846652666
HCFB LLC
HCFBRU 10 1/2 04/19/21
87.965
-1.238
13.30
28.36
4.55
1 090.28
17.10.2013
22.09.2014
USD
-/BB-/NR
RU
200000000
Financial
XS0981028177
NOMOS BANK
NMOSRM 7 1/4 04/25/18
96.776
0.101
8.31
-2.71
3.12
656.96
25.04.2013
22.09.2014
USD
-/WD/Ba3
RU
500000000
Financial
XS0923110232
PROMSVYAZBK
PROMBK 8 1/2 04/25/17
102.429
0.124
7.44
-5.98
2.30
613.68
25.04.2012
22.09.2014
USD
-/BB-/Ba3 /*-
RU
400000000
Financial
XS0775984213
SBERBANK
SBERRU 6 1/8 02/07/22
101.297
1.191
5.90
-20.19
6.00
349.98
07.02.2012
22.09.2014
USD
-/BBB/Baa1
RU
1500000000
Financial
XS0743596040
SBERBANK
SBERRU 5 1/8 10/29/22
91.648
1.006
6.47
-15.25
6.51
394.69
29.10.2012
22.09.2014
USD
-/BBB-/Baa3
RU
2000000000
Financial
XS0848530977
SBERBANK
SBERRU 5 1/4 05/23/23
89.253
0.463
6.92
-6.56
6.82
435.41
23.05.2013
22.09.2014
USD
-/BBB-/-
RU
1000000000
Financial
XS0935311240
VEB FINANCE PLC
VEBBNK 6.025 07/05/22
95.284
0.909
6.81
-14.72
6.20
433.52
05.07.2012
22.09.2014
USD
BBB-/BBB/-
RU
1000000000
Financial
XS0800817073
VEB FINANCE PLC
VEBBNK 5.942 11/21/23
93.236
0.958
6.95
-13.70
6.96
435.23
21.11.2013
22.09.2014
USD
BBB-/BBB/-
RU
1150000000
Financial
XS0993162683
VEB FINANCE PLC
VEBBNK 6.8 11/22/25
97.275
1.069
7.16
-13.82
7.76
441.31
22.11.2010
22.09.2014
USD
BBB-/BBB/-
RU
1000000000
Financial
XS0559915961
VTB BANK
VTB 6.551 10/13/20
101.137
0.166
6.32
-3.39
4.95
409.32
13.10.2010
22.09.2014
USD
BBB-/WD/Baa2
RU
1000000000
Financial
XS0548633659
VTB BANK
VTB 6 1/4 06/30/35
101.598
-0.070
6.11
0.59
11.81
304.18
30.06.2005
22.09.2014
USD
BBB-/WD/Baa2
RU
1000000000
Financial
XS0223715920
VTB BANK
VTB 6.95 10/17/22
96.512
0.395
7.53
-6.38
6.08
505.22
17.10.2012
22.09.2014
USD
BB+/WD/Ba1
RU
1500000000
Financial
XS0842078536
Источник: Bloomberg, данные компаний, оценки Универ Капитал
©2014 ООО «Универ Капитал»
7
EUROBONDS WEEKLY
September 22, 2014
Russian Eurobonds Financials
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
Источник: Bloomberg, данные компаний, оценки Универ Капитал
©2014 ООО «Универ Капитал»
8
EUROBONDS WEEKLY
Issuer
Bond Name
September 22, 2014
Russian Eurobonds Non-Financials
Price
Price Chg
Yield
5D, %
Yield Chg
Duration
Z spread
Issued Date
Price Date
Currency
Ratings
5D, bp
Country
Quantity
Industry
ISIN
1000000000 Basic Materials XS0555493203
S/F/M
ALROSA FINANCE
ALRSRU 7 3/4 11/03/20
103.471
-0.014
7.04
0.14
4.86
485.18
03.11.2010
22.09.2014
USD
BB-/BB/Ba3
RU
BORETS FIN
BORFIN 7 5/8 09/26/18
98.877
0.319
7.96
-9.12
3.39
608.56
26.09.2013
22.09.2014
USD
BB/-/B1
RU
420000000
Energy
XS0974469206
BRUNSWICK RAIL
RBNRL 6 1/2 11/01/17
93.861
0.021
8.80
0.56
2.77
724.52
01.11.2012
22.09.2014
USD
BB-/-/Ba3
RU
600000000
Industrial
XS0850393264
EDC FINANCE LTD
EDCLLI 4 7/8 04/17/20
91.837
0.377
6.65
-7.33
4.79
446.74
17.04.2013
22.09.2014
USD
BB+/BB/-
RU
600000000
Energy
XS0918604496
EVRAZ GROUP SA
EVRAZ 7.4 04/24/17
100.145
0.648
7.33
-27.74
2.33
605.56
24.04.2012
22.09.2014
USD
B+/BB-/B1
RU
600000000 Basic Materials XS0652913558
EVRAZ GROUP SA
EVRAZ 6 3/4 04/27/18
96.04
1.129
8.04
-35.22
3.15
639.63
27.04.2011
22.09.2014
USD
B+/BB-/B1
RU
850000000 Basic Materials XS0618905219
EVRAZ GROUP SA
EVRAZ 9 1/2 04/24/18
104.766
0.928
7.94
-31.18
3.02
633.07
24.04.2008
22.09.2014
USD
B+/BB-/B1
RU
700000000 Basic Materials XS0359381331
EVRAZ GROUP SA
EVRAZ 6 1/2 04/22/20
91.838
1.770
8.36
-38.07
4.59
623.12
22.04.2013
22.09.2014
USD
B+/BB-/-
RU
1000000000 Basic Materials XS0808638612
FAR EAST CPL LTD FESHRU 8 05/02/18
66.221
-5.731
22.06
215.99
2.95
2 003.82
02.05.2013
22.09.2014
USD
BB-/B+/-
RU
550000000
Industrial
XS0920334900
FAR EAST CPL LTD FESHRU 8 3/4 05/02/20
65.659
-6.073
18.95
162.02
4.04
1 634.01
02.05.2013
22.09.2014
USD
BB-/B+/-
RU
325000000
Industrial
XS0920335030
GAZPROM
GAZPRU 4.95 07/19/22
94.351
0.911
5.86
-14.09
6.47
338.12
19.07.2012
22.09.2014
USD
BBB/BBB/Baa1
RU
1000000000
Energy
XS0805570354
GAZPROM
GAZPRU 6.51 03/07/22
102.499
0.351
6.09
-6.08
6.02
368.31
07.03.2007
22.09.2014
USD
BBB/BBB/Baa1
RU
1300000000
Energy
XS0290580595
GAZPROM
GAZPRU 4.95 02/06/28
88.346
2.238
6.25
-23.52
9.61
334.05
06.02.2013
22.09.2014
USD
BBB/BBB/Baa1
RU
900000000
Energy
XS0885736925
GAZPROM
GAZPRU 8 5/8 04/28/34
116.905
1.107
7.02
-10.93
10.19
402.65
28.04.2004
22.09.2014
USD
BBB/BBB/Baa1
RU
1200000000
Energy
XS0191754729
GAZPROM
GAZPRU 7.288 08/16/37
106.307
2.020
6.74
-17.64
11.71
366.97
16.08.2007
22.09.2014
USD
BBB/BBB/Baa1
RU
1250000000
Energy
XS0316524130
GAZPROM NEFT
SIBNEF 4 3/8 09/19/22
86.501
0.661
6.58
-9.68
6.71
406.13
19.09.2012
22.09.2014
USD
BBB-/BBB/Baa2
RU
1500000000
Energy
XS0830192711
GAZPROM NEFT
SIBNEF 6 11/27/23
94.685
0.377
6.79
-5.34
6.98
419.08
27.11.2013
22.09.2014
USD
BBB-/BBB/Baa2
RU
1500000000
Energy
XS0997544860
LUKOIL INTL FIN
LUKOIL 6.656 06/07/22
102.942
0.602
6.17
-10.09
6.06
373.54
07.06.2007
22.09.2014
USD
BBB/BBB/Baa2
RU
500000000
Energy
XS0304274599
LUKOIL INTL FIN
LUKOIL 4.563 04/24/23
90.62
0.332
5.98
-4.53
6.96
340.98
24.04.2013
22.09.2014
USD
BBB/BBB/Baa2
RU
1500000000
Energy
XS0919504562
METALLOINVEST FI METINR 5 5/8 04/17/20
92.525
1.464
7.28
-30.68
4.69
511.96
17.04.2013
22.09.2014
USD
BB-/BB-/Ba2
RU
1000000000 Basic Materials XS0918297382
MMC NOR VIA MMC GMKNRM 5.55 10/28/20
99.914
0.277
5.57
-5.39
5.14
333.85
28.10.2013
22.09.2014
USD
BBB-/BB+/Baa2
RU
1000000000 Basic Materials XS0982861287
97.32
0.537
7.23
-16.39
3.20
551.63
07.05.2013
22.09.2014
USD
-/BB-/Ba3
RU
87.449
0.986
6.41
-14.32
6.78
387.81
13.12.2012
22.09.2014
USD
BBB-/BBB-/Baa3
RU
96.794
0.632
5.70
-14.13
4.37
364.30
26.09.2012
22.09.2014
USD
BB+/BBB-/Baa3
RU
NORD GOLD NV
NORDLI 6 3/8 05/07/18
NOVATEK OAO
NVTKRM 4.422 12/13/22
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
96.7
0.128
6.33
-2.48
4.75
417.07
29.04.2013
22.09.2014
USD
BB+/BBB-/-
RU
ROSNEFT OIL CO
ROSNRM 4.199 03/06/22
86.14
1.578
6.58
-24.82
6.36
413.44
06.12.2012
22.09.2014
USD
BBB/BBB-/Baa1
RU
2000000000
750000000 Basic Materials XS0922301717
Energy
XS0861981180
RZD CAPITAL PLC
RURAIL 5.7 04/05/22
99.15
0.276
5.84
-4.50
6.05
341.69
05.04.2012
22.09.2014
USD
BBB/BBB/Baa1
RU
1400000000
Industrial
XS0764220017
SCF CAPITAL LTD
SCFRU 5 3/8 10/27/17
96.536
-0.149
6.63
6.07
2.82
508.40
27.10.2010
22.09.2014
USD
-/BB-/Ba3
RU
800000000
Industrial
XS0552679879
SEVERSTAL OAO
CHMFRU 5.9 10/17/22
95.43
0.408
6.64
-6.33
6.32
415.46
17.10.2012
22.09.2014
USD
BB+/BB/Ba1
RU
750000000 Basic Materials XS0841671000
Источник: Bloomberg, данные компаний, оценки Универ Капитал
©2014 ООО «Универ Капитал»
9
EUROBONDS WEEKLY
September 22, 2014
Russian Eurobonds Non-Financials
25.00
FESHRU 8 05/02/18
20.00
FESHRU 8 3/4 05/02/20
15.00
Yield
GAZPRU 6.51 03/07/22
RURAIL 5.7 04/05/22
EDCLLI 4 7/8 04/17/20
EVRAZ 6 3/4 04/27/18
CHMFRU 5.9 10/17/22
ROSNRM 4.199 03/06/22
BORFIN 7 5/8 09/26/18
10.00
RBNRL 6 1/2 11/01/17
EVRAZ 9 1/2 04/24/18
EVRAZ 7.4 04/24/17
NORDLI 6 3/8 05/07/18
SCFRU 5 3/8 10/27/17
5.00
EVRAZ 6 1/2 04/22/20
METINR 5 5/8 04/17/20
ALRSRU 7 3/4 11/03/20
SIBNEF 4 3/8 09/19/22
GAZPRU 8 5/8 04/28/34
SIBNEF 6 11/27/23
LUKOIL 6.656 06/07/22
PGILLN 5 5/8 04/29/20
NLMKRU 4.95 09/26/19
GMKNRM 5.55 10/28/20
RUSSIA 7 1/2 03/31/30
RUSSIA 5 04/29/20
RUSSIA 3 1/2 01/16/19
RUSSIA 11 07/24/18
RUSSIA 12 3/4 06/24/28
GAZPRU 7.288 08/16/37
RUSSIA 5 7/8 09/16/43
GAZPRU 4.95 02/06/28
RUSSIA 5 5/8 04/04/42
RUSSIA 4 7/8 09/16/23
RUSSIA 4 1/2 04/04/22
NVTKRM 4.422 12/13/22
RUSSIA 3 1/4 04/04/17
LUKOIL 4.563 04/24/23
RUSSIA 3 5/8 04/29/15
GAZPRU 4.95 07/19/22
0.00
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
Duration
Источник: Bloomberg, данные компаний, оценки Универ Капитал
©2014 ООО «Универ Капитал»
10
EUROBONDS WEEKLY
Issuer
Bond Name
Price
September 22, 2014
Russian Eurobonds Non-Investment Grade
Price Chg
Yield
5D, %
Yield Chg
Duration
Z spread
Issued Date
Price Date
Currency
Ratings
5D, bp
Country
Quantity
Industry
ISIN
S/F/M
ALLIANCE OIL CO
VOSTOK 7 05/04/20
83.204
0.111
11.10
-1.31
4.49
886.70
03.05.2013
22.09.2014
USD
B /*/B/-
RU
500000000
Energy
XS0925043100
CB RENCAP
RCCF 13 1/2 06/21/18
89.760
3.099
17.31
-108.344
2.91
1 457.78
21.12.2012
22.09.2014
USD
-/WD/B3
RU
150000000
Financial
XS0869792928
CB RENCAP
RCCF 7 3/4 05/31/16
89.016
-0.457
15.39
38.78
1.56
1 381.89
31.05.2013
22.09.2014
USD
B+/WD/B2
RU
350000000
Financial
XS0938341780
CB RENCAP
RCCF 13 1/2 05/22/19
85.063
0.001
18.39
1.58
3.33
1 649.09
22.11.2013
15.09.2014
USD
-/-/-
RU
100000000
Financial
XS0996297544
KOKS OAO
KOKSRU 7 3/4 06/23/16
92.953
-0.677
12.34
47.62
1.63
1 081.57
23.06.2011
22.09.2014
USD
CCC+/-/B3
RU
350000000 Basic Materials XS0640334768
NOMOS BANK
NMOSRM 10 12/17/19
98.125
-0.507
10.47
12.86
4.08
844.98
06.06.2013
22.09.2014
USD
-/B+/B1
RU
300000000
Financial
XS0940730228
BANK OTKRITIE
NMOSRM 10 04/26/19
98.464
-0.669
10.42
18.82
3.63
845.49
26.04.2012
22.09.2014
USD
-/B+/B1
RU
500000000
Financial
XS0776121062
OAO TMK
TRUBRU 6 3/4 04/03/20
90.877
0.619
8.87
-13.13
4.49
674.36
03.04.2013
22.09.2014
USD
B+/-/B1
RU
500000000
Industrial
XS0911599701
OJSC RASPADSKAYARASPAD 7 3/4 04/27/17
94.959
0.239
10.00
-8.77
2.31
845.01
27.04.2012
22.09.2014
USD
-/B+/B2
RU
400000000
Energy
XS0772835285
OJSC RUSS AGRIC RSHB 8 1/2 10/16/23
95.601
0.621
9.23
-9.91
6.19
662.65
16.10.2013
22.09.2014
USD
-/-/NR
RU
500000000
Financial
XS0979891925
PROMSVYAZBK
94.967
-0.148
11.52
4.29
3.92
941.74
06.11.2012
22.09.2014
USD
-/B+/B1
RU
600000000
Financial
XS0851672435
RENAISSANCE SEC RENSEC 11 04/21/16
PROMBK 10.2 11/06/19
95.742
-3.171
14.10
231.926
1.42
1 184.79
21.04.2011
22.09.2014
USD
B/B/B3
RU
325000000
Financial
XS0616784509
RUSSIAN STAND BK RUSB 9 1/4 07/11/17
96.750
-0.407
13.65
321.81
0.77
1 207.90
11.07.2012
22.09.2014
USD
B+/B+/B2
RU
525000000
Financial
XS0802648955
RUSSIAN STAND BK RUSB 10 3/4 04/10/18
89.324
1.910
14.72
-65.39
2.85
1 276.23
10.10.2012
22.09.2014
USD
B-/B/B3
RU
350000000
Financial
XS0841677387
VTB BANK
94.927
-0.252
10.43
-6.86
5.64
799.02
06.08.2012
22.09.2014
USD
-/-/NR
RU
2250000000
Financial
XS0810596832
VTB 9 1/2 12/29/49
Источник: Bloomberg, данные компаний, оценки Универ Капитал
©2014 ООО «Универ Капитал»
11
EUROBONDS WEEKLY
September 22, 2014
Russian Eurobonds Non-Investment Grade
16.00
HCFBRU 9 3/8 04/24/20
14.00
HCFBRU 10 1/2 04/19/21
12.00
CRBKMO 8.7 11/13/18
10.00
GPBRU 7.496 12/28/23
Yield
CRBKMO 7.7 02/01/18
NMOSRM 7 1/4 04/25/18
8.00
ALFARU 7 1/2 09/26/19
ALFARU 7 3/4 04/28/21
VEBBNK 5.942 11/21/23
SBERRU 5 1/4 05/23/23
PROMBK 8 1/2 04/25/17
VEBBNK 6.025 07/05/22
SBERRU 5 1/8 10/29/22
6.00
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
Источник: Bloomberg, данные компаний, оценки Универ Капитал
©2014 ООО «Универ Капитал»
12
EUROBONDS WEEKLY
Issuer
Bond Name
September 22, 2014
CIS Eurobonds
Price
Price Chg
Yield
5D, %
Yield Chg
Duration
Z spread
Issued Date
Price Date
Currency
Ratings
5D, bp
Country
Quantity
Industry
ISIN
S/F/M
ALLIANCE BANK
ALLIBK 10 1/2 03/25/17
59.309
0.524
36.74
-497.59
2.18
3 339.78
25.03.2010
22.09.2014
USD
CCC/C/Cau
KZ
615138114
Financial
XS0495755562
ATF BANK
ATFBP 9 05/11/16
101.714
-0.436
7.85
27.73
1.50
680.79
11.05.2006
22.09.2014
USD
NR/B-/Caa2
KZ
350000000
Financial
XS0253723281
BTA BANK JSC
BTASKZ 0 06/30/20
13.438
0.000
36.38
12.77
5.76
-
25.08.2010
22.09.2014
USD
-/-/-
KZ
5221494216
Financial
XS0532995049
BTA BANK JSC
BTASKZ 3.7 07/01/21
16.500
0.000
39.37
17.25
4.82
-
26.08.2010
22.09.2014
USD
-/WD/WR
KZ
384848130
Financial
XS0532989828
CITY OF KYIV
CITKIE 8 11/06/15
77.427
-2.891
33.93
353.30
1.05
2 978.21
08.11.2005
22.09.2014
USD
B-/B-/Caa1
UA
250000000
Government
XS0233620235
CITY OF KYIV
CITKIE 9 3/8 07/11/16
78.461
-1.417
24.94
109.77
1.64
2 335.00
11.07.2011
22.09.2014
USD
B-/B-/Caa1
UA
300000000
Government
XS0644750027
DTEK FINANCE
DTEKUA 7 7/8 04/04/18
64.775
1.608
22.99
-50.73
2.87
2 073.98
04.04.2013
22.09.2014
USD
-/B-/Caa1
UA
750000000
Financial
USG2941DAA03
FERREXPO FINANCEFXPOLN 7 7/8 04/07/16
91.670
-1.164
14.10
91.75
1.42
1 268.69
07.04.2011
22.09.2014
USD
B-/B-/Caa1
UA
500000000 Basic Materials XS0614325586
FINANCING INFRAS UKRINF 9 12/07/17
83.415
-4.356
15.78
172.34
2.73
1 415.40
07.12.2012
22.09.2014
USD
-/-/(P)Caa1
UA
550000000
Government
XS0862476230
FINANCING INFRAS UKRINF 8 3/8 11/03/17
86.157
-1.331
14.02
54.57
2.67
1 230.26
03.11.2010
18.09.2014
USD
-/-/Caa1
UA
568000000
Government
XS0556327822
82.319
-3.097
13.84
108.78
3.04
1 204.42
21.04.2011
19.09.2014
USD
-/-/Caa1
UA
690000000
Government
XS0619856460
4.97
929.34
30.06.2010
22.09.2014
USD
B-/NR/-
KZ
60750000
Financial
USY8584LAA18
-0.74
2.00
568.81
29.11.2006
22.09.2014
USD
B/B/Caa1
KZ
500000000
Financial
XS0276707923
FINANCING INFRAS UKRINF 7.4 04/20/18
JSC TEMIRBANK
TEMIR 14 06/30/22
110.273 -
KAZKOMMERTSBANKKKB 7 1/2 11/29/16
101.214
KAZKOMMERTSBANKKKB 8 1/2 05/11/18
11.92 0.006
6.88
101.356
0.187
8.06
-6.19
3.11
630.06
11.05.2011
22.09.2014
USD
B/B/Caa1
KZ
300000000
Financial
XS0625516157
KAZKOMMERTSBANKKKB 9.2 11/29/49
81.494
-0.269
29.71
63.18
1.05
2 837.97
09.11.2005
22.09.2014
USD
CCC-/CCC/Caa3
KZ
100000000
Financial
XS0234398245
METINVEST
METINV 10 1/4 05/20/15
78.274
0.031
53.69
128.18
0.62
5 042.60
20.05.2010
22.09.2014
USD
-/B-/Caa1
UA
500000000 Basic Materials XS0511379066
METINVEST
METINV 8 3/4 02/14/18
70.25
-0.319
21.56
18.15
2.88
1 961.92
14.02.2011
22.09.2014
USD
-/B-/Caa1
UA
750000000 Basic Materials XS0591549232
MHP SA
MHPSA 8 1/4 04/02/20
85.835
-0.727
11.81
18.39
4.26
957.49
02.04.2013
22.09.2014
USD
B-/B-/-
UA
750000000
Consumer
USL6366MAC75
MRIYA AGRO HLDG MRIYA 9.45 04/19/18
30.150
-3.523
64.77
271.85
2.23
5 928.93
19.04.2013
22.09.2014
USD
B-/B-/-
UA
400000000
Consumer
XS0916902256
OSCHADBANK
OSCHAD 8 7/8 03/20/18
77.875
-2.044
17.64
78.18
3.00
1 585.58
20.03.2013
22.09.2014
USD
-/B-/Caa1
UA
500000000
Financial
XS0906434872
PRIVATBANK
PRBANK 10 7/8 02/28/18
77.506
-0.314
20.29
16.02
2.85
1 794.74
28.02.2013
22.09.2014
USD
-/B-/Caa1
UA
175000000
Financial
XS0896890315
UKRAINE GOVT
UKRAIN 9 1/4 07/24/17
89.029
-2.846
14.07
123.31
2.50
1 268.26
24.07.2012
22.09.2014
USD
B-/B-/Caa1
UA
2600000000
Government
XS0808758196
UKRAINE GOVT
UKRAIN 6 3/4 11/14/17
85.959
-2.035
12.27
78.91
2.78
1 071.88
14.11.2007
22.09.2014
USD
B-/B-/Caa1
UA
700000000
Government
XS0330776617
UKRAINE GOVT
UKRAIN 7 3/4 09/23/20
86.495
-1.663
10.87
37.43
4.81
864.91
23.09.2010
22.09.2014
USD
B-/B-/Caa1
UA
1500000000
Government
XS0543783194
UKRAINE GOVT
UKRAIN 7.95 02/23/21
86.702
-2.074
10.88
44.27
5.00
859.12
23.02.2011
22.09.2014
USD
B-/B-/Caa1
UA
1500000000
Government
XS0594390816
UKRAINE GOVT
UKRAIN 7.8 11/28/22
86.918
-0.281
10.19
5.32
5.86
773.21
28.11.2012
22.09.2014
USD
B-/B-/Caa1
UA
2250000000
Government
XS0858358236
UKRAINE GOVT
UKRAIN 7 1/2 04/17/23
84.432
-0.979
10.28
16.99
6.02
774.84
17.04.2013
22.09.2014
USD
B-/B-/Caa1
UA
1250000000
Government
XS0917605841
UKREXIMBANK
EXIMUK 8 3/8 04/27/15
85.028
-2.126
39.13
521.09
0.57
3 687.63
27.04.2010
22.09.2014
USD
-/B-/Caa1
UA
750000000
Government
XS0503737461
Источник: Bloomberg, данные компаний, оценки Универ Капитал
©2014 ООО «Универ Капитал»
13
EUROBONDS WEEKLY
Issuer
Bond Name
Price
September 22, 2014
CIS Eurobonds (cont’d)
Price Chg
Yield
5D, %
Yield Chg
Duration
Z spread
Issued Date
Price Date
Currency
Ratings
5D, bp
Country
Quantity
Industry
ISIN
S/F/M
UKRLANDFARMING UKRLAN 10 7/8 03/26/18
74.068
-0.744
21.85
33.83
2.71
1 981.31
26.03.2013
22.09.2014
USD
B-/B-/-
UA
500000000
Consumer
XS0908502452
UZ RAIL SHORTLIN RAILUA 9 1/2 05/21/18
76.522
-2.597
18.62
96.30
2.97
1 680.81
21.05.2013
22.09.2014
USD
B-/B-/-
UA
500000000
Industrial
XS0934134312
Источник: Bloomberg, данные компаний, оценки Универ Капитал
©2014 ООО «Универ Капитал»
14
EUROBONDS WEEKLY
September 22, 2014
CIS Eurobonds
70.00
MRIYA 9.45 04/19/18
60.00
METINV 10 1/4 05/20/15
50.00
EXIMUK 8 3/8 04/27/15
40.00
BTASKZ 3.7 07/01/21
Yield
BTASKZ 0 06/30/20
CITKIE 8 11/06/15
30.00
KKB 9.2 11/29/49
CITKIE 9 3/8 07/11/16
DTEKUA 7 7/8 04/04/18
UKRLAN 10 7/8 03/26/18
20.00
PRBANK 10 7/8 02/28/18
METINV 8 3/4 02/14/18
RAILUA 9 1/2 05/21/18
UKRINF 9 12/07/17
OSCHAD 8 7/8 03/20/18
UKRINF 8 3/8 11/03/17
UKRINF 7.4 04/20/18
FXPOLN 7 7/8 04/07/16
MHPSA 8 1/4 04/02/20
UKRAIN 9 1/4 07/24/17
UKRAIN 6 3/4 11/14/17
10.00
ATFBP 9 05/11/16
UKRAIN 7 3/4 09/23/20
KKB 8 1/2 05/11/18
KKB 7 1/2 11/29/16
TEMIR 14 06/30/22
UKRAIN 7.8 11/28/22
UKRAIN 7.95 02/23/21
UKRAIN 7 1/2 04/17/23
0.00
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
Duration
Источник: Bloomberg, данные компаний, оценки Универ Капитал
©2014 ООО «Универ Капитал»
15
Оценка российского рынка по коэффициентам
EUROBONDS WEEKLY
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