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EUROBONDS WEEKLY
September 9, 2014
Eurobond Market Outlook
World & Russian Indexes and currencies
Russian Market
World Market
ICE Brent crude continue to fall and this week has reached 16month lows below $100 a barrel. Spot price of gold this week is
consolidating near $1260 an ounce since there is a lack of
physical demand in gold despite the upcoming festival season in
India in October.
The USD index continues to strengthen against the major
currencies, including the EUR since the ECB is trying to curb
deflation in the EU. FOMC supports the US markets sticking to its
announced plan to finish QE program next month. Some FOMC
members expect that the Fed Funds rate to be at the level of 1%
by the end of 2015 and 2.5% by the end of 2016.
In Europe the EU ambassadors have finally approved new
sanctions on Russia to target the biggest Russian state-owned
companies in financial, oil and gas, and defense sectors. The
sanctions will limit the companies’ access to long-term financing.
Asian markets has been supported by strong Chinese export
statistics, ignoring weak Japanese GDP data.
Issuer
Bond Name
ROSNEFT OIL CO ROSNRM 4.199 03/06/22
Price
YTM
86,417
6,52
Ratings
BBB-/WD/Baa1
SBERBANK
SBERRU 5.18 06/28/19
94,574
98,874
5,48
5,45
Ukraine is seeking a way to get more gas by re-export of Russian
gas through EU countries such as Poland, Hungry, and Slovakia.
But head of Gazprom Alexei Miller name it as a “semi-fraudulent
mechanism”.
32
08.2013
On Monday this week the Russian prime minister Dmitry
Medvedev announced that Russia can close its airspace for
western major airlines to fly direct flights from Europe to Asian
countries as an asymmetrical response to the European sanctions
against Russia.
Russian RUB faces pressure from yet postponed EU sanctions on
Russia and decreasing oil prices that broke the level of $100 a
barrel. This week the BASKET price is consolidated at the level of
42 rubbles waiting for resolution of the Ukrainian crisis.
82
38
80
36
78
34
76
11.2013
Recommendations
The y ield of ROSNRM 4.199 03/06/22 has dropped 43 bps ov er the last w eek
02.2014
05.2014
RUB basket
08.2014
USD Index (п.ш.)
2200
2000
1800
1600
1400
1200
1000
08.2013
11.2013
02.2014
MICEX
Wor ld Indices
Dow Jones
S&P 500
BBB-/BBB-/Baa3 Among the other Russian sectors under w estern sanctions the financial sector
-/BBB/Baa1
84
40
in Ukraine the bond's y ield w ill drop by 30-40 bps in the short-term.
GPBRU 3.984 10/30/18
86
42
Ukrainian political crisis is set to be settled hopefully. Both side of
the conflict are now follow the cease-fire protocol that can end
up signing a peace agreement.
but still ex ceeds its nominal lev el. We think that because of political stabilizasion
GAZPROMBANK
44
RTS
05.2014
08.2014
S&P 5 00
Close
1D, %
1M, %
Y-t-D, %
17111,42
-0,15 %
+3,37 %
+3,23 %
2002
-0,31 %
+3,62 %
+8,29 %
Nasdaq
4592,285
+0,21 %
+5,07 %
+9,95 %
Mex ico Bolsa
46357,24
+0,27 %
+5,10 %
+8,50 %
Brazilian Bovespa
59192,75
-2,45 %
+6,51 %
+14,92 %
Argentina Merval
10653
+2,29 %
+29,48 %
+97,61 %
FTSE
6820,56
-0,21 %
+3,86 %
+1,06 %
DAX
9740,33
-0,18 %
+8,11 %
+1,97 %
CAC
4470,06
-0,11 %
+7,77 %
+4,05 %
looks better. Despite that GPBRU 3.984 10/30/18 y ield has dropped 55 bps since
NIKKEI
15749,15
+0,28 %
+6,57 %
-3,33 %
last w eek, w e ex pect that the y ield has potential to drop by 40-45 bps more.
Hang Seng
25190,45
-0,20 %
+3,53 %
+8,08 %
Korea Composite
2049,41
-0,33 %
+0,90 %
+1,89 %
MSCI EM
1094,99
-0,17 %
+4,73 %
+9,21 %
RTS
1249,85
+0,35 %
+6,77 %
-13,37 %
MICEX
1471,78
+0,48 %
+9,17 %
-2,15 %
Sberbank continue to get the state gov ernment support. Since last w eek the y ield
of SBERRU 5.18 06/28/19 has gained 85 bps, but w e ex pect the y ield has
potencial to decrease by 40-50 bps w ithin the nex t couple of months.
Источник: Bloomberg, данные компаний, оценки Универ Капитал
©2014 ООО «Универ Капитал»
1
EUROBONDS WEEKLY
Issuer
Bond Name
Price
September 9, 2014
Russian Eurobonds Watch List
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
101,391
-0,183
1,40
21,90
0,62
69,57
29.04.2010
09.09.2014
USD
BBB-/BBB/Baa1
RU
2000000000 Government
XS0504954180
RUSSIA-EUROBOND RUSSIA 3 1/4 04/04/17
102,155
0,335
2,38
-14,17
2,45
120,45
04.04.2012
09.09.2014
USD
BBB-/BBB/Baa1
RU
2000000000 Government
XS0767469827
RUSSIA-EUROBOND RUSSIA 11 07/24/18
125,918
-0,067
3,74
-0,90
3,29
214,85
24.07.1998
09.09.2014
USD
BBB-/BBB/Baa1
RU
3466398000 Government
XS0089375249
98,969
0,769
3,76
-19,00
4,05
197,60
16.09.2013
09.09.2014
USD
BBB-/BBB/Baa1
RU
1500000000 Government
XS0971721377
103,545
1,585
4,28
-32,34
4,90
224,06
29.04.2010
09.09.2014
USD
BBB-/BBB/Baa1
RU
3500000000 Government
XS0504954347
RUSSIA-EUROBOND RUSSIA 4 1/2 04/04/22
98,008
0,686
4,82
-10,71
6,35
246,09
04.04.2012
09.09.2014
USD
BBB-/BBB/Baa1
RU
2000000000 Government
XS0767472458
RUSSIA-EUROBOND RUSSIA 4 7/8 09/16/23
98,668
0,380
5,06
-5,22
7,21
255,10
16.09.2013
09.09.2014
USD
BBB-/BBB/Baa1
RU
3000000000 Government
XS0971721450
RUSSIA-EUROBOND RUSSIA 12 3/4 06/24/28
164,980
1,462
5,83
-18,45
8,18
312,11
24.06.1998
09.09.2014
USD
BBB-/BBB/Baa1
RU
2500000000 Government
XS0088543193
RUSSIA-EUROBOND RUSSIA 7 1/2 03/31/30
112,673
1,456
4,71
-33,38
4,42
260,53
25.08.2000
09.09.2014
USD
BBB-/BBB/Baa1
RU
2121817666 Government
XS0114288789
RUSSIA-EUROBOND RUSSIA 5 5/8 04/04/42
98,759
0,640
5,71
-4,60
13,89
260,94
04.04.2012
09.09.2014
USD
BBB-/BBB/Baa1
RU
3000000000 Government
XS0767473852
RUSSIA-EUROBOND RUSSIA 5 7/8 09/16/43
101,779
-0,890
5,75
6,39
13,98
263,97
16.09.2013
09.09.2014
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
99,200
3,259
7,69
-77,63
4,14
574,52
26.09.2012
09.09.2014
USD
BB-/BB+/Ba3
RU
750000000 Financial
XS0832412505
ALFA BANK
ALFARU 7 3/4 04/28/21
102,586
4,030
7,25
-77,11
5,18
506,69
28.04.2011
09.09.2014
USD
BB+/BBB-/Ba1
RU
1000000000 Financial
XS0620695204
ALFA BANK
ALFARU 7 7/8 09/25/17
104,946
2,323
6,07
-86,21
2,67
464,91
24.09.2010
09.09.2014
USD
BB+/BBB-/Ba1
RU
1000000000 Financial
XS0544362972
CREDIT BANK OF M CRBKMO 7.7 02/01/18
97,902
2,051
8,42
-69,08
3,02
678,90
01.02.2013
09.09.2014
USD
BB-/BB/B1
RU
500000000 Financial
XS0879105558
CREDIT BANK OF M CRBKMO 8.7 11/13/18
90,913
2,727
11,50
-78,86
3,45
970,57
13.05.2013
09.09.2014
USD
-/BB-/NR
RU
500000000 Financial
XS0924078453
EVRAZ GROUP SA
EVRAZ 7.4 04/24/17
99,942
1,318
7,42
-55,56
2,36
618,08
24.04.2012
09.09.2014
USD
B+/BB-/B1
RU
600000000 Basic Materials
XS0652913558
EVRAZ GROUP SA
EVRAZ 6 3/4 04/27/18
95,339
1,221
8,26
-37,78
3,18
668,80
27.04.2011
09.09.2014
USD
B+/BB-/B1
RU
850000000 Basic Materials
XS0618905219
EVRAZ GROUP SA
EVRAZ 9 1/2 04/24/18
104,028
1,217
8,19
-40,31
3,05
664,49
24.04.2008
09.09.2014
USD
B+/BB-/B1
RU
700000000 Basic Materials
XS0359381331
EVRAZ GROUP SA
EVRAZ 6 1/2 04/22/20
90,318
1,732
8,72
-37,10
4,61
666,49
22.04.2013
09.09.2014
USD
B+/BB-/-
RU
1000000000 Basic Materials
XS0808638612
GAZPROM
GAZPRU 5.999 01/23/21
101,520
2,010
5,71
-38,02
5,35
353,80
23.11.2011
09.09.2014
USD
BBB-/BBB/Baa1
RU
600000000 Energy
XS0708813810
GAZPROM
GAZPRU 4.95 07/19/22
95,397
2,865
5,68
-44,13
6,52
329,85
19.07.2012
09.09.2014
USD
BBB-/BBB/Baa1
RU
1000000000 Energy
XS0805570354
GAZPROM
GAZPRU 6.51 03/07/22
103,770
2,103
5,88
-35,41
6,07
356,27
07.03.2007
09.09.2014
USD
BBB-/BBB/Baa1
RU
1300000000 Energy
XS0290580595
GAZPROM
GAZPRU 4.95 02/06/28
88,643
3,700
6,21
-38,64
9,65
337,55
06.02.2013
09.09.2014
USD
BBB-/BBB/Baa1
RU
900000000 Energy
XS0885736925
GAZPROM
GAZPRU 7.288 08/16/37
106,675
4,765
6,71
-41,22
11,76
370,52
16.08.2007
09.09.2014
USD
BBB-/BBB/Baa1
RU
1250000000 Energy
XS0316524130
GAZPROM
GAZPRU 8 5/8 04/28/34
117,415
2,915
6,98
-28,50
10,24
405,29
28.04.2004
09.09.2014
USD
BBB-/BBB/Baa1
RU
1200000000 Energy
XS0191754729
GAZPROM NEFT
SIBNEF 4 3/8 09/19/22
87,138
1,216
6,46
-18,05
6,59
402,02
19.09.2012
09.09.2014
USD
BBB-/BBB/Baa2
RU
1500000000 Energy
XS0830192711
GAZPROM NEFT
SIBNEF 6 11/27/23
95,857
1,441
6,61
-20,55
7,03
409,61
27.11.2013
09.09.2014
USD
BBB-/BBB/Baa2
RU
1500000000 Energy
XS0997544860
GAZPROMBANK
GPBRU 3.984 10/30/18
94,574
2,109
5,48
-55,87
3,75
491,93
30.10.2013
09.09.2014
EUR
BBB-/BBB-/Baa3
RU
1000000000 Financial
XS0987109658
GAZPROMBANK
GPBRU 7.496 12/28/23
95,780
2,854
8,69
-0,55
3,68
685,39
30.09.2013
09.09.2014
USD
-/BB-/NR
RU
750000000 Financial
XS0975320879
LUKOIL INTL FIN
LUKOIL 6.656 06/07/22
103,835
2,168
6,03
-35,73
6,10
367,89
07.06.2007
09.09.2014
USD
BBB-/BBB/Baa2
RU
500000000 Energy
XS0304274599
LUKOIL INTL FIN
LUKOIL 4.563 04/24/23
91,344
2,369
5,86
-33,51
7,01
336,33
24.04.2013
09.09.2014
USD
BBB-/BBB/Baa2
RU
1500000000 Energy
XS0919504562
METALLOINVEST FI METINR 5 5/8 04/17/20
93,059
2,026
7,15
-42,34
4,73
507,87
17.04.2013
09.09.2014
USD
BB/BB/Ba2
RU
1000000000 Basic Materials
XS0918297382
Источник: Bloomberg, данные компаний, оценки Универ Капитал
©2014 ООО «Универ Капитал»
2
EUROBONDS WEEKLY
Issuer
Bond Name
Price
Price Chg
Yield
Yield Chg
5D
NOMOS BANK
NMOSRM 7 1/4 04/25/18
September 9, 2014
Russian Eurobonds Watch List
Duration
Z spread
Issued Date
Price Date
Currency
5D, bp
Ratings
Country
Quantity
Industry
ISIN
S/F/M
96,519
-0,101
8,38
3,82
3,15
656,13
25.04.2013
09.09.2014
USD
-/WD/Ba3
RU
500000000 Financial
XS0923110232
95,994
0,763
5,88
-16,97
4,40
391,76
26.09.2012
09.09.2014
USD
BB+/BBB-/Baa3
RU
500000000 Basic Materials
XS0783934325
101,973
-0,863
7,65
36,60
2,33
635,18
25.04.2012
09.09.2014
USD
-/BB-/Ba3
RU
400000000 Financial
XS0775984213
RUSSIAN STAND BK RUSB 9 1/4 07/11/17
96,719
0,684
13,51
262,97
0,81
1190,93
11.07.2012
09.09.2014
USD
B+/B+/B2
RU
525000000 Financial
XS0802648955
RUSSIAN STAND BK RUSB 10 3/4 04/10/18
90,045
2,034
14,40
-69,22
2,89
1262,11
10.10.2012
09.09.2014
USD
B-/B/B3
RU
350000000 Financial
XS0841677387
RZD CAPITAL PLC
RURAIL 5.7 04/05/22
98,976
2,787
5,87
-45,33
6,09
353,52
05.04.2012
09.09.2014
USD
BBB-/BBB/Baa1
RU
1400000000 Industrial
XS0764220017
SBERBANK
SBERRU 6 1/8 02/07/22
101,045
3,948
5,95
-65,88
6,04
362,04
07.02.2012
09.09.2014
USD
-/BBB/Baa1
RU
1500000000 Financial
XS0743596040
SBERBANK
SBERRU 5 1/8 10/29/22
91,104
5,704
6,55
-85,89
6,54
412,19
29.10.2012
09.09.2014
USD
-/BBB-/Baa3
RU
2000000000 Financial
XS0848530977
SBERBANK
SBERRU 5 1/4 05/23/23
88,662
6,228
7,01
-89,78
6,85
450,95
23.05.2013
09.09.2014
USD
-/BBB-/-
RU
1000000000 Financial
XS0935311240
SEVERSTAL OAO
CHMFRU 5.9 10/17/22
96,063
1,572
6,53
-24,58
6,36
412,61
17.10.2012
09.09.2014
USD
BB+/BB+/Ba1
RU
VEB FINANCE PLC
VEBBNK 6.025 07/05/22
94,206
5,583
7,00
-89,50
6,22
461,07
05.07.2012
09.09.2014
USD
BBB-/BBB/-
RU
1000000000 Financial
XS0800817073
VEB FINANCE PLC
VEBBNK 5.942 11/21/23
92,751
6,426
7,02
-90,83
6,99
449,85
21.11.2013
09.09.2014
USD
BBB-/BBB/-
RU
1150000000 Financial
XS0993162683
VEB FINANCE PLC
VEBBNK 6.8 11/22/25
97,496
6,792
7,13
-86,09
7,80
447,28
22.11.2010
09.09.2014
USD
BBB-/BBB/-
RU
1000000000 Financial
XS0559915961
VTB BANK
VTB 6.551 10/13/20
101,118
3,466
6,33
-68,70
4,99
418,71
13.10.2010
09.09.2014
USD
BBB-/WD/Baa2
RU
1000000000 Financial
XS0548633659
VTB BANK
VTB 6 1/4 06/30/35
101,671
0,180
6,11
-1,56
11,85
309,78
30.06.2005
09.09.2014
USD
BBB-/WD/Baa2
RU
1000000000 Financial
XS0223715920
VTB BANK
VTB 6.95 10/17/22
96,872
5,108
7,47
-82,34
6,12
507,91
17.10.2012
09.09.2014
USD
BB+/WD/Ba1
RU
1500000000 Financial
XS0842078536
NOMOS BANK
NMOSRM 8 3/4 10/21/15
100,069
0,258
8,67
-24,40
1,05
748,02
21.04.2010
09.09.2014
USD
-/WD/B1
RU
350000000 Financial
XS0503839622
ROSNEFT OIL CO
ROSNRM 4.199 03/06/22
86,417
2,743
6,52
-43,14
6,40
415,91
06.12.2012
09.09.2014
USD
BBB-/WD/Baa1
RU
OJSC NOVOLIPETSKNLMKRU 4.95 09/26/19
PROMSVYAZBK
PROMBK 8 1/2 04/25/17
750000000 Basic Materials
2000000000 Energy
XS0841671000
XS0861981180
Источник: Bloomberg, данные компаний, оценки Универ Капитал
©2014 ООО «Универ Капитал»
3
EUROBONDS WEEKLY
September 9, 2014
Russian Eurobonds Watch List
16,00
RUSB 10 3/4 04/10/18
14,00
RUSB 9 1/4 07/11/17
12,00
CRBKMO 8.7 11/13/18
10,00
Yield
NMOSRM 8 3/4 10/21/15
VTB 6.95 10/17/22
VEBBNK 6.025 07/05/22
NMOSRM 7 1/4 04/25/18
GPBRU 7.496 12/28/23
EVRAZ 6 1/2 04/22/20
CRBKMO 7.7 02/01/18
EVRAZ 9 1/2 04/24/18
8,00
SBERRU 5 1/8 10/29/22
EVRAZ 6 3/4 04/27/18
ALFARU 7 1/2 09/26/19
SBERRU 5 1/4 05/23/23
VEBBNK 5.942 11/21/23
PROMBK 8 1/2 04/25/17
EVRAZ 7.4 04/24/17
6,00
ALFARU 7 7/8 09/25/17
METINR 5 5/8 04/17/20
NLMKRU 4.95 09/26/19
GPBRU 3.984 10/30/18
ALFARU 7 3/4 04/28/21
VEBBNK 6.8 11/22/25
ROSNRM 4.199 03/06/22
GAZPRU 8 5/8 04/28/34
SIBNEF 6 11/27/23
SIBNEF 4 3/8 09/19/22
LUKOIL 6.656 06/07/22
VTB 6.551 10/13/20
LUKOIL 4.563 04/24/23
GAZPRU 5.999 01/23/21
RUSSIA 12 3/4 06/24/28
GAZPRU 4.95 02/06/28
GAZPRU 7.288 08/16/37
VTB 6 1/4 06/30/35
RUSSIA 5 7/8 09/16/43
RUSSIA 5 5/8 04/04/42
RUSSIA 4 7/8 09/16/23
RUSSIA 4 1/2 04/04/22
CHMFRU 5.9 10/17/22
GAZPRU 6.51 03/07/22
RUSSIA 7 1/2 03/31/30
RUSSIA 5 04/29/20
4,00
GAZPRU 4.95 07/19/22
RUSSIA 3 1/2 01/16/19
RUSSIA 11 07/24/18
SBERRU 6 1/8 02/07/22
RURAIL 5.7 04/05/22
RUSSIA 3 1/4 04/04/17
2,00
RUSSIA 3 5/8 04/29/15
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 9, 2014
Russian Eurobonds Watch List
9
9
We expect that the yields of GPBRU-18 and
SBERRU-19 still has potential to drop
8,5
8
8
7,5
7
YTM
YTM
7
6,5
6
6
5
5,5
5
4
4,5
4
ноя 13
фев 14
май 14
авг 14
3
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
VEBBNK 6.025 07/05/22
SBERRU 6 1/8 02/07/22
SIBNEF 4 3/8 09/19/22
LUKOIL 6.656 06/07/22
SBERRU 6 1/8 02/07/22
VTB 6.95 10/17/22
ROSNRM 4.199 03/06/22
GPBRU 3.984 10/30/18
SBERRU 5.18 06/28/19
Источник: Bloomberg, данные компаний, оценки Универ Капитал
©2014 ООО «Универ Капитал»
5
EUROBONDS WEEKLY
September 9, 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
08.2013
Z-spread Delta (п.ш.)
0
2000
1500
1000
500
Pri ce spread
Z-spread delta (п.ш.)
30
-20
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
08.2014
Z-spread delta (п.ш.)
08.2014
-10
-20
-30
-60
06.2014
Z-spread Delta (п.ш.)
GPBRU 3.984 10/30/18 - SBERRU 5.18 06/28/19
0
160
0
-100
140
-100
-20
-200
120
-200
-30
-300
100
-300
-40
-400
80
-400
-50
-500
-60
-600
60
-500
-70
-700
40
-600
-700
250
200
150
100
-80
-800
20
-90
-900
0
-800
-20
-900
03.2014
-1000
08.2013
0
Pri ce spread
-10
-100
05.2014
05.2014
300
VEBBNK 6.025 07/05/22 - SBERRU 6 1/8 02/07/22
2500
02.2014
02.2014
Pri ce Spre ad
SIBNEF 4 3/8 09/19/22 - LUKOIL 6.656 06/07/22
0
11.2013
11.2013
0
50
0
11.2013
02.2014
Ряд1
05.2014
Z-spread delta (п.ш.)
08.2014
-50
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
Price
September 9, 2014
Russian Eurobonds Financials
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
99,2
3,259
7,69
-77,63
4,14
574,52
26.09.2012
09.09.2014
USD
BB-/BB+/Ba3
RU
750000000
Financial
XS0832412505
ALFA BANK
ALFARU 7 3/4 04/28/21
102,586
4,030
7,25
-77,11
5,18
506,69
28.04.2011
09.09.2014
USD
BB+/BBB-/Ba1
RU
1000000000
Financial
XS0620695204
CREDIT BANK OF M CRBKMO 7.7 02/01/18
97,902
2,051
8,42
-69,08
3,02
678,90
01.02.2013
09.09.2014
USD
BB-/BB/B1
RU
500000000
Financial
XS0879105558
CREDIT BANK OF M CRBKMO 8.7 11/13/18
90,913
2,727
11,50
-78,86
3,45
970,57
13.05.2013
09.09.2014
USD
-/BB-/NR
RU
500000000
Financial
XS0924078453
GAZPROMBANK
GPBRU 3.984 10/30/18
94,574
2,109
5,48
-55,87
3,75
491,93
30.10.2013
09.09.2014
EUR
BBB-/BBB-/Baa3
RU
1000000000
Financial
XS0987109658
GAZPROMBANK
GPBRU 7.496 12/28/23
95,78
2,854
8,69
-0,55
3,68
685,39
30.09.2013
09.09.2014
USD
-/BB-/NR
RU
750000000
Financial
XS0975320879
HCFB LLC
HCFBRU 9 3/8 04/24/20
87,523
-0,226
13,87
146,67
2,99
1 203,66
24.10.2012
09.09.2014
USD
-/BB-/B1
RU
500000000
Financial
XS0846652666
HCFB LLC
HCFBRU 10 1/2 04/19/21
88,879
0,816
13,06
-17,35
4,59
1 091,50
17.10.2013
09.09.2014
USD
-/BB-/NR
RU
200000000
Financial
XS0981028177
NOMOS BANK
NMOSRM 7 1/4 04/25/18
96,519
-0,101
8,38
3,82
3,15
656,13
25.04.2013
09.09.2014
USD
-/WD/Ba3
RU
500000000
Financial
XS0923110232
PROMSVYAZBK
PROMBK 8 1/2 04/25/17
101,973
-0,863
7,65
36,60
2,33
635,18
25.04.2012
09.09.2014
USD
-/BB-/Ba3
RU
400000000
Financial
XS0775984213
SBERBANK
SBERRU 6 1/8 02/07/22
101,045
3,948
5,95
-65,88
6,04
362,04
07.02.2012
09.09.2014
USD
-/BBB/Baa1
RU
1500000000
Financial
XS0743596040
SBERBANK
SBERRU 5 1/8 10/29/22
91,104
5,704
6,55
-85,89
6,54
412,19
29.10.2012
09.09.2014
USD
-/BBB-/Baa3
RU
2000000000
Financial
XS0848530977
SBERBANK
SBERRU 5 1/4 05/23/23
88,662
6,228
7,01
-89,78
6,85
450,95
23.05.2013
09.09.2014
USD
-/BBB-/-
RU
1000000000
Financial
XS0935311240
VEB FINANCE PLC
VEBBNK 6.025 07/05/22
94,206
5,583
7,00
-89,50
6,22
461,07
05.07.2012
09.09.2014
USD
BBB-/BBB/-
RU
1000000000
Financial
XS0800817073
VEB FINANCE PLC
VEBBNK 5.942 11/21/23
92,751
6,426
7,02
-90,83
6,99
449,85
21.11.2013
09.09.2014
USD
BBB-/BBB/-
RU
1150000000
Financial
XS0993162683
VEB FINANCE PLC
VEBBNK 6.8 11/22/25
97,496
6,792
7,13
-86,09
7,80
447,28
22.11.2010
09.09.2014
USD
BBB-/BBB/-
RU
1000000000
Financial
XS0559915961
VTB BANK
VTB 6.551 10/13/20
101,118
3,466
6,33
-68,70
4,99
418,71
13.10.2010
09.09.2014
USD
BBB-/WD/Baa2
RU
1000000000
Financial
XS0548633659
VTB BANK
VTB 6 1/4 06/30/35
101,671
0,180
6,11
-1,56
11,85
309,78
30.06.2005
09.09.2014
USD
BBB-/WD/Baa2
RU
1000000000
Financial
XS0223715920
VTB BANK
VTB 6.95 10/17/22
96,872
5,108
7,47
-82,34
6,12
507,91
17.10.2012
09.09.2014
USD
BB+/WD/Ba1
RU
1500000000
Financial
XS0842078536
Источник: Bloomberg, данные компаний, оценки Универ Капитал
©2014 ООО «Универ Капитал»
7
EUROBONDS WEEKLY
September 9, 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
Price
September 9, 2014
Russian Eurobonds Non-Financials
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
105,07
1,388
6,73
-28,50
4,91
462,39
03.11.2010
09.09.2014
USD
BB-/BB/Ba3
RU
BORETS FIN
BORFIN 7 5/8 09/26/18
99,293
1,501
7,83
-43,32
3,43
599,21
26.09.2013
09.09.2014
USD
BB/-/B1
RU
420000000
Energy
XS0974469206
BRUNSWICK RAIL
RBNRL 6 1/2 11/01/17
94,317
0,438
8,60
-14,50
2,81
707,80
01.11.2012
09.09.2014
USD
BB-/-/Ba3
RU
600000000
Industrial
XS0850393264
EDC FINANCE LTD
EDCLLI 4 7/8 04/17/20
92,388
1,193
6,52
-24,25
4,83
441,97
17.04.2013
09.09.2014
USD
BB+/BB/-
RU
600000000
Energy
XS0918604496
EVRAZ GROUP SA
EVRAZ 7.4 04/24/17
99,942
1,318
7,42
-55,56
2,36
618,08
24.04.2012
09.09.2014
USD
B+/BB-/B1
RU
600000000 Basic Materials XS0652913558
EVRAZ GROUP SA
EVRAZ 6 3/4 04/27/18
95,339
1,221
8,26
-37,78
3,18
668,80
27.04.2011
09.09.2014
USD
B+/BB-/B1
RU
850000000 Basic Materials XS0618905219
EVRAZ GROUP SA
EVRAZ 9 1/2 04/24/18
104,028
1,217
8,19
-40,31
3,05
664,49
24.04.2008
09.09.2014
USD
B+/BB-/B1
RU
700000000 Basic Materials XS0359381331
EVRAZ GROUP SA
EVRAZ 6 1/2 04/22/20
90,318
1,732
8,72
-37,10
4,61
666,49
22.04.2013
09.09.2014
USD
B+/BB-/-
RU
1000000000 Basic Materials XS0808638612
FAR EAST CPL LTD FESHRU 8 05/02/18
71,447
2,102
19,26
-67,08
3,02
1 737,57
02.05.2013
09.09.2014
USD
BB-/B+/-
RU
550000000
Industrial
XS0920334900
FAR EAST CPL LTD FESHRU 8 3/4 05/02/20
71,511
1,647
16,74
-38,56
4,16
1 451,95
02.05.2013
09.09.2014
USD
BB-/B+/-
RU
325000000
Industrial
XS0920335030
GAZPROM
GAZPRU 4.95 07/19/22
95,397
2,865
5,68
-44,13
6,52
329,85
19.07.2012
09.09.2014
USD
BBB/BBB/Baa1
RU
1000000000
Energy
XS0805570354
GAZPROM
GAZPRU 6.51 03/07/22
103,77
2,103
5,88
-35,41
6,07
356,27
07.03.2007
09.09.2014
USD
BBB/BBB/Baa1
RU
1300000000
Energy
XS0290580595
GAZPROM
GAZPRU 4.95 02/06/28
88,643
3,700
6,21
-38,64
9,65
337,55
06.02.2013
09.09.2014
USD
BBB/BBB/Baa1
RU
900000000
Energy
XS0885736925
GAZPROM
GAZPRU 8 5/8 04/28/34
117,415
2,915
6,98
-28,50
10,24
405,29
28.04.2004
09.09.2014
USD
BBB/BBB/Baa1
RU
1200000000
Energy
XS0191754729
GAZPROM
GAZPRU 7.288 08/16/37
106,675
4,765
6,71
-41,22
11,76
370,52
16.08.2007
09.09.2014
USD
BBB/BBB/Baa1
RU
1250000000
Energy
XS0316524130
GAZPROM NEFT
SIBNEF 4 3/8 09/19/22
87,138
1,216
6,46
-18,05
6,59
402,02
19.09.2012
09.09.2014
USD
BBB-/BBB/Baa2
RU
1500000000
Energy
XS0830192711
GAZPROM NEFT
SIBNEF 6 11/27/23
95,857
1,441
6,61
-20,55
7,03
409,61
27.11.2013
09.09.2014
USD
BBB-/BBB/Baa2
RU
1500000000
Energy
XS0997544860
LUKOIL INTL FIN
LUKOIL 6.656 06/07/22
103,835
2,168
6,03
-35,73
6,10
367,89
07.06.2007
09.09.2014
USD
BBB/BBB/Baa2
RU
500000000
Energy
XS0304274599
LUKOIL INTL FIN
LUKOIL 4.563 04/24/23
91,344
2,369
5,86
-33,51
7,01
336,33
24.04.2013
09.09.2014
USD
BBB/BBB/Baa2
RU
1500000000
Energy
XS0919504562
METALLOINVEST FI METINR 5 5/8 04/17/20
93,059
2,026
7,15
-42,34
4,73
507,87
17.04.2013
09.09.2014
USD
BB-/BB-/Ba2
RU
1000000000 Basic Materials XS0918297382
MMC NOR VIA MMC GMKNRM 5.55 10/28/20
1000000000 Basic Materials XS0982861287
100,013
1,146
5,55
-22,13
5,17
340,54
28.10.2013
09.09.2014
USD
BBB-/BB+/Baa2
RU
NORD GOLD NV
NORDLI 6 3/8 05/07/18
96,949
1,332
7,34
-40,81
3,24
568,23
07.05.2013
09.09.2014
USD
-/BB-/Ba3
RU
NOVATEK OAO
NVTKRM 4.422 12/13/22
87,637
2,508
6,37
-36,66
6,82
390,72
13.12.2012
09.09.2014
USD
BBB-/BBB-/Baa3
RU
OJSC NOVOLIPETSKNLMKRU 4.95 09/26/19
95,994
0,763
5,88
-16,97
4,40
391,76
26.09.2012
09.09.2014
USD
BB+/BBB-/Baa3
RU
POLYUS GOLD INT PGILLN 5 5/8 04/29/20
96,794
2,367
6,31
-49,10
4,79
423,56
29.04.2013
09.09.2014
USD
BB+/BBB-/-
RU
ROSNEFT OIL CO
ROSNRM 4.199 03/06/22
86,417
2,743
6,52
-43,14
6,40
415,91
06.12.2012
09.09.2014
USD
BBB/BBB-/Baa1
RU
2000000000
Energy
XS0861981180
RZD CAPITAL PLC
RURAIL 5.7 04/05/22
98,976
2,787
5,87
-45,33
6,09
353,52
05.04.2012
09.09.2014
USD
BBB/BBB/Baa1
RU
1400000000
Industrial
XS0764220017
SCF CAPITAL LTD
SCFRU 5 3/8 10/27/17
97,781
-0,763
6,16
27,37
2,86
469,54
27.10.2010
09.09.2014
USD
-/BB-/Ba3
RU
800000000
Industrial
XS0552679879
SEVERSTAL OAO
CHMFRU 5.9 10/17/22
96,063
1,572
6,53
-24,58
6,36
412,61
17.10.2012
09.09.2014
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
September 9, 2014
Russian Eurobonds Non-Financials
25,00
20,00
FESHRU 8 05/02/18
FESHRU 8 3/4 05/02/20
15,00
Yield
GAZPRU 6.51 03/07/22
RURAIL 5.7 04/05/22
EVRAZ 6 3/4 04/27/18
10,00
CHMFRU 5.9 10/17/22
ROSNRM 4.199 03/06/22
BORFIN 7 5/8 09/26/18
EVRAZ 9 1/2 04/24/18
EVRAZ 6 1/2 04/22/20
RBNRL 6 1/2 11/01/17
SIBNEF 4 3/8 09/19/22
METINR 5 5/8 04/17/20
EVRAZ 7.4 04/24/17
SCFRU 5 3/8 10/27/17
5,00
NORDLI 6 3/8 05/07/18
EDCLLI 4 7/8 04/17/20
NLMKRU 4.95 09/26/19
GAZPRU 8 5/8 04/28/34
ALRSRU 7 3/4 11/03/20
PGILLN 5 5/8 04/29/20
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
SIBNEF 6 11/27/23
LUKOIL 6.656 06/07/22
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
LUKOIL 4.563 04/24/23 NVTKRM 4.422 12/13/22
RUSSIA 3 1/4 04/04/17
GAZPRU 4.95 07/19/22
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
Источник: Bloomberg, данные компаний, оценки Универ Капитал
©2014 ООО «Универ Капитал»
10
EUROBONDS WEEKLY
Issuer
Bond Name
Price
September 9, 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
84,092
0,825
10,84
-17,25
4,53
860,78
03.05.2013
09.09.2014
USD
B /*/B/-
RU
500000000
Energy
XS0925043100
CB RENCAP
RCCF 13 1/2 06/21/18
88,003
-0,612
17,99
23,637
2,93
1 618,50
21.12.2012
08.09.2014
USD
-/WD/B3
RU
150000000
Financial
XS0869792928
CB RENCAP
RCCF 7 3/4 05/31/16
90,154
0,249
14,40
-8,98
1,60
1 296,46
31.05.2013
09.09.2014
USD
B+/WD/B2
RU
350000000
Financial
XS0938341780
CB RENCAP
RCCF 13 1/2 05/22/19
85,498
-2,153
18,20
68,21
3,37
1 622,04
22.11.2013
08.09.2014
USD
-/-/-
RU
100000000
Financial
XS0996297544
KOKS OAO
KOKSRU 7 3/4 06/23/16
92,794
1,414
12,36
-82,51
1,67
1 069,97
23.06.2011
09.09.2014
USD
CCC+/-/B3
RU
350000000 Basic Materials XS0640334768
NOMOS BANK
NMOSRM 10 12/17/19
97,563
0,970
10,61
-23,97
4,11
865,33
06.06.2013
09.09.2014
USD
-/B+/B1
RU
300000000
Financial
XS0940730228
BANK OTKRITIE
NMOSRM 10 04/26/19
97,808
-0,456
10,61
12,85
3,66
861,07
26.04.2012
09.09.2014
USD
-/B+/B1
RU
500000000
Financial
XS0776121062
OAO TMK
TRUBRU 6 3/4 04/03/20
91,555
1,625
8,70
-35,26
4,53
663,47
03.04.2013
09.09.2014
USD
B+/-/B1
RU
500000000
Industrial
XS0911599701
OJSC RASPADSKAYARASPAD 7 3/4 04/27/17
96,879
1,311
9,11
-54,92
2,35
762,70
27.04.2012
09.09.2014
USD
-/B+/B2
RU
400000000
Energy
XS0772835285
OJSC RUSS AGRIC RSHB 8 1/2 10/16/23
95,247
3,577
9,28
-57,16
6,22
678,26
16.10.2013
09.09.2014
USD
-/-/NR
RU
500000000
Financial
XS0979891925
PROMSVYAZBK
95,193
2,634
11,45
-66,58
3,96
939,16
06.11.2012
09.09.2014
USD
-/B+/B1
RU
600000000
Financial
XS0851672435
RENAISSANCE SEC RENSEC 11 04/21/16
PROMBK 10.2 11/06/19
98,750
-0,166
11,86
12,743
1,46
1 040,73
21.04.2011
08.09.2014
USD
B/B/B3
RU
325000000
Financial
XS0616784509
RUSSIAN STAND BK RUSB 9 1/4 07/11/17
96,719
0,684
13,51
262,97
0,81
1 190,93
11.07.2012
09.09.2014
USD
B+/B+/B2
RU
525000000
Financial
XS0802648955
RUSSIAN STAND BK RUSB 10 3/4 04/10/18
90,045
2,034
14,40
-69,22
2,89
1 262,11
10.10.2012
09.09.2014
USD
B-/B/B3
RU
350000000
Financial
XS0841677387
VTB BANK
96,272
4,406
10,17
-60,85
5,70
781,09
06.08.2012
09.09.2014
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 9, 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
ALFARU 7 1/2 09/26/19
8,00
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
Price
September 9, 2014
CIS Eurobonds
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
58,523
-2,871
41,83
216,20
2,01
3 819,74
25.03.2010
09.09.2014
USD
CCC/C/Ca
KZ
615138114
Financial
XS0495755562
ATF BANK
ATFBP 9 05/11/16
102,521
-0,692
7,35
43,10
1,54
638,38
11.05.2006
09.09.2014
USD
NR/B-/Caa2
KZ
350000000
Financial
XS0253723281
BTA BANK JSC
BTASKZ 0 06/30/20
13,438
0,000
36,15
12,61
5,80
#N/A N/A
25.08.2010
09.09.2014
USD
-/-/-
KZ
5221494216
Financial
XS0532995049
BTA BANK JSC
BTASKZ 3.7 07/01/21
16,500
0,000
39,05
16,92
4,87
#N/A N/A
26.08.2010
09.09.2014
USD
-/WD/WR
KZ
384848130
Financial
XS0532989828
CITY OF KYIV
CITKIE 8 11/06/15
80,300
-0,825
29,34
118,88
1,08
2 667,59
08.11.2005
09.09.2014
USD
B-/B-/Caa1
UA
250000000
Government
XS0233620235
CITY OF KYIV
CITKIE 9 3/8 07/11/16
81,822
1,436
21,92
-79,37
1,68
2 077,27
11.07.2011
09.09.2014
USD
B-/B-/Caa1
UA
300000000
Government
XS0644750027
DTEK FINANCE
DTEKUA 7 7/8 04/04/18
62,026
3,009
24,43
-100,72
2,89
2 240,77
04.04.2013
09.09.2014
USD
-/B-/Caa1
UA
750000000
Financial
USG2941DAA03
FERREXPO FINANCEFXPOLN 7 7/8 04/07/16
93,760
2,815
12,36
-188,92
1,45
1 121,56
07.04.2011
09.09.2014
USD
B-/B-/Caa1
UA
500000000 Basic Materials XS0614325586
FINANCING INFRAS UKRINF 9 12/07/17
89,193
1,935
13,20
-69,12
2,78
1 159,06
07.12.2012
09.09.2014
USD
-/-/(P)Caa1
UA
550000000
Government
XS0862476230
FINANCING INFRAS UKRINF 8 3/8 11/03/17
88,542
0,078
12,92
-0,38
2,71
1 127,95
03.11.2010
09.09.2014
USD
-/-/Caa1
UA
568000000
Government
XS0556327822
FINANCING INFRAS UKRINF 7.4 04/20/18
85,671
-0,383
12,45
15,14
3,09
1 059,92
21.04.2011
09.09.2014
USD
-/-/Caa1
UA
690000000
Government
XS0619856460
TEMIR 14 06/30/22
110,273
0,080
11,93
-1,99
5,00
938,09
30.06.2010
05.09.2014
USD
B-/NR/-
KZ
60750000
Financial
USY8584LAA18
KAZKOMMERTSBANKKKB 7 1/2 11/29/16
101,421
0,169
6,79
-8,86
2,04
567,51
29.11.2006
09.09.2014
USD
B/B/Caa1
KZ
500000000
Financial
XS0276707923
KAZKOMMERTSBANKKKB 8 1/2 05/11/18
JSC TEMIRBANK
101,611
0,439
7,98
-14,24
3,14
638,84
11.05.2011
09.09.2014
USD
B/B/Caa1
KZ
300000000
Financial
XS0625516157
KAZKOMMERTSBANKKKB 9.2 11/29/49
80,965
0,266
29,73
7,25
1,08
2 826,26
09.11.2005
09.09.2014
USD
CCC-/CCC/Caa3
KZ
100000000
Financial
XS0234398245
METINVEST
METINV 10 1/4 05/20/15
77,835
1,912
52,31
-217,43
0,66
4 893,93
20.05.2010
09.09.2014
USD
-/B-/Caa1
UA
500000000 Basic Materials XS0511379066
METINVEST
METINV 8 3/4 02/14/18
68,235
1,567
22,55
-52,44
2,91
2 052,03
14.02.2011
09.09.2014
USD
-/B-/Caa1
UA
750000000 Basic Materials XS0591549232
MHP SA
MHPSA 8 1/4 04/02/20
85,700
3,874
11,83
-89,06
4,29
971,13
02.04.2013
09.09.2014
USD
B-/B-/-
UA
750000000
Consumer
USL6366MAC75
MRIYA AGRO HLDG MRIYA 9.45 04/19/18
35,458
-5,236
54,65
324,70
2,42
4 635,93
19.04.2013
09.09.2014
USD
B-/B-/-
UA
400000000
Consumer
XS0916902256
OSCHADBANK
OSCHAD 8 7/8 03/20/18
79,496
2,603
16,82
-87,44
2,89
1 500,28
20.03.2013
09.09.2014
USD
-/B-/Caa1
UA
500000000
Financial
XS0906434872
PRIVATBANK
PRBANK 10 7/8 02/28/18
77,507
0,305
20,21
-7,61
2,88
1 794,21
28.02.2013
09.09.2014
USD
-/B-/Caa1
UA
175000000
Financial
XS0896890315
UKRAINE GOVT
UKRAIN 9 1/4 07/24/17
93,082
3,041
12,17
-121,61
2,54
1 085,53
24.07.2012
09.09.2014
USD
B-/B-/Caa1
UA
2600000000
Government
XS0808758196
UKRAINE GOVT
UKRAIN 6 3/4 11/14/17
88,277
1,978
11,24
-68,80
2,82
976,36
14.11.2007
09.09.2014
USD
B-/B-/Caa1
UA
700000000
Government
XS0330776617
UKRAINE GOVT
UKRAIN 7 3/4 09/23/20
89,307
3,265
10,16
-68,94
4,67
803,03
23.09.2010
09.09.2014
USD
B-/B-/Caa1
UA
1500000000
Government
XS0543783194
UKRAINE GOVT
UKRAIN 7.95 02/23/21
89,861
3,387
10,13
-68,54
5,06
794,94
23.02.2011
09.09.2014
USD
B-/B-/Caa1
UA
1500000000
Government
XS0594390816
UKRAINE GOVT
UKRAIN 7.8 11/28/22
87,940
2,926
9,98
-49,67
5,91
760,37
28.11.2012
09.09.2014
USD
B-/B-/Caa1
UA
2250000000
Government
XS0858358236
UKRAINE GOVT
UKRAIN 7 1/2 04/17/23
86,150
2,812
9,93
-45,86
6,09
749,51
17.04.2013
09.09.2014
USD
B-/B-/Caa1
UA
1250000000
Government
XS0917605841
UKREXIMBANK
EXIMUK 8 3/8 04/27/15
86,494
4,524
34,03
-735,25
0,60
3 176,16
27.04.2010
09.09.2014
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 9, 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
77,000
0,055
20,29
2,61
2,77
1 818,45
26.03.2013
09.09.2014
USD
B-/B-/-
UA
500000000
Consumer
XS0908502452
UZ RAIL SHORTLIN RAILUA 9 1/2 05/21/18
78,983
5,958
17,44
-197,99
3,02
1 550,14
21.05.2013
09.09.2014
USD
B-/B-/-
UA
500000000
Industrial
XS0934134312
Источник: Bloomberg, данные компаний, оценки Универ Капитал
©2014 ООО «Универ Капитал»
14
EUROBONDS WEEKLY
September 9, 2014
CIS Eurobonds
60,00
MRIYA 9.45 04/19/18
METINV 10 1/4 05/20/15
50,00
40,00
BTASKZ 3.7 07/01/21
BTASKZ 0 06/30/20
Yield
EXIMUK 8 3/8 04/27/15
KKB 9.2 11/29/49
30,00
CITKIE 8 11/06/15
DTEKUA 7 7/8 04/04/18
METINV 8 3/4 02/14/18
PRBANK 10 7/8 02/28/18
CITKIE 9 3/8 07/11/16
20,00
UKRLAN 10 7/8 03/26/18
RAILUA
9 1/2
05/21/18
OSCHAD
8 7/8
03/20/18
UKRINF 8 3/8 11/03/17
UKRINF 9 12/07/17
MHPSA 8 1/4 04/02/20
UKRINF 7.4 04/20/18
FXPOLN 7 7/8 04/07/16
UKRAIN 9 1/4 07/24/17
UKRAIN 6 3/4 11/14/17
10,00
ATFBP 9 05/11/16
TEMIR 14 06/30/22
UKRAIN 7.8 11/28/22
UKRAIN 7 3/4 09/23/20
KKB 8 1/2 05/11/18
KKB 7 1/2 11/29/16
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
September 9, 2014
Univer Capital LLC
Main Office
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Рынок
Акций
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