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EUROBONDS WEEKLY
December 1, 2014
Eurobond Market Outlook
World & Russian Indexes and currencies
World Market
Russian Market
Last week OPEC’s decision to keep production unchanged made oil
prices fell sharply and this week the Brent price continues to drop
below $70 a burrell. Prices have now fallen for five straight months,
in a run that hasn’t been seen since the 2008 financial crisis. Oil
prices could fall as low as $60 a barrel in the near term. The
commodity-based currencies such as AUD, NOK and RUB
depreciated against major currencies of developed countries.
Russian investors reacted to the oil prices drop on Friday by selling
the national currency. The Russian ruble dropped to a new all-time
low against the U.S. dollar on Friday while other oil-related
currencies also got crushed a day after the Organization of the
Petroleum Exporting Countries did nothing to alleviate an oil glut.
60
Swiss voters during the referendum at the weekend rejected a
measure that would required Switzerland’s national bank to
seriously increase its gold holdings resulting in the gold price
remains below $1200 an once.
Chinese PMI manufacturing index published over the weekend
slipped to 50.3 from 50.8. Falling oil prices and a worse-thanexpected slowdown in Chinese manufacturing activity sent stocks
sharply lower in Hong Kong and Australia, while Japan provided a
haven for the region’s investors.
European stocks fall Monday, with shares of natural-resource
producers struggling after soft economic data from China and a fresh
selloff in oil prices.
Issuer
MMC NOR VIA
Bond Name
Price
YTM
GMKNRM 4 3/8 04/30/18
96.508
5.51
MMC
Ratings
In Russia, import substitution and state-sponsored spending have so
far helped smooth the impact of external sanctions and oil price
drop, but this can hardly steer the economy away from recession.
The CPI may hit the level of 9.5% YoY in 1Q15 even if oil prices
stabilise around $80 a burrell, but now the Urals is floating around
$70 a burrell and inflation expectations are increasing.
Russian Eurobonds’ market suffered a heavy selloff on Friday as the
slump in oil towards $70 a barrel raised fears about the
creditworthiness of many exporters. Russian yield spreads to U.S.
Treasuries widened 10 bps to three-year highs. Rosneft’s issues fell
near 1.0 pp in price, SIBNEF-23 dropped by 0.7 pp in price, so did the
LUKOIL curve that slipped 0.5-0.9 pp in price. The least vulnerable
were the Gazprom’s notes declining just 0.3-0.5 pp in price.
40
30
20
10
0
11.2013
SIBNEF 4 3/8 09/19/22
82.135
7.44
02.2014
BBB-/BBB-/Baa2 The y ield of GMKNRM 4 3/8 04/30/18 decreased by 32 bps ov er the last w eek
08.2014
11.2014
USD Index (п.ш.)
2200
2000
1800
1600
1400
1200
1000
11.2013
02.2014
05.2014
MICEX
Wor ld Indices
Dow Jones
S&P 500
08.2014
RTS
11.2014
S&P 5 00
Close
1D, %
1M, %
Y-t-D, %
17828.24
+0.00 %
+2.52 %
+7.55 %
2068
-0.25 %
+2.45 %
+11.86 %
4791.63
+0.09 %
+3.47 %
+14.73 %
Mex ico Bolsa
44190.47
-1.12 %
-1.86 %
+3.43 %
Brazilian Bovespa
54664.36
-0.10 %
+0.07 %
+6.13 %
9809
-3.11 %
-10.99 %
+81.94 %
Nasdaq
Recommendations
05.2014
RUB basket
Argentina Merval
but still has potential drop by 45-50 bps in the short-term giv en that the Federal
FTSE
6670.1
-0.78 %
+1.89 %
-1.17 %
Subsoil Resources Management Agency issued the license to Norilsk Nickel on
DAX
9941.84
-0.39 %
+6.59 %
+4.08 %
dev eloping three sulfide copper-nickel ore deposits in Krasnoy arsk Region.
CAC
4369.13
-0.48 %
+3.21 %
+1.70 %
NIKKEI
17590.1
+0.75 %
+7.17 %
+7.97 %
23367.45
-2.59 %
-2.63 %
+0.26 %
Korea Composite
1965.22
-0.79 %
+0.04 %
-2.29 %
MSCI EM
1004.72
-0.78 %
-1.12 %
+0.20 %
941.22
-3.39 %
-13.76 %
-34.76 %
1570.37
+2.39 %
+5.50 %
+4.41 %
Hang Seng
GAZPROM NEFT
90
88
86
84
82
80
78
76
74
50
BBB-/BBB/Baa2 The y ield of SIBNEF 4 3/09/22 dropped 47 bps ov er last w eek dispite that
Gazprom Neft has signed a number of agreements w ith Vietnamese oil
companies in the presence of Russian President Vladimir Putin and the General
Secretary of the Communist Party of Vietnam, Nguy en Phu Trong. This new s is
positiv e so w e ex pect that the bond's y ield w ill drop by 50-60 bps.
RTS
MICEX
Источник: Bloomberg, данные компаний, оценки Универ Капитал
©2014 ООО «УНИВЕР Капитал»
1
EUROBONDS WEEKLY
Issuer
Bond Name
December 1, 2014
Russian Eurobonds Watch List
Price
Price Chg
Yield
Yield Chg
5D, %
Duration
Z spread
Issued Date
5D, bp
Payment
Currency
Rank
Ratings
Country
Quantity
Industry
ISIN
S/F/M
RUSSIA-EUROBOND RUSSIA 3 5/8 04/29/15
100.353
-0.251
2.74
55.56
0.41
196.62
29.04.2010
Sr Unsecured
USD
BBB-/BBB/Baa2
RU
2000000000 Government
XS0504954180
RUSSIA-EUROBOND RUSSIA 3 1/4 04/04/17
99.458
-0.642
3.49
28.85
2.26
253.86
04.04.2012
Sr Unsecured
USD
BBB-/BBB/Baa2
RU
2000000000 Government
XS0767469827
121.545
-1.053
4.51
31.29
3.06
313.23
24.07.1998
Sr Unsecured
USD
BBB-/BBB/Baa2
RU
3466398000 Government
XS0089375249
RUSSIA-EUROBOND RUSSIA 3 1/2 01/16/19
95.620
-1.517
4.68
40.78
3.81
317.35
16.09.2013
Sr Unsecured
USD
BBB-/BBB/Baa2
RU
1500000000 Government
XS0971721377
RUSSIA-EUROBOND RUSSIA 5 04/29/20
99.143
-1.937
5.18
41.62
4.78
344.30
29.04.2010
Sr Unsecured
USD
BBB-/BBB/Baa2
RU
3500000000 Government
XS0504954347
RUSSIA-EUROBOND RUSSIA 4 1/2 04/04/22
94.001
-2.363
5.50
39.11
6.24
344.94
04.04.2012
Sr Unsecured
USD
BBB-/BBB/Baa2
RU
2000000000 Government
XS0767472458
RUSSIA-EUROBOND RUSSIA 4 7/8 09/16/23
94.778
-2.597
5.64
37.54
7.12
344.22
16.09.2013
Sr Unsecured
USD
BBB-/BBB/Baa2
RU
3000000000 Government
XS0971721450
RUSSIA-EUROBOND RUSSIA 12 3/4 06/24/28
155.988
-2.790
6.48
35.50
7.81
410.11
24.06.1998
Sr Unsecured
USD
BBB-/BBB/Baa2
RU
2500000000 Government
XS0088543193
RUSSIA-EUROBOND RUSSIA 7 1/2 03/31/30
108.602
-2.464
5.56
55.87
4.44
373.89
25.08.2000
Sr Unsecured
USD
BBB-/BBB/Baa2
RU
21218176656 Government
XS0114288789
RUSSIA-EUROBOND RUSSIA 5 5/8 04/04/42
92.765
-4.714
6.18
35.68
13.65
341.60
04.04.2012
Sr Unsecured
USD
BBB-/BBB/Baa2
RU
3000000000 Government
XS0767473852
RUSSIA-EUROBOND RUSSIA 5 7/8 09/16/43
95.788
-4.181
6.19
31.28
13.74
342.29
16.09.2013
Sr Unsecured
USD
BBB-/BBB/Baa2
RU
1500000000 Government
XS0971721963
ALFA BANK
ALFARU 7 1/2 09/26/19
93.051
-1.274
9.32
33.16
4.04
752.29
26.09.2012
Subordinated
USD
BB-/BB+/Ba3
RU
750000000 Financial
XS0832412505
ALFA BANK
ALFARU 7 3/4 04/28/21
96.681
-0.983
8.43
20.08
5.10
650.54
28.04.2011
Sr Unsecured
USD
BB+/BBB-/Ba1
RU
1000000000 Financial
XS0620695204
ALFA BANK
ALFARU 7 7/8 09/25/17
102.223
0.031
6.98
-1.82
2.54
586.65
24.09.2010
Sr Unsecured
USD
BB+/BBB-/Ba1
RU
1000000000 Financial
XS0544362972
SEVERSTAL OAO
CHMFRU 5.9 10/17/22
91.832
-2.023
7.28
33.54
6.28
522.71
17.10.2012
Sr Unsecured
USD
BB+/BB+/Ba1
RU
750000000 Basic Materials
XS0841671000
CREDIT BANK OF M CRBKMO 7.7 02/01/18
93.743
-1.432
10.05
53.99
2.78
820.36
01.02.2013
Sr Unsecured
USD
BB-/BB/B1
RU
500000000 Financial
XS0879105558
CREDIT BANK OF M CRBKMO 8.7 11/13/18
83.722
-2.043
14.23
67.35
3.35
1258.64
13.05.2013
Subordinated
USD
-/BB-/NR
RU
500000000 Financial
XS0924078453
EVRAZ GROUP SA
EVRAZ 6 1/2 04/22/20
81.732
-2.218
11.09
53.24
4.49
926.63
22.04.2013
Sr Unsecured
USD
B+/BB-/-
RU
1000000000 Basic Materials
XS0808638612
EVRAZ GROUP SA
EVRAZ 6 3/4 04/27/18
87.492
-2.346
11.28
83.25
3.05
983.91
27.04.2011
Sr Unsecured
USD
B+/BB-/B1
RU
850000000 Basic Materials
XS0618905219
EVRAZ GROUP SA
EVRAZ 7.4 04/24/17
94.477
-1.835
10.05
88.14
2.21
897.16
24.04.2012
Sr Unsecured
USD
B+/BB-/B1
RU
600000000 Basic Materials
XS0652913558
EVRAZ GROUP SA
EVRAZ 9 1/2 04/24/18
97.295
-1.827
10.46
65.17
2.94
919.25
24.04.2008
Sr Unsecured
USD
B+/BB-/B1
RU
700000000 Basic Materials
XS0359381331
GAZPROM
GAZPRU 4.95 02/06/28
82.772
-3.170
6.97
35.31
9.27
445.29
06.02.2013
Sr Unsecured
USD
BBB-/BBB/Baa1
RU
900000000 Energy
XS0885736925
GAZPROM
GAZPRU 4.95 07/19/22
88.816
-2.762
6.86
45.76
6.23
477.39
19.07.2012
Sr Unsecured
USD
BBB-/BBB/Baa1
RU
1000000000 Energy
XS0805570354
GAZPROM
GAZPRU 5.999 01/23/21
95.864
-2.473
6.83
49.74
5.09
494.70
23.11.2011
Sr Unsecured
USD
BBB-/BBB/Baa1
RU
600000000 Energy
XS0708813810
GAZPROM
GAZPRU 6.51 03/07/22
97.290
-2.512
6.99
44.65
5.79
498.96
07.03.2007
Sr Unsecured
USD
BBB-/BBB/Baa1
RU
1300000000 Energy
XS0290580595
GAZPROM
GAZPRU 7.288 08/16/37
98.194
-4.100
7.45
37.92
11.08
479.23
16.08.2007
Sr Unsecured
USD
BBB-/BBB/Baa1
RU
1250000000 Energy
XS0316524130
GAZPROM
GAZPRU 8 5/8 04/28/34
109.561
-3.387
7.67
34.85
10.08
508.57
28.04.2004
Sr Unsecured
USD
BBB-/BBB/Baa1
RU
1200000000 Energy
XS0191754729
MMC NOR VIA MMC GMKNRM 4 3/8 04/30/18
96.508
-0.988
5.51
32.26
3.19
413.97
30.04.2013
Sr Unsecured
USD
BBB-/BBB-/Baa2
RU
GAZPROMBANK
GPBRU 3.984 10/30/18
90.628
-1.579
6.79
47.03
3.67
633.43
30.10.2013
Sr Unsecured
EUR
BBB-/BBB-/Ba1
RU
1000000000 Financial
XS0987109658
GAZPROMBANK
GPBRU 7.496 12/28/23
85.892
-2.562
11.97
249.69
3.41
1047.83
30.09.2013
Subordinated
USD
-/BB-/NR
RU
750000000 Financial
XS0975320879
LUKOIL INTL FIN
LUKOIL 4.563 04/24/23
82.790
-4.341
7.35
66.72
6.87
515.07
24.04.2013
Sr Unsecured
USD
BBB-/BBB/Baa2
RU
1500000000 Energy
XS0919504562
LUKOIL INTL FIN
LUKOIL 6.656 06/07/22
96.365
-2.991
7.29
52.35
5.80
523.42
07.06.2007
Sr Unsecured
USD
BBB-/BBB/Baa2
RU
500000000 Energy
XS0304274599
METALLOINVEST FI METINR 5 5/8 04/17/20
84.729
-3.620
9.30
83.65
4.60
750.76
17.04.2013
Sr Unsecured
USD
BB/BB/Ba2
RU
RUSSIA-EUROBOND RUSSIA 11 07/24/18
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
December 1, 2014
Russian Eurobonds Watch List
Price
Price Chg
Yield
Yield Chg
5D, %
Duration
Z spread
Issued Date
5D, bp
Payment
Currency
Rank
Ratings
Country
Quantity
Industry
ISIN
S/F/M
OJSC NOVOLIPETSKNLMKRU 4.95 09/26/19
92.735
-2.056
6.74
50.05
4.28
512.22
26.09.2012
Sr Unsecured
USD
BB+/BBB-/Baa3
RU
500000000 Basic Materials
XS0783934325
BANK OTKRITIE
NMOSRM 10 04/26/19
90.452
-2.610
12.91
78.10
3.58
1135.60
26.04.2012
Subordinated
USD
-/WD/B1
RU
500000000 Financial
XS0776121062
NOMOS BANK
NMOSRM 7 1/4 04/25/18
93.324
-1.082
9.60
38.17
3.03
810.80
25.04.2013
Sr Unsecured
USD
-/WD/Ba3
RU
500000000 Financial
XS0923110232
NOMOS BANK
NMOSRM 8 3/4 10/21/15
99.697
-0.661
9.09
78.17
0.86
796.39
21.04.2010
Subordinated
USD
-/WD/B1
RU
350000000 Financial
XS0503839622
PROMSVYAZBK
PROMBK 8 1/2 04/25/17
99.852
-1.014
8.56
47.45
2.20
736.65
25.04.2012
Sr Unsecured
USD
-/B+/Ba3
RU
400000000 Financial
XS0775984213
ROSNEFT OIL CO
ROSNRM 4.199 03/06/22
80.916
-3.655
7.68
62.75
6.13
559.86
06.12.2012
Sr Unsecured
USD
BBB-/WD/Baa2
RU
2000000000 Energy
XS0861981180
RZD CAPITAL PLC
RURAIL 5.7 04/05/22
90.216
-2.363
7.45
41.36
5.96
538.85
05.04.2012
Sr Unsecured
USD
BBB-/BBB/Baa2
RU
1400000000 Industrial
XS0764220017
RUSSIAN STAND BK RUSB 10 3/4 04/10/18
62.498
-3.854
28.92
169.09
2.70
2619.82
10.10.2012
Subordinated
USD
B-/B-/B3
RU
350000000 Financial
XS0841677387
RUSSIAN STAND BK RUSB 7.561 12/01/16
70.006
0.001
28.24
19.49
1.86
2339.30
01.12.2006
Subordinated
USD
B-/-/B3
RU
200000000 Financial
XS0275728557
RUSSIAN STAND BK RUSB 7.73 12/16/15
82.250
2.492
28.71
-233.76
0.97
2684.71
16.12.2005
Subordinated
USD
B-/-/B3
RU
200000000 Financial
XS0238091507
RUSSIAN STAND BK RUSB 9 1/4 07/11/17
95.002
-1.935
18.28
764.47
0.58
1614.63
11.07.2012
Sr Unsecured
USD
B+/B/B2
RU
525000000 Financial
XS0802648955
RUSSIA-EUROBOND RUSSIA 7.85 03/10/18
93.000
-0.268
10.62
30.22
2.88
-185.31
10.03.2011
Sr Unsecured
RUB
BBB/BBB/Baa2
RU
90000000000 Government
XS0564087541
SBERBANK
SBERRU 5 1/4 05/23/23
79.786
-3.242
8.67
51.42
6.71
646.96
23.05.2013
Subordinated
USD
-/BBB-/-
RU
1000000000 Financial
XS0935311240
SBERBANK
SBERRU 5 1/8 10/29/22
81.783
-2.792
8.31
46.24
6.39
619.53
29.10.2012
Subordinated
USD
-/BBB-/Ba1
RU
2000000000 Financial
XS0848530977
SBERBANK
SBERRU 5.18 06/28/19
95.137
-1.669
6.42
42.51
4.02
484.379
28.06.2012
Sr Unsecured
USD
-/BBB/Baa2
RU
1000000000 Financial
XS0799357354
SBERBANK
SBERRU 6 1/8 02/07/22
95.063
-1.825
7.01
32.50
5.76
498.40
07.02.2012
Sr Unsecured
USD
-/BBB/Baa2
RU
1500000000 Financial
XS0743596040
100.000
-0.010
3.47
90.52
0.01
-47.06
01.12.2011
Sr Unsecured
CNY
A-/A-/WR
CN
2100000000 Basic Materials
HK0000094950
82.135
-2.916
7.44
47.28
6.48
530.27
19.09.2012
Sr Unsecured
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
Источник: Bloomberg, данные компаний, оценки Универ Капитал
©2014 ООО «УНИВЕР Капитал»
3
EUROBONDS WEEKLY
December 1, 2014
Russian Eurobonds Watch List
35.00
30.00
RUSB 7.73 12/16/15
RUSB 10 3/4 04/10/18
RUSB 7.561 12/01/16
25.00
20.00
SBERRU 6 1/8 02/07/22
LUKOIL 6.656 06/07/22
Yield
RUSB 9 1/4 07/11/17
VEBBNK 6.025 07/05/22
ROSNRM 4.199 03/06/22
SBERRU 5 1/8 10/29/22
15.00
SBERRU 5 1/4 05/23/23
CRBKMO 8.7 11/13/18
EVRAZ 6 3/4 04/27/18
NMOSRM 10 04/26/19
ALFARU 7 3/4 04/28/21
GPBRU 7.496 12/28/23
NMOSRM 7 1/4 04/25/18
CRBKMO 7.7 02/01/18
EVRAZ 7.4 04/24/17
NMOSRM 8 3/4 10/21/15
10.00
VEBBNK 5.942 11/21/23
SIBNEF 6 11/27/23
EVRAZ 6 1/2 04/22/20
EVRAZ 9 1/2 04/24/18
VTB 6.95 10/17/22
ALFARU 7 1/2 09/26/19
METINR 5 5/8 04/17/20
PROMBK 8 1/2 04/25/17
NLMKRU 4.95 09/26/19
GPBRU 3.984 10/30/18
VTB 6.551 10/13/20
SBSG 3 1/2 12/01/14
SBERRU 5.18 06/28/19
RUSSIA 7 1/2 03/31/30
RUSSIA 5 04/29/20
GMKNRM 4 3/8 04/30/18
RUSSIA 3 1/2 01/16/19
RUSSIA 11 07/24/18
RUSSIA 3 1/4 04/04/17
GAZPRU 7.288 08/16/37
RUSSIA 5 7/8 09/16/43
RUSSIA 5 5/8 04/04/42
VTB 6 1/4 06/30/35
LUKOIL 4.563 04/24/23
SIBNEF 4 3/8 09/19/22
GAZPRU 5.999 01/23/21
CHMFRU 5.9 10/17/22
GAZPRU 4.95 07/19/22
RURAIL 5.7 04/05/22
GAZPRU 6.51 03/07/22
0.00
2.00
4.00
6.00
8.00
Duration
©2014 ООО «УНИВЕР Капитал»
GAZPRU 4.95 02/06/28
RUSSIA 4 7/8 09/16/23
RUSSIA 4 1/2 04/04/22
RUSSIA 3 5/8 04/29/15
0.00
GAZPRU 8 5/8 04/28/34
RUSSIA 12 3/4 06/24/28
ALFARU 7 7/8 09/25/17
5.00
VEBBNK 6.8 11/22/25
10.00
12.00
14.00
16.00
Источник: Bloomberg, данные компаний, оценки Универ Капитал
4
EUROBONDS WEEKLY
December 1, 2014
Russian Eurobonds Watch List
9
10.5
The yield of GMKNRM 4 3/8 04/30/18 has
potential to drop by 45-50 bps.
8
9.5
The yield of SIBNEF 4 3/8 09/12/22 has
potential to drop by 50-60 bps.
7
YTM
YTM
8.5
7.5
6
6.5
5
5.5
4
4.5
янв 14
апр 14
SIBNEF 4 3/8 09/19/22
LUKOIL 6.656 06/07/22
июл 14
LUKOIL 6.656 06/07/22
SBERRU 6 1/8 02/07/22
окт 14
3
янв 14
апр 14
июл 14
окт 14
ROSNRM 4.199 03/06/22
VEBBNK 6.025 07/05/22
SBERRU 6 1/8 02/07/22
SIBNEF 6 11/27/23
VTB 6.95 10/17/22
ROSNRM 4.199 03/06/22
NLMKRU 4.95 09/26/19
GMKNRM 4 3/8 04/30/18
Источник: Bloomberg, данные компаний, оценки Универ Капитал
©2014 ООО «УНИВЕР Капитал»
5
EUROBONDS WEEKLY
December 1, 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
2000
SIBNEF 6 11/27/23 - ROSNRM 4.199 03/06/22
0
1200
0
1200
-20
1000
-50
1000
-40
800
-100
800
-60
600
-150
600
-80
400
-200
400
-100
200
-250
200
40
30
20
10
1500
0
1000
-20
500
0
06.2014
-120
09.2014
Pri ce Spre ad
0
11.2013
-300
02.2014
Z-spread Delta (п.ш.)
05.2014
Pri ce Spre ad
SIBNEF 4 3/8 09/19/22 - LUKOIL 6.656 06/07/22
08.2014
0
11.2014
Z-spread delta (п.ш.)
-20
-40
1500
1000
0
500
-100
05.2014
Pri ce spread
08.2014
Z-spread delta (п.ш.)
11.2014
100
120
120
0
100
100
-300
80
-500
60
-700
40
-800
-1000
11.2013
80
-100
60
-200
40
-300
-900
-120
140
-200
-600
-80
Z-spread Delta (п.ш.)
GPBRU 3.984 10/30/18 - GMKNRM 4 3/8 04/30/18
-400
-60
-40
09.2014
Pri ce spread
-100
2000
-30
0
06.2014
VEBBNK 6.025 07/05/22 - SBERRU 6 1/8 02/07/22
2500
0
02.2014
-10
02.2014
05.2014
Ряд1
08.2014
Z-spread delta (п.ш.)
11.2014
20
-400
0
-500
20
-600
0
-700
06.2014
-20
-40
-60
09.2014
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
December 1, 2014
Russian Eurobonds Financials
Price
Price Chg
Yield
Yield Chg
5D, %
Duration
Z spread
Issued Date
5D, bp
Payment
Currency
Rank
Ratings
Country
Quantity
Industry
ISIN
S/F/M
ALFA BANK
ALFARU 7 1/2 09/26/19
93.051
-1.274
9.32
33.16
4.04
752.29
26.09.2012
Subordinated
USD
BB-/BB+/Ba3
RU
750000000
Financial
XS0832412505
ALFA BANK
ALFARU 7 3/4 04/28/21
96.681
-0.983
8.43
20.08
5.10
650.54
28.04.2011
Sr Unsecured
USD
BB+/BBB-/Ba1
RU
1000000000
Financial
XS0620695204
CREDIT BANK OF M CRBKMO 7.7 02/01/18
93.743
-1.432
10.05
53.99
2.78
820.36
01.02.2013
Sr Unsecured
USD
BB-/BB/B1
RU
500000000
Financial
XS0879105558
CREDIT BANK OF M CRBKMO 8.7 11/13/18
83.722
-2.043
14.23
67.35
3.35
1 258.64
13.05.2013
Subordinated
USD
-/BB-/NR
RU
500000000
Financial
XS0924078453
GAZPROMBANK
GPBRU 3.984 10/30/18
90.628
-1.579
6.79
47.03
3.67
633.43
30.10.2013
Sr Unsecured
EUR
BBB-/BBB-/Ba1
RU
1000000000
Financial
XS0987109658
GAZPROMBANK
GPBRU 7.496 12/28/23
85.892
-2.562
11.97
249.69
3.41
1 047.83
30.09.2013
Subordinated
USD
-/BB-/NR
RU
750000000
Financial
XS0975320879
HCFB LLC
HCFBRU 9 3/8 04/24/20
83.387
-1.831
15.89
261.07
2.91
1 422.30
24.10.2012
Subordinated
USD
-/B+/B2
RU
500000000
Financial
XS0846652666
HCFB LLC
HCFBRU 10 1/2 04/19/21
80.803
-1.436
15.31
34.53
4.53
1 343.52
17.10.2013
Subordinated
USD
-/B+/NR
RU
200000000
Financial
XS0981028177
NOMOS BANK
NMOSRM 7 1/4 04/25/18
93.324
-1.082
9.60
38.17
3.03
810.80
25.04.2013
Sr Unsecured
USD
-/WD/Ba3
RU
500000000
Financial
XS0923110232
PROMSVYAZBK
PROMBK 8 1/2 04/25/17
99.852
-1.014
8.56
47.45
2.20
736.65
25.04.2012
Sr Unsecured
USD
-/B+/Ba3
RU
400000000
Financial
XS0775984213
SBERBANK
SBERRU 6 1/8 02/07/22
95.063
-1.825
7.01
32.50
5.76
498.40
07.02.2012
Sr Unsecured
USD
-/BBB/Baa2
RU
1500000000
Financial
XS0743596040
SBERBANK
SBERRU 5 1/8 10/29/22
81.783
-2.792
8.31
46.24
6.39
619.53
29.10.2012
Subordinated
USD
-/BBB-/Ba1
RU
2000000000
Financial
XS0848530977
SBERBANK
SBERRU 5 1/4 05/23/23
79.786
-3.242
8.67
51.42
6.71
646.96
23.05.2013
Subordinated
USD
-/BBB-/-
RU
1000000000
Financial
XS0935311240
VEB FINANCE PLC
VEBBNK 6.025 07/05/22
91.357
-1.519
7.54
26.16
5.96
549.54
05.07.2012
Sr Unsecured
USD
BBB-/BBB/-
RU
1000000000
Financial
XS0800817073
VEB FINANCE PLC
VEBBNK 5.942 11/21/23
88.561
-1.342
7.73
20.43
6.92
551.32
21.11.2013
Sr Unsecured
USD
BBB-/BBB/-
RU
1150000000
Financial
XS0993162683
VEB FINANCE PLC
VEBBNK 6.8 11/22/25
92.246
-1.956
7.87
26.44
7.74
553.33
22.11.2010
Sr Unsecured
USD
BBB-/BBB/-
RU
1000000000
Financial
XS0559915961
VTB BANK
VTB 6.551 10/13/20
93.453
-2.482
7.97
53.14
4.88
613.60
13.10.2010
Sr Unsecured
USD
BBB-/WD/Baa3
RU
1000000000
Financial
XS0548633659
VTB BANK
VTB 6 1/4 06/30/35
100.55
-0.231
6.20
2.02
11.57
354.07
30.06.2005
Sr Unsecured
USD
BBB-/WD/Baa3
RU
1000000000
Financial
XS0223715920
VTB BANK
VTB 6.95 10/17/22
85.262
-2.509
9.66
44.40
5.97
759.26
17.10.2012
Subordinated
USD
BB+/WD/Ba2
RU
1500000000
Financial
XS0842078536
Источник: Bloomberg, данные компаний, оценки Универ Капитал
©2014 ООО «УНИВЕР Капитал»
7
EUROBONDS WEEKLY
December 1, 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
CRBKMO 7.7 02/01/18
Доходность
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
VTB 6 1/4 06/30/35
ALFARU 7 1/2 09/26/19
VEBBNK 6.025 07/05/22
PROMBK 8 1/2 04/25/17
SBERRU 5 1/8 10/29/22
RUSSIA 5 7/8 09/16/43
RUSSIA 5 5/8 04/04/42
RUSSIA 12 3/4 06/24/28
DMEAIR 6 11/26/18
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
December 1, 2014
Russian Eurobonds Non-Financials
Price
Price Chg
Yield
5D, %
Yield Chg
Duration
Z spread
Issued Date
5D, bp
Payment
Currency
Ratings
Rank
Country
Quantity
Industry
ISIN
1000000000 Basic Materials XS0555493203
S/F/M
ALROSA FINANCE
ALRSRU 7 3/4 11/03/20
99.164
-2.188
7.93
47.16
4.82
609.24
03.11.2010
Sr Unsecured
USD
BB-/BB/Ba3
RU
BORETS FIN
BORFIN 7 5/8 09/26/18
87.475
-4.041
11.79
131.07
3.29
1 032.16
26.09.2013
Sr Unsecured
USD
BB/-/B1
RU
420000000
Energy
XS0974469206
BRUNSWICK RAIL
RBNRL 6 1/2 11/01/17
55.962
-12.186
30.31
573.76
2.59
2 631.88
01.11.2012
Sr Unsecured
USD
BB-/-/Ba3
RU
600000000
Industrial
XS0850393264
EDC FINANCE LTD
EDCLLI 4 7/8 04/17/20
84.382
-3.179
8.56
71.96
4.69
671.04
17.04.2013
Sr Unsecured
USD
BB+/BB/-
RU
600000000
Energy
XS0918604496
EVRAZ GROUP SA
EVRAZ 7.4 04/24/17
94.477
-1.835
10.05
88.14
2.21
897.16
24.04.2012
Sr Unsecured
USD
B+/BB-/B1
RU
600000000 Basic Materials XS0652913558
EVRAZ GROUP SA
EVRAZ 6 3/4 04/27/18
87.492
-2.346
11.28
83.25
3.05
983.91
27.04.2011
Sr Unsecured
USD
B+/BB-/B1
RU
850000000 Basic Materials XS0618905219
EVRAZ GROUP SA
EVRAZ 9 1/2 04/24/18
97.295
-1.827
10.46
65.17
2.94
919.25
24.04.2008
Sr Unsecured
USD
B+/BB-/B1
RU
700000000 Basic Materials XS0359381331
EVRAZ GROUP SA
EVRAZ 6 1/2 04/22/20
81.732
-2.218
11.09
53.24
4.49
926.63
22.04.2013
Sr Unsecured
USD
B+/BB-/-
RU
1000000000 Basic Materials XS0808638612
FAR EAST CPL LTD FESHRU 8 05/02/18
46
-3.675
37.15
168.08
2.81
3 258.57
02.05.2013
Secured
USD
BB-/B+/-
RU
550000000
Industrial
XS0920334900
FAR EAST CPL LTD FESHRU 8 3/4 05/02/20
45.146
-3.934
29.72
123.73
3.79
2 633.02
02.05.2013
Secured
USD
BB-/B+/-
RU
325000000
Industrial
XS0920335030
GAZPROM
GAZPRU 4.95 07/19/22
88.816
-2.762
6.86
45.76
6.23
477.39
19.07.2012
Sr Unsecured
USD
BBB/BBB/Baa1
RU
1000000000
Energy
XS0805570354
GAZPROM
GAZPRU 6.51 03/07/22
97.29
-2.512
6.99
44.65
5.79
498.96
07.03.2007
Sr Unsecured
USD
BBB/BBB/Baa1
RU
1300000000
Energy
XS0290580595
GAZPROM
GAZPRU 4.95 02/06/28
82.772
-3.170
6.97
35.31
9.27
445.29
06.02.2013
Sr Unsecured
USD
BBB/BBB/Baa1
RU
900000000
Energy
XS0885736925
GAZPROM
GAZPRU 8 5/8 04/28/34
109.561
-3.387
7.67
34.85
10.08
508.57
28.04.2004
Sr Unsecured
USD
BBB/BBB/Baa1
RU
1200000000
Energy
XS0191754729
GAZPROM
GAZPRU 7.288 08/16/37
98.194
-4.100
7.45
37.92
11.08
479.23
16.08.2007
Sr Unsecured
USD
BBB/BBB/Baa1
RU
1250000000
Energy
XS0316524130
GAZPROM NEFT
SIBNEF 4 3/8 09/19/22
82.135
-2.916
7.44
47.28
6.48
530.27
19.09.2012
Sr Unsecured
USD
BBB-/BBB/Baa2
RU
1500000000
Energy
XS0830192711
GAZPROM NEFT
SIBNEF 6 11/27/23
90.274
-2.842
7.51
43.03
6.95
530.07
27.11.2013
Sr Unsecured
USD
BBB-/BBB/Baa2
RU
1500000000
Energy
XS0997544860
LUKOIL INTL FIN
LUKOIL 6.656 06/07/22
96.365
-2.991
7.29
52.35
5.80
523.42
07.06.2007
Sr Unsecured
USD
BBB/BBB/Baa2
RU
500000000
Energy
XS0304274599
LUKOIL INTL FIN
LUKOIL 4.563 04/24/23
82.79
-4.341
7.35
66.72
6.87
515.07
24.04.2013
Sr Unsecured
USD
BBB/BBB/Baa2
RU
1500000000
Energy
XS0919504562
METALLOINVEST FI METINR 5 5/8 04/17/20
84.729
-3.620
9.30
83.65
4.60
750.76
17.04.2013
Sr Unsecured
USD
BB-/BB-/Ba2
RU
1000000000 Basic Materials XS0918297382
MMC NOR VIA MMC GMKNRM 5.55 10/28/20
96.614
-1.082
6.24
22.09
5.07
434.81
28.10.2013
Sr Unsecured
USD
BBB-/BB+/Baa2
RU
1000000000 Basic Materials XS0982861287
NORD GOLD NV
NORDLI 6 3/8 05/07/18
91.898
-0.448
9.18
16.34
3.10
783.15
07.05.2013
Sr Unsecured
USD
-/BB-/Ba3
RU
NOVATEK OAO
NVTKRM 4.422 12/13/22
83.082
-2.729
7.24
43.16
6.54
507.02
13.12.2012
Sr Unsecured
USD
BBB-/BBB-/Baa3
RU
OJSC NOVOLIPETSKNLMKRU 4.95 09/26/19
92.735
-2.056
6.74
50.05
4.28
512.22
26.09.2012
Sr Unsecured
USD
BB+/BBB-/Baa3
RU
POLYUS GOLD INT PGILLN 5 5/8 04/29/20
89.029
-1.463
8.17
33.34
4.66
635.41
29.04.2013
Sr Unsecured
USD
BB+/BBB-/-
RU
ROSNEFT OIL CO
ROSNRM 4.199 03/06/22
80.916
-3.655
7.68
62.75
6.13
559.86
06.12.2012
Sr Unsecured
USD
BBB/BBB-/Baa1
RU
2000000000
Energy
XS0861981180
RZD CAPITAL PLC
RURAIL 5.7 04/05/22
90.216
-2.363
7.45
41.36
5.96
538.85
05.04.2012
Sr Unsecured
USD
BBB/BBB/Baa1
RU
1400000000
Industrial
XS0764220017
SCF CAPITAL LTD
SCFRU 5 3/8 10/27/17
94.008
-1.075
7.72
42.42
2.70
647.11
27.10.2010
Sr Unsecured
USD
-/BB-/Ba3
RU
800000000
Industrial
XS0552679879
SEVERSTAL OAO
CHMFRU 5.9 10/17/22
91.832
-2.023
7.28
33.54
6.28
522.71
17.10.2012
Sr Unsecured
USD
BB+/BB/Ba1
RU
750000000 Basic Materials XS0841671000
500000000 Basic Materials XS0923472814
1000000000
Energy
XS0864383723
500000000 Basic Materials XS0783934325
750000000 Basic Materials XS0922301717
Источник: Bloomberg, данные компаний, оценки Универ Капитал
©2014 ООО «УНИВЕР Капитал»
9
EUROBONDS WEEKLY
December 1, 2014
Russian Eurobonds Non-Financials
40.00
FESHRU 8 05/02/18
35.00
RBNRL 6 1/2 11/01/17
FESHRU 8 3/4 05/02/20
30.00
Yield
25.00
20.00
GAZPRU 6.51 03/07/22
LUKOIL 6.656 06/07/22
RURAIL 5.7 04/05/22
EVRAZ 6 3/4 04/27/18
BORFIN 7 5/8 09/26/18
15.00
ROSNRM 4.199 03/06/22
CHMFRU 5.9 10/17/22
EVRAZ 6 1/2 04/22/20
EVRAZ 9 1/2 04/24/18
10.00
NORDLI 6 3/8 05/07/18
SCFRU 5 3/8 10/27/17
SIBNEF 4 3/8 09/19/22
METINR 5 5/8 04/17/20
EVRAZ 7.4 04/24/17
NLMKRU 4.95 09/26/19
NVTKRM 4.422 12/13/22
ALRSRU 7 3/4 11/03/20
PGILLN 5 5/8 04/29/20
SIBNEF 6 11/27/23
RUSSIA 12 3/4 06/24/28
RUSSIA 4 7/8 09/16/23
RUSSIA 4 1/2 04/04/22
RUSSIA 7 1/2 03/31/30
RUSSIA 5 04/29/20
RUSSIA 3 1/2 01/16/19
RUSSIA 11 07/24/18
5.00
GAZPRU 8 5/8 04/28/34
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
LUKOIL 4.563 04/24/23
RUSSIA 3 1/4 04/04/17
GAZPRU 4.95 07/19/22
RUSSIA 3 5/8 04/29/15
GMKNRM 5.55 10/28/20
EDCLLI 4 7/8 04/17/20
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
December 1, 2014
Russian Eurobonds Non-Investment Grade
Price Chg
Yield
5D, %
Yield Chg
Duration
Z spread
Issued Date
5D, bp
Payment
Currency
Ratings
Rank
Country
Quantity
Industry
ISIN
S/F/M
ALLIANCE OIL CO
VOSTOK 7 05/04/20
66.999
-5.477
16.42
140.27
4.35
1 407.92
03.05.2013
Sr Unsecured
USD
B /*/B/-
RU
500000000
Energy
XS0925043100
CB RENCAP
RCCF 13 1/2 06/21/18
69.000
-
27.76
-
2.57
2 662.11
21.12.2012
Subordinated
USD
-/WD/B3
RU
150000000
Financial
XS0869792928
CB RENCAP
RCCF 7 3/4 05/31/16
84.239 -
1.43
1 894.13
31.05.2013
Sr Unsecured
USD
B+/WD/B2
RU
350000000
Financial
XS0938341780
CB RENCAP
RCCF 13 1/2 05/22/19
67.750
0.185
26.14
-3.20
3.24
2 391.15
22.11.2013
Jr Subordinated
USD
-/-/-
RU
100000000
Financial
XS0996297544
KOKS OAO
KOKSRU 7 3/4 06/23/16
86.499
-2.498
18.08
194.47
1.43
1 632.19
23.06.2011
Sr Unsecured
USD
CCC+/-/B3
RU
350000000 Basic Materials XS0640334768
NOMOS BANK
NMOSRM 10 12/17/19
90.438
-1.765
12.62
47.72
3.83
1 092.53
06.06.2013
Subordinated
USD
-/B+/B1
RU
300000000
Financial
XS0940730228
BANK OTKRITIE
NMOSRM 10 04/26/19
90.452
-2.610
12.91
78.10
3.58
1 135.60
26.04.2012
Subordinated
USD
-/B+/B1
RU
500000000
Financial
XS0776121062
OAO TMK
20.55 -
TRUBRU 6 3/4 04/03/20
80.983
-3.695
11.63
89.98
4.41
979.40
03.04.2013
Sr Unsecured
USD
B+/-/B1
RU
500000000
Industrial
XS0911599701
OJSC RASPADSKAYARASPAD 7 3/4 04/27/17
85.999
-1.467
14.89
75.84
2.20
1 354.25
27.04.2012
Sr Unsecured
USD
-/B+/B2
RU
400000000
Energy
XS0772835285
OJSC RUSS AGRIC RSHB 8 1/2 10/16/23
84.880
-3.133
11.23
54.48
6.09
907.02
16.10.2013
Subordinated
USD
-/-/NR
RU
500000000
Financial
XS0979891925
PROMSVYAZBK
88.191
-2.319
13.56
64.33
3.89
1 168.92
06.11.2012
Subordinated
USD
-/B+/B1
RU
600000000
Financial
XS0851672435
RENAISSANCE SEC RENSEC 11 04/21/16
PROMBK 10.2 11/06/19
98.625
0.446
12.09
-34.111
1.31
1 073.68
21.04.2011
Sr Unsecured
USD
B/B/B3
RU
325000000
Financial
XS0616784509
RUSSIAN STAND BK RUSB 9 1/4 07/11/17
95.002
-1.935
18.28
764.47
0.58
1 614.63
11.07.2012
Sr Unsecured
USD
B+/B+/B2
RU
525000000
Financial
XS0802648955
RUSSIAN STAND BK RUSB 10 3/4 04/10/18
62.498
-3.854
28.92
169.09
2.70
2 619.82
10.10.2012
Subordinated
USD
B-/B/B3
RU
350000000
Financial
XS0841677387
VTB BANK
77.433
-6.744
14.33
249.48
5.13
1 213.67
06.08.2012
Subordinated
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
December 1, 2014
Russian Eurobonds Non-Investment Grade
18.00
HCFBRU 9 3/8 04/24/20
16.00
HCFBRU 10 1/2 04/19/21
CRBKMO 8.7 11/13/18
14.00
GPBRU 7.496 12/28/23
12.00
CRBKMO 7.7 02/01/18
10.00
Yield
NMOSRM 7 1/4 04/25/18
SBERRU 5 1/4 05/23/23
ALFARU 7 3/4 04/28/21
SBERRU 5 1/8 10/29/22
8.00
ALFARU 7 1/2 09/26/19
PROMBK 8 1/2 04/25/17
VEBBNK 5.942 11/21/23
VEBBNK 6.025 07/05/22
SBERRU 6 1/8 02/07/22
6.00
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
Price
December 1, 2014
CIS Eurobonds
Price Chg
Yield
5D, %
Yield Chg
Duration
Z spread
Issued Date
5D, bp
Payment
Currency
Ratings
Rank
Country
Quantity
Industry
ISIN
S/F/M
ALLIANCE BANK
ALLIBK 10 1/2 03/25/17
53.727
-9.800
46.70
687.14
1.96
4 302.92
25.03.2010
Sr Unsecured
USD
CCC/C/Cau
KZ
615138114
Financial
XS0495755562
ATF BANK
ATFBP 9 05/11/16
98.962
-0.503
9.78
38.53
1.37
873.69
11.05.2006
Sr Unsecured
USD
NR/B-/Caa2
KZ
350000000
Financial
XS0253723281
BTA BANK JSC
BTASKZ 0 06/30/20
13.563
0.463
37.49
6.54
5.58
-
25.08.2010
1st lien
USD
-/-/-
KZ
5221494216
Financial
XS0532995049
BTA BANK JSC
BTASKZ 3.7 07/01/21
17.250
0.000
39.98
20.96
4.61
-
26.08.2010
Sr Unsecured
USD
-/WD/WR
KZ
384848130
Financial
XS0532989828
CITY OF KYIV
CITKIE 8 11/06/15
75.168
-1.484
43.30
267.97
0.90
4 006.52
08.11.2005
Sr Unsecured
USD
B-/B-/Caa1
UA
250000000
Government
XS0233620235
CITY OF KYIV
CITKIE 9 3/8 07/11/16
72.946
-0.136
32.20
37.45
1.44
3 063.37
11.07.2011
Sr Unsecured
USD
B-/B-/Caa1
UA
300000000
Government
XS0644750027
DTEK FINANCE
DTEKUA 7 7/8 04/04/18
56.501
-3.620
29.09
155.13
2.80
2 692.77
04.04.2013
Sr Unsecured
USD
-/B-/Caa1
UA
750000000
Financial
USG2941DAA03
FERREXPO FINANCEFXPOLN 7 7/8 04/07/16
83.872
-2.421
22.38
225.39
1.28
2 082.31
07.04.2011
Sr Unsecured
USD
B-/B-/Caa1
UA
500000000 Basic Materials XS0614325586
FINANCING INFRAS UKRINF 9 12/07/17
74.225
-4.429
20.97
194.13
2.50
1 948.24
07.12.2012
Sr Unsecured
USD
-/-/(P)Caa1
UA
550000000
Government
XS0862476230
FINANCING INFRAS UKRINF 8 3/8 11/03/17
74.482
-3.294
20.40
147.36
2.58
1 853.61
03.11.2010
Sr Unsecured
USD
-/-/Caa1
UA
568000000
Government
XS0556327822
FINANCING INFRAS UKRINF 7.4 04/20/18
73.089
-5.780
18.44
220.39
2.95
1 698.86
21.04.2011
Sr Unsecured
USD
-/-/Caa1
UA
690000000
Government
XS0619856460
TEMIR 14 06/30/22
109.933
0.343
11.96
-7.44
4.77
995.02
30.06.2010
Sr Unsecured
USD
B-/NR/-
KZ
60750000
Financial
USY8584LAA18
KAZKOMMERTSBANKKKB 7 1/2 11/29/16
99.729
-0.079
7.65
4.46
1.88
664.47
29.11.2006
Sr Unsecured
USD
B/B/Caa1
KZ
500000000
Financial
XS0276707923
KAZKOMMERTSBANKKKB 8 1/2 05/11/18
97.333
-0.964
9.42
33.41
3.03
799.06
11.05.2011
Sr Unsecured
USD
B/B/Caa1
KZ
300000000
Financial
XS0625516157
KAZKOMMERTSBANKKKB 9.2 11/29/49
79.916
-0.997
36.41
180.77
0.91
3 430.59
09.11.2005
Jr Subordinated
USD
CCC-/CCC/Caa3
KZ
100000000
Financial
XS0234398245
METINVEST
METINV 10 1/4 05/20/15
82.000
-1.796
59.55
650.05
0.46
5 325.91
20.05.2010
Sr Unsecured
USD
-/B-/Caa1
UA
500000000 Basic Materials XS0511379066
METINVEST
METINV 8 3/4 02/14/18
66.213
0.273
24.59
-2.46
2.66
2 277.53
14.02.2011
Sr Unsecured
USD
-/B-/Caa1
UA
750000000 Basic Materials XS0591549232
MHP SA
MHPSA 8 1/4 04/02/20
81.143
-3.885
13.29
98.71
4.23
1 134.99
02.04.2013
Sr Unsecured
USD
B-/B-/-
UA
750000000
Consumer
USL6366MAC75
MRIYA AGRO HLDG MRIYA 9.45 04/19/18
13.999
-0.036
94.74
89.01
2.53 -
19.04.2013
Sr Unsecured
USD
B-/B-/-
UA
400000000
Consumer
XS0916902256
OSCHADBANK
OSCHAD 8 7/8 03/20/18
70.757
-4.962
21.73
201.85
2.78
2 020.92
20.03.2013
Sr Unsecured
USD
-/B-/Caa1
UA
500000000
Financial
XS0906434872
PRIVATBANK
PRBANK 10 7/8 02/28/18
66.125
-2.037
27.24
93.90
2.60
2 537.82
28.02.2013
Sr Unsecured
USD
-/B-/Caa1
UA
175000000
Financial
XS0896890315
UKRAINE GOVT
UKRAIN 9 1/4 07/24/17
78.739
-4.777
19.97
231.06
2.28
1 874.58
24.07.2012
Sr Unsecured
USD
B-/B-/Caa1
UA
2600000000
Government
XS0808758196
UKRAINE GOVT
UKRAIN 6 3/4 11/14/17
77.103
-4.222
16.93
178.20
2.67
1 561.91
14.11.2007
Sr Unsecured
USD
B-/B-/Caa1
UA
700000000
Government
XS0330776617
UKRAINE GOVT
UKRAIN 7 3/4 09/23/20
76.481
-4.780
13.75
114.00
4.52
1 187.29
23.09.2010
Sr Unsecured
USD
B-/B-/Caa1
UA
1500000000
Government
XS0543783194
UKRAINE GOVT
UKRAIN 7.95 02/23/21
76.570
-5.552
13.65
126.43
4.70
1 172.30
23.02.2011
Sr Unsecured
USD
B-/B-/Caa1
UA
1500000000
Government
XS0594390816
UKRAINE GOVT
UKRAIN 7.8 11/28/22
73.650
-5.516
13.24
105.44
5.72
1 121.96
28.11.2012
Sr Unsecured
USD
B-/B-/Caa1
UA
2250000000
Government
XS0858358236
UKRAINE GOVT
UKRAIN 7 1/2 04/17/23
72.370
-4.865
13.01
89.15
5.88
1 081.61
17.04.2013
Sr Unsecured
USD
B-/B-/Caa1
UA
1250000000
Government
XS0917605841
UKREXIMBANK
EXIMUK 8 3/8 04/27/15
84.771
-2.579
54.26
940.31
0.40
5 440.73
27.04.2010
Sr Unsecured
USD
-/B-/Caa1
UA
750000000
Government
XS0503737461
JSC TEMIRBANK
Источник: Bloomberg, данные компаний, оценки Универ Капитал
©2014 ООО «УНИВЕР Капитал»
13
EUROBONDS WEEKLY
Issuer
Bond Name
Price
December 1, 2014
CIS Eurobonds (cont’d)
Price Chg
Yield
5D, %
UKRLANDFARMING UKRLAN 10 7/8 03/26/18
51.750 -
UZ RAIL SHORTLIN RAILUA 9 1/2 05/21/18
64.993
Yield Chg
Duration
Z spread
Issued Date
5D, bp
25.23
Currency
Ratings
Rank
37.39 -
Payment
-
Country
Quantity
Industry
ISIN
S/F/M
2.57
3 630.76
26.03.2013
Unsecured
USD
B-/B-/-
UA
500000000
Consumer
XS0908502452
2.90
2 124.27
21.05.2013
Sr Unsecured
USD
B-/B-/-
UA
500000000
Industrial
XS0934134312
Источник: Bloomberg, данные компаний, оценки Универ Капитал
©2014 ООО «УНИВЕР Капитал»
14
EUROBONDS WEEKLY
December 1, 2014
CIS Eurobonds
100.00
MRIYA 9.45 04/19/18
90.00
80.00
70.00
METINV 10 1/4 05/20/15
60.00
Yield
EXIMUK 8 3/8 04/27/15
50.00
CITKIE 8 11/06/15
40.00
BTASKZ 0 06/30/20
BTASKZ 3.7 07/01/21
UKRLAN 10 7/8 03/26/18
KKB 9.2 11/29/49
CITKIE 9 3/8 07/11/16
30.00
DTEKUA 7 7/8 04/04/18
PRBANK 10 7/8 02/28/18
METINV 8 3/4 02/14/18
UKRINF 8 3/8 11/03/17
FXPOLN 7 7/8 04/07/16
20.00
UKRAIN 9 1/4 07/24/17
RAILUA 9 1/2 05/21/18
OSCHAD 8 7/8 03/20/18
UKRINF 7.4 04/20/18
UKRAIN 7.95 02/23/21
UKRAIN 6 3/4 11/14/17
MHPSA 8 1/4 04/02/20
ATFBP 9 05/11/16
10.00
KKB 8 1/2 05/11/18
KKB 7 1/2 11/29/16
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
UKRINF 9 12/07/17
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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