FIXED INCOME

EUROBONDS WEEKLY
March 10, 2015
UNIVER
capital
Eurobonds Market Outlook
World Market
Context
FIXED INCOME
The U.S. market moved up by the end of last week reacting to
investors’ buying oil producing companies’ stocks that looked
undervalued. But big international funds reduce their exposer
to the U.S. market given the U.S. payrolls grew by 295,000 in
February prompting the Fed to raise rates earlier than
expected.
1 Tables
1.1.
1.2.
1.3.
1.4.
1.5.
1.6.
The European bond-buying program officially started on
Monday this week pushing euro further downward against
major currencies. The ECB officials hope to drive up Eurozone
inflation and boost a fragile economy. Also bond yields in the
Eurozone nominated in euro hit new lows. The euro earlier
this week fell over 1% against dollar to the level of $1.0735.
The bond investors are follow suit the ECB’s action and
increase their appetite for risk. High-yield ETF’s in Europe
have seen assets increase by about 35% since the beginning
of the 2015.
1.7.
1.8.
1.9.
1.10.
1.11.
1.12.
1.13.
Russian Sov ereign
Financial Institutions
Oil & Gas
Div ersified Chemicals
Metals & Mining
Energy
Construction
Telecom & Media
Transport
Ukraine
Kazakhstan
Azerbaijan
CIS
Watch List YTM Comparison
Watch List Price Spreads
9
2
4
5
5
5
6
6
6
6
7
8
8
2.1.
2.2.
2.3.
2.4.
2.5.
2.6.
2.7.
2.8.
2.9.
2.10.
2.11.
2.12.
2.13.
2.14.
2.15.
9
11
12
12
12
12
12
12
13
13
14
14
15
16
Russian and US Indexes
2200
2000
Russian Market
1800
This week investors will focus on the CBR policy review
meeting on Friday. Some investors are expecting the CBR to
cut the key rate down from 15% to 13%. The CBR is struggling
to save its reserves while the economy is accelerating toward
recession. CPI has reached the level of 16.8% for February
2015 YoY. The inflation peak in Russia is expected to be
reached in March and/or April.
This situation made rating agency Fitch, the last of “big three”,
announced it was going to cut Russia’s foreign-currency debt
to the less than investment level. Russia’s widening currentaccount surplus and the more realistic budget are worsening
the forecast of Russia’s GDP growth that was also on the side
of Fitch’s decision.
In average the Russian sovereign curve moved downward 2030 bps last week thanks geopolitical stabilization. Oil & Gas
sector Eurobonds’ NVTKRM-22 and LUKOIL-23 looked better
then their peers keeping their prices intact last week. Some
Eurobonds from telecommunication and banking sectors also
looked attractive for investors.
© 2015 UNIVER Capital LLC
2
2 Charts
Talks between Greece and its lenders, EC and ECB, have
moved to discussing technical details over funding Greece
needed the most. To get the funding Greece has to make a
significant progress on its internal policy measures and
European officials are going to send some experts to carefully
access the key data on government accounts.
Chinese government is now concerned about deflationary risk
that can hamper the economy growth. Chinese CPI for
February was 1.4% from a year earlier which is slightly higher
than it was in January. The main driver for CPI growth was
food prices led by fruit and vegetables. But Chinese PPI for
February dropped 4.8% from a year earlier. Chinese authority
set a GDP growth target at 7% for 2015, but IMF forecast GDP
growth only at 6.8%.
Page #
Russian Sov ereign
Financial Institutions
Oil & Gas
Metals & Mining
Energy
Div ersified Chemicals
Construction
Telecom & Media
Transport
Ukraine
Kazakhstan
Azerbaijan
CIS
1
1600
1400
1200
1000
800
600
02.2014
05.2014
08.2014
MICEX
11.2014
RTS
02.2015
S&P 5 00
Money Market Rates
34
75
70
29
65
24
60
55
19
50
14
45
40
9
4
04.2014
35
30
06.2014
08.2014
10.2014
12.2014
02.2015
USDRUB Curncy
MOSKON Index
RUONIA Index
RSFXSB1W Index
RUBSYL1W Index
RURPONRR Index
Source: Bloomberg, companies data, UNIVER Capital assumptions
EUROBONDS WEEKLY
March 10, 2015
UNIVER
Russian & CIS Eurobonds
capital
Bond Name
Price
Price Chg
YTC
DUR
Payment
Last
5 Day
(mid)
(mid)
Rank
Sink
CNTR CUR
Ratings
Coupon
Coupon
Call/Put
S/F/M
Accrued
Date
Date
Russian Sovereign
MOSCOW 5.064 10/20/16
100.79
+0.68 %
4.52
1.56
Sr Unsecured
N
RU
EUR
BB+/BBB-/Ba1
1.98
20.10.2015
-
RUSSIA 3 5/8 04/29/15
100.20
-0.03 %
2.10
0.13
Sr Unsecured
N
RU
USD
BB+/BBB-/Ba1
1.34
29.04.2015
-
RUSSIA 3 1/4 04/04/17
99.31
+0.29 %
3.60
1.98
Sr Unsecured
N
RU
USD
BB+/BBB-/Ba1
1.43
04.04.2015
-
118.62
+1.17 %
4.93
2.91
Sr Unsecured
N
RU
USD
BB+/BBB-/Ba1
1.47
24.07.2015
-
RUSSIA 7.85 03/10/18
85.75
+0.00 %
13.82
2.70
Sr Unsecured
N
RU
RUB
BBB-/BBB-/Ba1
0.04
10.09.2015
-
RUSSIA 3 1/2 01/16/19
94.06
+1.35 %
5.22
3.60
Sr Unsecured
N
RU
USD
BB+/BBB-/Ba1
0.54
16.07.2015
-
RUSSIA 5 04/29/20
97.41
+1.71 %
5.59
4.50
Sr Unsecured
N
RU
USD
BB+/BBB-/Ba1
1.85
29.04.2015
-
RUSSIA 3 5/8 09/16/20
95.38
+2.73 %
4.59
5.00
Sr Unsecured
N
RU
EUR
BB+/BBB-/Ba1
1.76
16.09.2015
-
RUSSIA 4 1/2 04/04/22
92.64
+2.46 %
5.78
5.96
Sr Unsecured
N
RU
USD
BB+/BBB-/Ba1
1.98
04.04.2015
-
RUSSIA 4 7/8 09/16/23
92.88
+2.76 %
5.95
6.83
Sr Unsecured
N
RU
USD
BB+/BBB-/Ba1
2.38
16.03.2015
-
RUSSIA 12 3/4 06/24/28
146.37
+1.58 %
7.25
7.69
Sr Unsecured
N
RU
USD
BB+/BBB-/Ba1
2.76
24.06.2015
-
RUSSIA 7 1/2 03/31/30
108.85
+1.40 %
5.42
4.18
Sr Unsecured
Y
RU
USD
BB+/BBB-/Ba1
3.38
31.03.2015
-
RUSSIA 5 5/8 04/04/42
88.29
+2.47 %
6.55
13.04
Sr Unsecured
N
RU
USD
BB+/BBB-/Ba1
2.47
04.04.2015
-
RUSSIA 5 7/8 09/16/43
90.75
+2.34 %
6.60
13.07
Sr Unsecured
N
RU
USD
BB+/BBB-/Ba1
2.87
16.03.2015
-
FIXED INCOME
RUSSIA 11 07/24/18
Financial Institutions
AIZK 7 3/4 02/13/18
83.93
+2.35 %
15.25
2.62
Unsecured
N
RU
RUB
BB+/-/Ba1
0.62
13.08.2015
-
AKBARS 8 3/4 11/19/15
100.19
-
8.43
0.67
Sr Unsecured
N
RU
USD
-/BB-/B1
2.75
19.05.2015
-
ABHFIN 5 1/2 06/10/17
96.93
+1.17 %
7.01
2.09
Sr Unsecured
N
RU
EUR
B+/BB/-
4.14
10.06.2015
-
ABHFIN 4 01/16/18
83.75
+0.37 %
10.94
2.72
Sr Unsecured
N
RU
CHF
B+/BB/-
0.62
16.01.2016
-
AKBARS 8 07/13/22
73.50
+0.68 %
13.86
5.28
Subordinated
N
RU
USD
-/B/-
1.31
13.07.2015
-
ALFARU 8 5/8 04/26/16
93.50
+0.61 %
15.67
1.06
Sr Unsecured
N
RU
RUB
BB/BB+/Ba2
3.26
26.04.2015
-
ALFARU 7 7/8 09/25/17
99.50
-
8.09
2.27
Sr Unsecured
N
RU
USD
BB/BB+/Ba2
3.65
25.03.2015
-
ALFARU 6.3 02/22/17
87.63
-
13.76
1.85
Subordinated
N
RU
USD
B+/BB/B1
0.35
22.08.2015
-
ALFARU 7 1/2 09/26/19
89.05
-
10.60
3.74
Subordinated
N
RU
USD
B+/BB/B1
3.46
26.03.2015
-
ALFARU 7 3/4 04/28/21
94.37
-
8.96
4.81
Sr Unsecured
N
RU
USD
BB/BB+/Ba2
2.88
28.04.2015
-
ALFARU 8 03/18/15
100.44
-
17.53
0.02
Sr Unsecured
N
RU
USD
BB/BB+/Ba2
3.87
18.03.2015
-
BKMOSC 6.699 03/11/15
100.16
-
49.18
0.00
Sr Unsecured
N
RU
USD
-/WD/Ba2
3.33
11.03.2015
-
BKMOSC 5.967 11/25/15
98.09
-
8.81
0.69
Subordinated
N
RU
USD
-/WD/B1
1.77
25.05.2015
-
BKMOSC 6.02 05/10/17
90.99
+1.15 %
10.79
2.01
Subordinated
N
RU
USD
-/WD/B1
2.04
10.05.2015
-
NMOSRM 10 04/26/19
85.00
-
15.00
3.27
Subordinated
N
RU
USD
-/WD/B2
3.78
26.04.2015
-
STPETE 7.63 07/25/17
76.01
-
20.97
2.16
Subordinated
N
RU
USD
-/WD/B2
1.00
25.07.2015
-
STPETE 11 10/24/18
79.69
+2.00 %
19.00
2.86
Subordinated
N
RU
USD
-/WD/B2
4.22
24.04.2015
-
STPETE 10 3/4 04/22/19
66.63
-
23.93
3.06
Subordinated
N
RU
USD
-/B+/-
4.18
22.04.2015
-
BKHMRU 11 06/20/18
-
-
Subordinated
N
RU
USD
NR/-/-
0.00
-
-
RBNRL 6 1/2 11/01/17
42.50
-
46.48
2.23
Sr Unsecured
N
RU
USD
B-/-/B3
2.37
01.05.2015
-
RCCF 7 3/4 05/31/16
85.00
-
22.47
1.16
Sr Unsecured
N
RU
USD
B/WD/B3
2.20
31.05.2015
-
RCCF 13 1/2 06/21/18
49.50
-
43.86
2.37
Subordinated
N
RU
USD
-/WD/Caa1
3.04
21.06.2015
-
RCCF 13 1/2 05/22/19
58.13 +24.00 %
32.38
2.84
Subordinated
N
RU
USD
-/-/NR
4.13
22.05.2015
-
FCFIN 8 1/2 11/15/19
97.50
-
9.16
3.84
Subordinated
N
RU
USD
-/B+/B2
2.76
15.05.2015
-
CRBKMO 7.7 02/01/18
87.53
-
13.01
2.60
Sr Unsecured
N
RU
USD
BB-/BB/B1
0.88
01.08.2015
-
CRBKMO 8.7 11/13/18
76.88
-
17.49
3.04
Subordinated
N
RU
USD
-/BB-/NR
2.88
13.05.2015
-
FCFIN 11 1/2 06/29/49
-
-
Jr Subordinated
N
TR
USD
-/-/-
0.41
-
-
EURDEV 8 10/05/17
85.85
+0.38 %
14.82
2.26
Sr Unsecured
N
SNAT RUB
BBB/WD/A3
3.49
05.04.2015
-
EURDEV 5 09/26/20
92.00
-
6.75
4.75
Sr Unsecured
N
SNAT USD
BBB/-/A3
2.31
26.03.2015
-
EURDEV 4.767 09/20/22
88.50
+2.31 %
6.74
6.17
Sr Unsecured
N
SNAT USD
BBB/WD/A3
2.28
20.03.2015
-
-
-
Sr Unsecured
N
SNAT RUB
-/AAA/NR
0.99
14.05.2015
-
GPBRU 6 1/2 09/23/15
100.74
+0.49 %
5.07
0.51
Sr Unsecured
N
RU
USD
BB+/BB+/Ba2
3.05
23.03.2015
-
GPBRU 3 3/8 08/05/15
98.25
+0.24 %
7.94
0.40
Sr Unsecured
N
RU
CHF
BB+/BB+/Ba2
2.03
05.08.2015
-
GPBRU 8.617 12/15/15
95.55
+0.35 %
15.55
0.74
Sr Unsecured
N
RU
RUB
-/BB+/Ba2
2.08
15.06.2015
-
GPBRU 7.35 05/08/16
99.63
+0.44 %
7.67
1.09
Sr Unsecured
N
RU
USD
-/BB+/Ba2
6.21
08.05.2015
-
GPBRU 7 7/8 07/25/16
91.21
+0.81 %
15.78
1.31
Sr Unsecured
N
RU
RUB
BB+/BB+/Ba2
1.03
25.07.2015
-
GPBRU 5 5/8 05/17/17
95.85
-
7.72
2.04
Sr Unsecured
N
RU
USD
BB+/BB+/Ba2
1.80
17.05.2015
-
GPBRU 4 1/4 01/30/17
86.74
+0.76 %
12.32
1.82
Sr Unsecured
N
RU
CNY
BB+/BB+/Ba2
0.48
30.07.2015
-
GPBRU 3.984 10/30/18
88.30
+1.98 %
7.79
3.39
Sr Unsecured
N
RU
EUR
BB+/BB+/Ba2
1.45
30.10.2015
-
GPBRU 4.96 09/05/19
82.45
-
9.91
4.02
Sr Unsecured
N
RU
USD
BB+/BB+/-
0.10
05.09.2015
-
GPBRU 7 1/4 05/03/19
90.80
-
10.01
3.52
Subordinated
N
RU
USD
BB-/BB/B2
2.60
03.05.2015
-
GPBRU 4 07/01/19
86.04
+3.15 %
7.95
3.90
Sr Unsecured
N
RU
EUR
BB+/BB+/Ba2
2.78
01.07.2015
-
EBRD 0 11/14/16
© 2015 UNIVER Capital LLC
2
Source: Bloomberg, companies data, UNIVER Capital assumptions
EUROBONDS WEEKLY
March 10, 2015
UNIVER
Russian & CIS Eurobonds
capital
Bond Name
Price
Price Chg
YTC
DUR
Payment
Last
5 Day
(mid)
(mid)
Rank
CNTR CUR
Ratings
Coupon
Coupon
S/F/M
Accrued
Date
Call/Put
Date
-/B+/NR
1.54
28.06.2015
28.12.2018 Call
GPBRU 7.496 12/28/23
80.78
+0.00 %
14.21
3.26
Subordinated
N
RU
USD
GPBRU 5 1/8 05/13/24
72.05
+7.16 %
14.50
3.59
Subordinated
N
RU
CHF
-/B+/-
4.26
13.05.2015
13.05.2019 Call
GPBRU 7 7/8 04/29/49
76.00
-5.00 %
18.30
2.67
Subordinated
N
RU
USD
-/-/NR
3.00
25.04.2015
25.04.2018 Call
GPBRU 4 02/24/16
94.41
+0.41 %
10.29
0.95
Sr Unsecured
N
RU
CNY
BB+/BB+/Ba2
0.18
24.08.2015
-
HCFBRU 9 3/8 04/24/20
70.00
-
23.45
2.57
Subordinated
N
RU
USD
-/B+/B3
3.59
24.04.2015
24.04.2018 Call
HCFBRU 10 1/2 04/19/21
70.03
-
18.99
4.09
Subordinated
N
RU
USD
-/B+/NR
4.23
17.04.2015
17.04.2019 Call
VTB 5.01 09/29/15
98.90
-
7.09
0.53
Subordinated
N
RU
USD
-/WD/Ba3
2.27
30.03.2015
-
MBRDRU 7.93 03/10/16
87.44
+0.58 %
22.75
0.97
Subordinated
N
RU
USD
-/-/B3
0.04
10.09.2015
09.04.2015 Call
NMOSRM 8 3/4 10/21/15
96.38
-
15.16
0.59
Subordinated
N
RU
USD
-/WD/B2
3.43
21.04.2015
-
NMOSRM 7 1/4 04/25/18
92.50
-
10.11
2.75
Sr Unsecured
N
RU
USD
-/WD/Ba3
2.76
25.04.2015
-
NMOSRM 10 12/17/19
86.00
-0.51 %
14.12
3.73
Subordinated
N
RU
USD
-/WD/B2
2.36
17.06.2015
-
RSHB 3 1/8 08/17/15
97.93
+0.80 %
7.97
0.43
Sr Unsecured
N
RU
CHF
-/BB+/Ba2
1.78
17.08.2015
-
RSHB 3.6 02/04/16
94.49
+1.07 %
10.16
0.89
Sr Unsecured
N
RU
CNY
-/BB+/Ba2
0.36
04.08.2015
-
-
-
Sr Unsecured
N
RU
RUB
-/BB+/Ba2
2.93
26.05.2015
-
RSHB 8.7 03/17/16
93.99
+0.57 %
15.90
0.95
Sr Unsecured
N
RU
RUB
-/BB+/Ba2
4.23
17.03.2015
-
RSHB 5.298 12/27/17
92.50
-
8.36
2.60
Sr Unsecured
N
RU
USD
-/BB+/Ba2
1.10
27.06.2015
-
RSHB 6.299 05/15/17
96.26
-
8.20
2.02
Sr Unsecured
N
RU
USD
-/BB+/Ba2
2.05
15.05.2015
-
RSHB 8 5/8 02/17/17
88.38
+1.29 %
16.44
1.81
Sr Unsecured
N
RU
RUB
-/BB+/Ba2
0.55
17.08.2015
-
RSHB 5.1 07/25/18
89.13
+2.36 %
8.90
3.10
Sr Unsecured
N
RU
USD
-/BB+/Ba2
0.67
25.07.2015
-
RSHB 7 3/4 05/29/18
97.00
+2.92 %
8.84
2.84
Sr Unsecured
N
RU
USD
-/BB+/Ba2
2.22
29.05.2015
-
RSHB 7 7/8 02/07/18
81.53
+0.31 %
16.72
2.60
Sr Unsecured
N
RU
RUB
-/BB+/Ba2
0.77
07.08.2015
-
RSHB 6 06/03/21
74.15
-
33.33
1.17
Subordinated
N
RU
USD
-/BB/B2
1.65
03.06.2015
03.06.2016 Call
RSHB 8 1/2 10/16/23
69.88
-
14.80
5.48
Subordinated
N
RU
USD
-/-/NR
3.45
16.04.2015
-
VOSEXP 12 05/29/19
89.19
+2.44 %
15.58
3.26
Subordinated
N
RU
USD
-/-/NR
3.43
29.05.2015
-
PROBUS 11 3/4 05/10/16
76.00
-
39.30
1.06
Secured
N
RU
USD
-/WD/-
3.98
10.05.2015
-
PROMBK 12 3/4 05/27/15
101.13
-
7.01
0.21
Subordinated
N
RU
USD
NR/WD/B2
3.72
27.05.2015
-
PROMBK 11 1/4 07/08/16
100.20
-
11.05
1.24
Subordinated
N
RU
USD
-/WD/B2
2.00
08.07.2015
-
PROMBK 8 1/2 04/25/17
95.00
-
11.20
1.92
Sr Unsecured
N
RU
USD
-/WD/B1
3.23
25.04.2015
-
PROMBK 10.2 11/06/19
66.00
-
22.29
3.41
Subordinated
N
RU
USD
-/WD/B2
3.57
06.05.2015
-
PROMBK 10 1/2 07/30/21
72.57
-
17.86
4.43 Sr Subordinated
N
RU
USD
-/WD/B3
1.23
30.07.2015
-
PROMBK 12 1/2 12/24/49
71.63
-0.61 %
17.47
5.77
Subordinated
N
RU
USD
-/-/-
5.83
24.03.2015
24.03.2020 Call
RENSEC 11 04/21/16
87.25
+8.39 %
24.79
1.02
Sr Unsecured
N
RU
USD
B-/B-/WR
4.31
21.04.2015
-
-
-
Sr Unsecured
N
RU
CNY
NR/NR/WR
0.00
-
-
RUSB 7.73 12/16/15
87.51
-
26.85
0.74
Subordinated
N
RU
USD
CCC+/-/B3
1.85
16.06.2015
-
RUSB 7.561 12/01/16
63.00
-0.79 %
38.99
1.58
Subordinated
N
RU
USD
CCC+/-/B3
2.12
01.06.2015
-
RUSB 9 1/4 07/11/17
96.36
-
20.69
0.33
Sr Unsecured
N
RU
USD
B/B/B2
1.57
11.07.2015
11.07.2015 Put
RUSB 13 04/10/20
51.50
+2.49 %
33.47
3.06
Subordinated
N
RU
USD
CCC+/B-/B3
4.70
10.04.2015
-
RUSB 11 1/2 01/17/24
44.20
-
41.82
2.74
Subordinated
N
RU
USD
-/B-/Caa1
1.76
17.07.2015
17.01.2019 Call
RSHB 0 11/23/16
FIXED INCOME
Sink
RUSB 8 02/14/15
SBERRU 5.499 07/07/15
100.31
-
4.46
0.32
Sr Unsecured
N
RU
USD
-/BBB-/Ba1
0.99
07.07.2015
-
SBERRU 3.1 09/14/15
98.15
+0.66 %
6.78
0.51
Sr Unsecured
N
RU
CHF
-/BBB/Ba1
1.53
14.09.2015
-
SBERRU 7 01/31/16
93.88
+0.81 %
15.15
0.87
Sr Unsecured
N
RU
RUB
-/BBB-/Ba1
0.82
31.07.2015
-
SBERRU 4.95 02/07/17
96.40
-
7.00
1.83
Sr Unsecured
N
RU
USD
-/BBB/Ba1
0.48
07.08.2015
-
SBERRU 5.4 03/24/17
98.03
-
6.45
1.90
Sr Unsecured
N
RU
USD
-/BBB/Ba1
2.52
24.03.2015
-
SBERRU 2.065 02/28/17
90.68
+3.22 %
7.32
1.95
Sr Unsecured
N
RU
CHF
-/BBB/Ba1
0.07
29.02.2016
-
SBERRU 7.4 03/04/18
81.58
+1.12 %
16.50
2.68
Sr Unsecured
N
RU
TRY
-/BBB-/Ba1
0.16
04.09.2015
-
SBERRU 5.18 06/28/19
91.00
+0.00 %
7.68
3.84
Sr Unsecured
N
RU
USD
-/BBB-/Ba1
1.06
28.06.2015
-
SBERRU 3.3524 11/15/19
91.75
+0.46 %
5.39
4.35
Sr Unsecured
N
RU
EUR
-/BBB-/Ba1
1.07
15.11.2015
-
SBERRU 5.717 06/16/21
89.88
-
7.79
5.21
Sr Unsecured
N
RU
USD
-/BBB/Ba1
1.37
16.06.2015
-
SBERRU 6 1/8 02/07/22
90.75
-
7.89
5.63
Sr Unsecured
N
RU
USD
-/BBB-/Ba1
0.60
07.08.2015
-
SBERRU 5 1/8 10/29/22
80.50
+2.68 %
8.67
6.10
Subordinated
N
RU
USD
-/BB+/Ba2
1.89
29.04.2015
-
SBERRU 5 1/4 05/23/23
76.70
-
9.39
6.39
Subordinated
N
RU
USD
-/BB+/-
1.59
23.05.2015
-
SBERRU 5 1/2 02/26/24
77.20
+3.97 %
13.06
3.54
Subordinated
N
RU
USD
-/BB+/-
0.24
26.08.2015
26.02.2019 Call
Sr Unsecured
Y
RU
USD
-/-/-
1.63
25.04.2015
-
Sr Unsecured
N
RU
USD
B/-/B2
4.09
28.04.2015
28.10.2015 Put
SOVCPF 12 1/2 04/25/18
-
-
TATFON 11 04/28/17
96.25
-2.10 %
17.49
0.60
AKBHC 14 06/06/18
85.25
-
20.42
2.56
Subordinated
N
RU
USD
-/B/B3
3.73
06.06.2015
-
AKBHC 10 3/4 09/18/15
99.80
-
11.15
0.49
Sr Unsecured
N
RU
USD
-/B+/B2
5.20
18.03.2015
-
TRACAP 7.74 07/18/17
70.00
-
25.50
2.05
Subordinated
N
RU
USD
-/-/B2
3.74
18.03.2015
-
113.00
+9.05 %
7.95
3.13
Subordinated
N
RU
USD
-/-/-
2.50
27.06.2015
-
VEBBNK 5 1/8 05/27/16
94.74
-
9.83
1.17
Sr Unsecured
N
RU
USD
BB+/BBB-/-
1.49
27.05.2015
-
VEBBNK 3 3/4 02/17/16
96.00
+1.22 %
8.36
0.93
Sr Unsecured
N
RU
CHF
BB+/BBB-/NR
0.26
17.02.2016
-
VEBBNK 5 3/8 02/13/17
92.88
-
9.52
1.84
Sr Unsecured
N
RU
USD
BB+/BBB-/-
0.43
13.08.2015
-
UBRIR 12 12/27/18
© 2015 UNIVER Capital LLC
3
Source: Bloomberg, companies data, UNIVER Capital assumptions
EUROBONDS WEEKLY
March 10, 2015
UNIVER
Russian & CIS Eurobonds
capital
Bond Name
Price
Price Chg
YTC
DUR
Payment
Last
5 Day
(mid)
(mid)
Rank
CNTR CUR
Ratings
Coupon
Coupon
Call/Put
S/F/M
Accrued
Date
Date
VEBBNK 5.45 11/22/17
89.25
-
10.10
2.49
Sr Unsecured
N
RU
USD
BB+/BBB-/-
1.67
22.05.2015
-
VEBBNK 4.224 11/21/18
86.70
+3.44 %
8.49
3.39
Sr Unsecured
N
RU
USD
BB+/BBB-/-
1.30
21.05.2015
-
VEBBNK 3.035 02/21/18
89.65
+1.59 %
7.04
2.85
Sr Unsecured
N
RU
EUR
BB+/BBB-/-
0.16
21.02.2016
-
VEBBNK 6.902 07/09/20
90.93
+3.78 %
9.09
4.44
Sr Unsecured
N
RU
USD
BB+/BBB-/-
1.21
09.07.2015
-
VEBBNK 6.025 07/05/22
80.49
+1.25 %
9.82
5.77
Sr Unsecured
N
RU
USD
BB+/BBB-/-
1.12
05.07.2015
-
VEBBNK 5.942 11/21/23
80.25
-
9.30
6.52
Sr Unsecured
N
RU
USD
BB+/BBB-/-
1.83
21.05.2015
-
VEBBNK 4.032 02/21/23
75.60
+2.82 %
8.35
6.76
Sr Unsecured
N
RU
EUR
BB+/BBB-/-
0.21
21.02.2016
-
VEBBNK 6.8 11/22/25
76.25
-
10.55
7.09
Sr Unsecured
N
RU
USD
BB+/BBB-/-
2.08
22.05.2015
-
FEIBNK 9 11/14/16
81.00
-
23.32
1.53
Sr Unsecured
N
RU
USD
B+/-/B2
2.95
14.05.2015
-
VOSEXP 8.17 06/27/17
88.25
+1.15 %
14.35
2.09
Subordinated
N
RU
USD
-/-/-
1.70
27.06.2015
-
-
-
Sr Unsecured
N
RU
USD
NR/WD/WR
0.00
-
-
VTB 5 11/17/15
98.38
+1.30 %
7.47
0.68
Sr Unsecured
N
RU
CHF
BB+/WD/Ba1
1.60
17.11.2015
-
VTB 4 1/2 10/30/15
97.67
-0.04 %
8.33
0.62
Sr Unsecured
N
RU
CNY
BB+/WD/Ba1
1.64
30.04.2015
-
-
-
Sr Unsecured
N
RU
SGD
BB+/WD/Ba1
0.56
20.07.2015
-
VTB 3.15 12/16/16
89.50
+3.47 %
9.92
1.73
Sr Unsecured
N
RU
CHF
-/WD/Ba1
0.75
16.12.2015
-
VTB 4 1/4 02/15/16
98.68
+0.35 %
5.72
0.93
Sr Unsecured
N
RU
EUR
BB+/WD/Ba1
0.29
15.02.2016
-
VTB 6 04/12/17
95.27
+2.94 %
8.52
1.94
Sr Unsecured
N
RU
USD
-/WD/Ba1
2.50
12.04.2015
-
VTB 7 1/2 12/11/17
93.23
+4.71 %
10.43
2.54
Sr Unsecured
N
RU
AUD
BB+/WD/Ba1
1.87
11.12.2015
-
VTB 6.315 02/22/18
93.80
-
8.75
2.72
Sr Unsecured
N
RU
USD
BB+/WD/Ba1
0.35
22.08.2015
-
VTB 6 7/8 05/29/18
93.97
+0.50 %
9.07
2.87
Sr Unsecured
N
RU
USD
BB+/WD/Ba1
1.99
28.05.2015
-
VTB 2.9 05/25/18
82.13
+8.14 %
9.64
3.01
Sr Unsecured
N
RU
CHF
BB+/-/Ba1
2.31
25.05.2015
-
VTB 6.551 10/13/20
89.50
+2.87 %
8.98
4.57
Sr Unsecured
N
RU
USD
BB+/WD/Ba1
2.71
13.04.2015
-
VTB 6.95 10/17/22
84.50
-
9.90
5.68
Subordinated
N
RU
USD
BB-/WD/Ba3
2.80
17.04.2015
-
VTB 5 10/24/24
70.88
+3.35 %
13.95
4.06
Subordinated
N
RU
CHF
-/-/-
1.92
24.10.2015
24.10.2019 Call
VTB 6 1/4 06/30/35
100.10
+0.10 %
6.24
11.63
Sr Unsecured
N
RU
USD
BB+/WD/Ba1
1.25
30.06.2015
30.06.2015 Put
VTB 9 1/2 12/29/49
80.00
-
13.78
5.21
Subordinated
N
RU
USD
-/-/NR
2.53
06.06.2015
06.12.2022 Call
VOSTOK 9 7/8 03/11/15
92.22
-
Sr Unsecured
N
RU
USD
NR/WD/-
4.91
11.03.2015
-
VOSTOK 7 05/04/20
40.20
-
30.93
3.66
Sr Unsecured
N
RU
USD
NR/WD/-
2.49
04.05.2015
-
BORFIN 7 5/8 09/26/18
68.65
+0.10 %
20.51
2.93
Sr Unsecured
N
RU
USD
BB-/-/B1
3.52
26.03.2015
-
EDCLLI 4 7/8 04/17/20
83.35
+2.26 %
9.02
4.41
Sr Unsecured
N
RU
USD
BB+/BB/-
1.96
17.04.2015
-
GAZPRU 4.3 11/12/15
99.63
-0.22 %
4.86
0.66
Sr Unsecured
N
RU
USD
BB+/BBB-/Ba1
1.46
12.05.2015
-
GAZPRU 5.092 11/29/15
100.35
-
4.58
0.70
Sr Unsecured
N
RU
USD
BB+/BBB-/Ba1
1.46
29.05.2015
-
GAZPRU 8 1/8 02/04/15
-
-
Sr Unsecured
N
RU
EUR
NR/NR/WR
0.00
-
-
GAZPRU 5 7/8 06/01/15
100.50
+0.18 %
3.44
0.22
Sr Unsecured
N
RU
EUR
BB+/BBB-/Ba1
4.57
01.06.2015
-
GAZPRU 4.95 05/23/16
98.38
-
6.37
1.16
Sr Unsecured
N
RU
USD
BB+/BBB-/Ba1
1.50
23.05.2015
-
GAZPRU 6.212 11/22/16
100.00
+1.01 %
6.20
1.61
Sr Unsecured
N
RU
USD
BB+/BBB-/Ba1
1.90
22.05.2015
-
GAZPRU 3.755 03/15/17
96.83
+2.84 %
5.46
1.90
Sr Unsecured
N
RU
EUR
BB+/BBB-/Ba1
3.72
15.03.2015
-
GAZPRU 5.136 03/22/17
99.60
+2.86 %
5.35
1.88
Sr Unsecured
N
RU
EUR
BB+/BBB-/Ba1
5.00
22.03.2015
-
GAZPRU 5.44 11/02/17
99.95
+3.31 %
5.45
2.49
Sr Unsecured
N
RU
EUR
BB+/BBB-/Ba1
1.94
02.11.2015
-
GAZPRU 8.146 04/11/18
101.75
+0.99 %
7.50
2.70
Sr Unsecured
N
RU
USD
BB+/BBB-/Ba1
3.42
11.04.2015
-
94.53
+3.80 %
5.52
3.15
Sr Unsecured
N
RU
EUR
BB+/BBB-/Ba1
2.33
25.07.2015
-
GAZPRU 6.605 02/13/18
103.51
+2.34 %
5.28
2.75
Sr Unsecured
N
RU
EUR
BB+/BBB-/Ba1
0.49
13.02.2016
-
GAZPRU 9 1/4 04/23/19
103.88
+0.79 %
8.12
3.41
Sr Unsecured
N
RU
USD
BB+/BBB-/Ba1
3.57
23.04.2015
-
GAZPRU 2.85 10/25/19
84.22
+7.79 %
6.96
4.32
Sr Unsecured
N
RU
CHF
BB+/BBB-/Ba1
1.08
25.10.2015
-
GAZPRU 3.85 02/06/20
84.35
+0.00 %
7.75
4.45
Sr Unsecured
N
RU
USD
BB+/BBB-/Ba1
0.39
06.08.2015
-
GAZPRU 3.389 03/20/20
90.87
+4.43 %
5.52
4.52
Sr Unsecured
N
RU
EUR
BB+/BBB-/Ba1
3.31
20.03.2015
-
GAZPRU 5.338 09/25/20
88.22
+2.35 %
8.01
4.68
Sr Unsecured
N
RU
GBP
BB+/BBB-/Ba1
2.48
25.03.2015
-
GAZPRU 5.999 01/23/21
91.50
-
7.83
4.94
Sr Unsecured
N
RU
USD
BB+/BBB-/Ba1
0.82
23.07.2015
-
GAZPRU 3.6 02/26/21
90.64
+5.30 %
5.48
5.43
Sr Unsecured
N
RU
EUR
BB+/BBB-/Ba1
0.14
26.02.2016
-
GAZPRU 4.95 07/19/22
86.00
-
7.46
6.10
Sr Unsecured
N
RU
USD
BB+/BBB-/Ba1
0.73
19.07.2015
-
GAZPRU 6.51 03/07/22
95.78
+3.77 %
7.29
5.69
Sr Unsecured
N
RU
USD
BB+/BBB-/Ba1
0.09
07.09.2015
-
GAZPRU 4.364 03/21/25
93.20
+5.67 %
5.25
7.90
Sr Unsecured
N
RU
EUR
BB+/BBB-/Ba1
4.26
21.03.2015
-
GAZPRU 4.95 02/06/28
80.10
+0.00 %
7.37
9.19
Sr Unsecured
N
RU
USD
BB+/BBB-/Ba1
0.50
06.08.2015
-
GAZPRU 8 5/8 04/28/34
105.25
-1.59 %
8.08
9.63
Sr Unsecured
N
RU
USD
BB+/BBB-/Ba1
3.21
28.04.2015
-
GAZPRU 7.288 08/16/37
94.90
+2.87 %
7.77
11.03
Sr Unsecured
N
RU
USD
BB+/BBB-/Ba1
0.53
16.08.2015
-
SIBNEF 2.933 04/26/18
91.26
+3.73 %
6.09
2.94
Sr Unsecured
N
RU
EUR
BB+/BBB-/Ba1
2.57
26.04.2015
-
SIBNEF 4 3/8 09/19/22
78.80
-0.19 %
8.21
6.16
Sr Unsecured
N
RU
USD
BB+/BBB-/Ba1
2.10
19.03.2015
-
SIBNEF 6 11/27/23
85.77
+1.79 %
8.33
6.61
Sr Unsecured
N
RU
USD
BB+/BBB-/Ba1
1.75
27.05.2015
-
VTB 6.465 03/04/15
VTB 4 07/20/15
FIXED INCOME
Sink
Oil & Gas
GAZPRU 3.7 07/25/18
© 2015 UNIVER Capital LLC
4
Source: Bloomberg, companies data, UNIVER Capital assumptions
EUROBONDS WEEKLY
March 10, 2015
UNIVER
Russian & CIS Eurobonds
capital
FIXED INCOME
Bond Name
Price
Price Chg
YTC
DUR
Payment
Last
5 Day
(mid)
(mid)
Rank
Sink
CNTR CUR
Ratings
Coupon
Coupon
Call/Put
S/F/M
Accrued
Date
Date
LUKOIL 2 5/8 06/16/15
98.74
+0.07 %
7.51
0.26
Sr Unsecured
N
RU
USD
BBB-/-/-
0.63
16.06.2015
-
LUKOIL 6.356 06/07/17
102.13
-
5.33
2.09
Sr Unsecured
N
RU
USD
BBB-/BBB-/Ba1
1.68
07.06.2015
-
LUKOIL 3.416 04/24/18
92.72
-
6.01
2.94
Sr Unsecured
N
RU
USD
BBB-/BBB-/Ba1
1.31
24.04.2015
-
LUKOIL 7 1/4 11/05/19
101.25
-
6.93
3.93
Sr Unsecured
N
RU
USD
BBB-/BBB-/Ba1
2.56
05.05.2015
-
LUKOIL 6 1/8 11/09/20
96.25
+3.91 %
6.94
4.75
Sr Unsecured
N
RU
USD
BBB-/BBB-/Ba1
2.09
09.05.2015
-
LUKOIL 6.656 06/07/22
98.25
+1.29 %
6.97
5.74
Sr Unsecured
N
RU
USD
BBB-/BBB-/Ba1
1.76
07.06.2015
-
LUKOIL 4.563 04/24/23
85.50
+0.59 %
6.93
6.62
Sr Unsecured
N
RU
USD
BBB-/BBB-/Ba1
1.75
24.04.2015
-
NVTKRM 5.326 02/03/16
99.65
-
5.73
0.88
Sr Unsecured
N
RU
USD
BB+/BBB-/Ba1
0.58
03.08.2015
-
NVTKRM 7 3/4 02/21/17
89.01
+1.28 %
14.95
1.82
Sr Unsecured
N
RU
RUB
BB+/BBB-/Ba1
0.45
21.08.2015
-
NVTKRM 6.604 02/03/21
91.03
+0.72 %
8.57
4.89
Sr Unsecured
N
RU
USD
BB+/BBB-/Ba1
0.72
03.08.2015
-
NVTKRM 4.422 12/13/22
76.35
+0.00 %
8.67
6.36
Sr Unsecured
N
RU
USD
BB+/BBB-/Ba1
1.09
13.06.2015
-
ROSNRM 3.149 03/06/17
92.25
-
7.42
1.94
Sr Unsecured
N
RU
USD
BB+/WD/Ba1
0.05
06.09.2015
-
ROSNRM 4.199 03/06/22
78.95
+2.20 %
8.22
5.99
Sr Unsecured
N
RU
USD
BB+/WD/Ba1
0.07
06.09.2015
-
SIBUR 3.914 01/31/18
86.76
-
9.25
2.73
Sr Unsecured
N
RU
USD
-/BB+/Ba1 /*-
0.46
31.07.2015
-
SINEK 7.7 08/03/15
99.59
+0.04 %
8.72
0.39
Sr Unsecured
N
RU
USD
-/BBB-/Ba2 /*-
0.83
03.08.2015
-
TMENRU 6 1/4 02/02/15
-
-
Sr Unsecured
N
RU
USD
NR/WD/WR
0.00
-
-
TMENRU 7 1/2 07/18/16
101.45
+0.77 %
6.35
1.30
Sr Unsecured
N
RU
USD
BB+/WD/Ba1
1.13
18.07.2015
-
TMENRU 6 5/8 03/20/17
98.27
+1.05 %
7.56
1.87
Sr Unsecured
N
RU
USD
BB+/WD/Ba1
3.17
20.03.2015
-
TMENRU 7 7/8 03/13/18
97.50
+0.00 %
8.84
2.62
Sr Unsecured
N
RU
USD
BB+/WD/Ba1
3.92
13.03.2015
-
TMENRU 7 1/4 02/02/20
92.50
+1.09 %
9.18
4.14
Sr Unsecured
N
RU
USD
BB+/WD/Ba1
0.81
02.08.2015
-
103.65
-0.34 %
7.46
3.00
Sr Unsecured
N
RU
USD
BB+/-/Ba1
0.85
07.08.2015
-
ALRSRU 7 3/4 11/03/20
97.88
+0.38 %
8.22
4.54
Sr Unsecured
N
RU
USD
BB-/BB/Ba3 /*-
2.78
03.05.2015
-
EVRAZ 8 1/4 11/10/15
101.33
+1.33 %
6.14
0.64
Sr Unsecured
N
RU
USD
B+/BB-/B1 /*-
2.80
10.05.2015
-
EVRAZ 7.4 04/24/17
89.59
-
13.19
1.93
Sr Unsecured
N
RU
USD
B+/BB-/B1 /*-
2.84
24.04.2015
-
EVRAZ 6 3/4 04/27/18
89.95
-
10.61
2.78
Sr Unsecured
N
RU
USD
B+/BB-/B1 /*-
2.53
27.04.2015
-
EVRAZ 9 1/2 04/24/18
100.62
-
9.26
2.68
Sr Unsecured
N
RU
USD
B+/BB-/B1 /*-
3.64
24.04.2015
-
EVRAZ 6 1/2 04/22/20
86.50
-
9.93
4.25
Sr Unsecured
N
RU
USD
B+/BB-/-
2.53
22.04.2015
-
CHMFRU 1 09/24/17
100.53
+0.34 %
5.81
0.53
Sr Unsecured
N
RU
USD
BB+/-/-
0.47
24.03.2015
24.09.2015 Put
CHMFRU 6 1/4 07/26/16
101.00
+1.51 %
5.48
1.33
Sr Unsecured
N
RU
USD
BB+/BB+/Ba1
0.80
26.07.2015
-
KOKSRU 7 3/4 06/23/16
90.50
+0.00 %
16.23
1.22
Sr Unsecured
N
RU
USD
B-/-/B3
1.70
23.06.2015
-
METINR 6 1/2 07/21/16
99.88
+0.18 %
6.59
1.31
Sr Unsecured
N
RU
USD
-/BB/Ba2 /*-
0.92
21.07.2015
-
METINR 5 5/8 04/17/20
85.25
-
9.32
4.33
Sr Unsecured
N
RU
USD
BB/BB/Ba2 /*-
2.27
17.04.2015
-
GMKNRM 4 3/8 04/30/18
91.40
-
7.50
2.90
Sr Unsecured
N
RU
USD
BBB-/BBB-/Ba1
1.60
30.04.2015
-
GMKNRM 5.55 10/28/20
96.25
-
6.35
4.79
Sr Unsecured
N
RU
USD
BBB-/BBB-/Ba1
2.07
28.04.2015
-
NORDLI 6 3/8 05/07/18
94.27
+0.00 %
8.48
2.83
Sr Unsecured
N
RU
USD
-/BB-/Ba3 /*-
2.21
07.05.2015
-
TRUBRU 7 3/4 01/27/18
88.50
-
12.63
2.59
Sr Unsecured
N
RU
USD
B+/-/B1
0.97
27.07.2015
-
TRUBRU 6 3/4 04/03/20
80.25
-
12.08
4.12
Sr Unsecured
N
RU
USD
B+/-/B1
2.98
03.04.2015
-
NLMKRU 4.45 02/19/18
92.25
-
7.43
2.77
Sr Unsecured
N
RU
USD
BB+/BBB-/Ba1
0.28
19.08.2015
-
NLMKRU 4.95 09/26/19
90.19
-
7.54
3.99
Sr Unsecured
N
RU
USD
BB+/BBB-/Ba1
2.28
26.03.2015
-
RASPAD 7 3/4 04/27/17
88.00
-
14.50
1.93
Sr Unsecured
N
RU
USD
-/B+/B2 /*-
2.91
27.04.2015
-
PGILLN 5 5/8 04/29/20
92.25
+3.06 %
7.47
4.40
Sr Unsecured
N
RU
USD
BB+/BBB-/-
2.08
29.04.2015
-
CHMFRU 6.7 10/25/17
100.38
-
6.54
2.39
Sr Unsecured
N
RU
USD
BB+/BB+/Ba1
2.55
25.04.2015
-
CHMFRU 4.45 03/19/18
93.88
+1.08 %
6.72
2.79
Sr Unsecured
N
RU
USD
BB+/BB+/NR
2.14
19.03.2015
-
CHMFRU 5.9 10/17/22
90.50
-
7.57
5.99
Sr Unsecured
N
RU
USD
BB+/BB+/Ba1
2.38
17.04.2015
-
-
-
Sr Unsecured
N
RU
USD
NR/-/-
0.00
-
-
FEESRM 8.446 03/13/19
80.90
+1.29 %
15.52
3.24
Unsecured
N
RU
RUB
BB+/-/Ba1
4.20
13.03.2015
-
HYDRRM 7 7/8 10/28/15
95.52
0.00
16.20
0.61
Sr Unsecured
N
RU
RUB
BB/BB+/Ba2
2.91
28.04.2015
-
-
TNEFT 8.7 08/07/18
Metals & Mining
TRUBRU 5 1/4 02/11/15
Energy
Diversified Chemicals
EUCHEM 5 1/8 12/12/17
91.52
-
8.65
2.56
Sr Unsecured
N
RU
USD
BB/BB/-
1.28
12.06.2015
KZOSRU 10 03/19/15
99.42
+0.01 %
38.46
0.02
Sr Unsecured
N
RU
USD
NR/CCC+/-
4.81
19.03.2015
-
-
-
Sr Unsecured
Y
RU
USD
-/WD/Ba3 /*-
1.89
22.06.2015
09.04.2015 Call
PHORRU 4.204 02/13/18
93.75
-
6.59
2.76
Sr Unsecured
N
RU
USD
-/BB+/Ba1
0.34
13.08.2015
-
URKARM 3.723 04/30/18
88.38
-
7.99
2.93
Sr Unsecured
N
RU
USD
-/BBB-/Ba1
1.37
30.04.2015
-
NKNCRU 8 1/2 12/22/15
© 2015 UNIVER Capital LLC
5
Source: Bloomberg, companies data, UNIVER Capital assumptions
EUROBONDS WEEKLY
March 10, 2015
UNIVER
Russian & CIS Eurobonds
capital
Bond Name
Price
Price Chg
YTC
DUR
Payment
Last
5 Day
(mid)
(mid)
Rank
Sink
CNTR CUR
Ratings
Coupon
Coupon
Call/Put
S/F/M
Accrued
Date
Date
NR/-/-
Construction
LENSP 9 3/4 11/09/15
-
-
Sr Unsecured
Y
RU
USD
0.89
11.05.2015
-
Telecom & Media
FIXED INCOME
MOBTEL 8 5/8 06/22/20
102.13
-
8.12
4.28
Sr Unsecured
N
RU
USD BB+/BB+ /*-/Ba1 /*- 1.92
22.06.2015
-
MOBTEL 5 05/30/23
84.25
+0.60 %
7.61
6.58
Sr Unsecured
N
RU
USD BB+/BB+ /*-/Ba1 /*- 1.42
30.05.2015
-
AFKSRU 6.95 05/17/19
89.00
-
10.24
3.58
Sr Unsecured
N
RU
USD
BB/BB- /*-/-
2.22
17.05.2015
-
VIP 6.493 02/02/16
101.85
-
4.34
0.87
Sr Unsecured
N
RU
USD
BB/-/Ba3 /*-
0.72
02.08.2015
-
VIP 8 1/4 05/23/16
104.78
+0.00 %
4.11
1.14
Sr Unsecured
N
RU
USD
BB/-/Ba3 /*-
2.50
23.05.2015
-
VIP 9 1/8 04/30/18
105.13
+1.03 %
7.26
2.72
Sr Unsecured
N
RU
USD
BB/-/Ba3 /*-
3.35
30.04.2015
-
VIP 7.748 02/02/21
95.87
+0.39 %
8.65
4.77
Sr Unsecured
N
RU
USD
BB/-/Ba3 /*-
0.86
02.08.2015
-
VIP 6.2546 03/01/17
98.72
-0.53 %
6.96
1.88
Sr Unsecured
N
RU
USD
BB/-/Ba3 /*-
0.19
01.09.2015
-
VIP 9 02/13/18
85.79
+1.01 %
15.78
2.59
Sr Unsecured
N
RU
RUB
BB/-/Ba3 /*-
0.73
13.08.2015
-
VIP 5.2 02/13/19
90.47
-
8.08
3.56
Sr Unsecured
N
RU
USD
BB/-/Ba3 /*-
0.42
13.08.2015
-
VIP 7.5043 03/01/22
91.80
-1.06 %
9.12
5.47
Sr Unsecured
N
RU
USD
BB/-/Ba3 /*-
0.23
01.09.2015
-
VIP 5.95 02/13/23
83.76
0.00
8.84
6.23
Sr Unsecured
N
RU
USD
BB/-/Ba3 /*-
0.48
13.08.2015
-
DMEAIR 6 11/26/18
87.30
-
10.19
3.29
Sr Unsecured
N
RU
USD
BB+/BB+/-
1.78
25.05.2015
-
FESHRU 8 05/02/18
38.00
-
48.22
2.43
Secured
N
RU
USD
B/B /*-/-
2.89
02.05.2015
02.05.2016 Call
FESHRU 8 3/4 05/02/20
37.50
-
36.48
3.29
Secured
N
RU
USD
B/B /*-/-
3.16
02.05.2015
02.05.2017 Call
RURAIL 8.3 04/02/19
80.45
+1.18 %
15.44
3.30
Sr Unsecured
N
RU
RUB BBB-/BBB-/Ba1 /*-
3.69
02.04.2015
-
RURAIL 7.487 03/25/31
84.40
+2.59 %
9.39
8.65
Sr Unsecured
N
RU
GBP BB+/BBB-/Ba1 /*-
3.47
25.03.2015
-
RURAIL 5.739 04/03/17
98.43
+0.80 %
6.56
1.92
Sr Unsecured
N
RU
USD BB+/BBB-/Ba1 /*-
2.53
03.04.2015
-
RURAIL 2.177 02/26/18
86.17
+7.05 %
7.57
2.89
Sr Unsecured
N
RU
CHF BB+/BBB-/Ba1 /*-
0.10
26.02.2016
-
RURAIL 2.73 02/26/21
79.32 +12.08 %
7.11
5.51
Sr Unsecured
N
RU
CHF BB+/BBB-/Ba1 /*-
0.12
26.02.2016
-
RURAIL 3.3744 05/20/21
83.20
+7.04 %
6.78
5.46
Sr Unsecured
N
RU
EUR BB+/BBB-/Ba1 /*-
2.74
20.05.2015
-
RURAIL 5.7 04/05/22
88.01
+2.04 %
7.95
5.66
Sr Unsecured
N
RU
USD BB+/BBB-/Ba1 /*-
2.49
05.04.2015
-
RURAIL 4.6 03/06/23
84.22
+7.44 %
7.28
6.74
Sr Unsecured
N
RU
EUR BB+/BBB-/Ba1 /*-
0.08
06.03.2016
-
SCFRU 5 3/8 10/27/17
88.53
-
10.48
2.42
Sr Unsecured
N
RU
USD
-/BB-/B1 /*-
2.02
27.04.2015
-
Sr Unsecured
N
UA
USD
-/CC/-
3.69
29.04.2015
-
8.23
1.74
Sr Unsecured
Y
UA
USD
-/WD/WR
0.90
31.07.2015
-
Sr Unsecured
N
UA
USD
CCC-/CC/Caa3
2.76
08.05.2015
-
Transport
AVINPU 10 10/29/15
44.47
-
100.00
+0.00 %
CITKIE 8 11/06/15
44.50
-
CITKIE 9 3/8 07/11/16
41.25
-3.37 %
96.30
1.22
Sr Unsecured
N
UA
USD
CCC-/CC/Caa3
1.59
11.07.2015
-
PUMBUZ 11 12/31/18
39.19
-8.60 %
45.19
2.53
Sr Unsecured
Y
UA
USD
-/NR/WR
2.20
31.03.2015
-
DTEKUA 7 7/8 04/04/18
35.00
+0.00 %
53.04
2.31
Sr Unsecured
N
UA
USD
-/CCC/Caa3
3.48
04.04.2015
-
DTEKUA 9 1/2 04/28/15
61.00
-
Sr Unsecured
N
UA
USD
-/CCC/Caa3
3.56
28.04.2015
-
EXIMUK 5.79275 02/09/16
35.50
-
Subordinated
N
UA
USD
-/C/Ca
0.53
09.08.2015
09.04.2015 Call
FXPOLN 7 7/8 04/07/16
78.13
-
33.88
1.00
Sr Unsecured
N
UA
USD CCC+/CCC/Caa2
3.39
07.04.2015
-
UKRINF 9 12/07/17
40.75
+0.00 %
51.70
2.20
Sr Unsecured
N
UA
USD
-/-/(P)Caa3
2.38
07.06.2015
-
UKRINF 8 3/8 11/03/17
40.50
+0.00 %
52.34
2.13
Sr Unsecured
N
UA
USD
-/-/Caa3
3.00
03.05.2015
-
UKRINF 7.4 04/20/18
39.50
+0.00 %
45.67
2.46
Sr Unsecured
N
UA
USD
-/-/Caa3
2.92
20.04.2015
-
METINV 10 1/4 05/20/15
65.00
-
Sr Unsecured
N
UA
USD
-/CCC/Caa2
3.19
20.05.2015
-
METINV 8 3/4 02/14/18
42.50
-
46.72
2.43
Sr Unsecured
N
UA
USD
-/CCC/Caa2
0.68
14.08.2015
-
MHPSA 10 1/4 04/29/15
92.05
+2.16 %
75.59
0.13
Sr Unsecured
N
UA
USD
-/CCC/Caa2
3.82
29.04.2015
-
MHPSA 8 1/4 04/02/20
63.13
+3.06 %
20.23
3.76
Sr Unsecured
N
UA
USD
CCC-/CCC/-
3.69
02.04.2015
-
MRIYA 10.95 03/30/16
12.50
-2.91 %
Sr Unsecured
N
UA
USD
NR/WD/-
0.00
30.03.2015
-
MRIYA 9.45 04/19/18
11.00
-
127.77
2.02
Sr Unsecured
N
UA
USD
NR/WD/-
0.00
19.04.2015
-
OSCHAD 8 1/4 03/10/16
41.56
+3.58 %
127.38
0.96
Sr Unsecured
N
UA
USD
-/CCC/Caa3
0.05
10.09.2015
-
OSCHAD 8 1/4 03/10/16
-
-
Unsecured
N
UA
USD
-/-/-
0.05
-
-
OSCHAD 8 7/8 03/20/18
40.50
+2.53 %
Sr Unsecured
N
UA
USD
-/CCC/Caa3
4.24
20.03.2015
-
PRBANK 9 3/8 09/23/15
35.08
-12.30 %
Sr Unsecured
N
UA
USD
-/CC/Caa3u
4.40
23.03.2015
-
PRBANK 5.799 02/09/16
17.44
-61.09 %
Subordinated
N
UA
USD
-/-/Cau
0.53
09.08.2015
-
PRBANK 10 7/8 02/28/18
41.69
+1.21 %
51.11
2.36
Sr Unsecured
N
UA
USD
-/CC/Caa3u
0.42
28.08.2015
-
UKRAIN 5 12/20/15
88.61
-2.35 %
21.76
0.76
Sr Unsecured
N
UA
USD
CCC-/CC/Caa3
1.14
20.06.2015
-
NADRA 8 1/4 07/31/18
© 2015 UNIVER Capital LLC
48.22
2.27
6
Source: Bloomberg, companies data, UNIVER Capital assumptions
EUROBONDS WEEKLY
March 10, 2015
UNIVER
Russian & CIS Eurobonds
capital
FIXED INCOME
Bond Name
Price
Price Chg
YTC
DUR
Payment
Last
5 Day
(mid)
(mid)
Rank
Sink
CNTR CUR
Ratings
Coupon
Coupon
Call/Put
S/F/M
Accrued
Date
Date
UKRAIN 6 7/8 09/23/15
51.50
+5.10 %
Sr Unsecured
N
UA
USD
CCC-/CC/Caa3
3.23
23.03.2015
-
UKRAIN 4.95 10/13/15
46.00
+0.00 %
Sr Unsecured
N
UA
EUR
CCC-/CC/Caa3
2.03
13.10.2015
-
UKRAIN 6 1/4 06/17/16
44.50
+1.14 %
86.46
1.19
Sr Unsecured
N
UA
USD
CCC-/CC/Caa3
1.48
17.06.2015
-
UKRAIN 6.58 11/21/16
45.13
+2.56 %
64.21
1.53
Sr Unsecured
N
UA
USD
CCC-/CC/Caa3
2.03
21.05.2015
-
UKRAIN 9 1/4 07/24/17
46.00
+6.98 %
50.96
2.03
Sr Unsecured
N
UA
USD
CCC-/CC/Caa3
1.23
24.07.2015
-
UKRAIN 6 3/4 11/14/17
45.88
+6.69 %
42.47
2.28
Sr Unsecured
N
UA
USD
CCC-/CC/Caa3
2.21
14.05.2015
-
UKRAIN 7 3/4 09/23/20
42.25
+0.00 %
29.57
3.67
Sr Unsecured
N
UA
USD
CCC-/CC/Caa3
3.64
23.03.2015
-
UKRAIN 7.95 02/23/21
45.00
+5.26 %
27.04
4.16
Sr Unsecured
N
UA
USD
CCC-/CC/Caa3
0.42
23.08.2015
-
UKRAIN 7.8 11/28/22
45.00
+5.26 %
23.59
4.68
Sr Unsecured
N
UA
USD
CCC-/CC/Caa3
2.25
28.05.2015
-
UKRAIN 7 1/2 04/17/23
45.75
+6.40 %
22.22
4.83
Sr Unsecured
N
UA
USD
CCC-/CC/Caa3
3.02
17.04.2015
-
EXIMUK 8 3/8 04/27/15
62.00
-
Sr Unsecured
N
UA
USD
-/CCC/Caa3
3.14
27.04.2015
-
EXIMUK 8 3/4 01/22/18
42.50
-
47.41
2.36
Sr Unsecured
N
UA
USD
-/CCC/Caa3
1.22
22.07.2015
-
UKRLAN 10 7/8 03/26/18
37.50
-
55.78
2.11
Unsecured
N
UA
USD
CCC-/CC/-
5.01
26.03.2015
-
RAILUA 9 1/2 05/21/18
38.36
-0.02
50.00
2.39
Sr Unsecured
N
UA
USD
CCC-/CC/-
2.93
21.05.2015
-
ALLIBK 10 1/2 03/25/17
-
-
Sr Unsecured
Y
KZ
USD
NR/WD/Cu
0.00
-
-
ALLIBK 4.7 03/25/20
-
-
Sr Unsecured
Y
KZ
USD
NR/WD/Cu
0.00
-
-
ATFBP 9 05/11/16
95.08
+0.24 %
13.69
1.10
Sr Unsecured
N
KZ
USD
NR/B-/Caa2
3.03
11.05.2015
-
ATFBP 10 11/29/49
64.00
-
42.18
1.48 Jr Subordinated
N
KZ
USD
NR/CC/Ca
3.39
10.05.2015
10.11.2016 Call
CCBNKZ 9 1/8 03/29/49
79.50
-0.00 %
35.83
0.95 Jr Subordinated
N
KZ
USD
-/CCC/Caa2
0.23
03.09.2015
03.03.2016 Call
BTASKZ 12 1/2 07/01/18
20.38
-30.64 %
84.16
2.41
Sr Unsecured
Y
KZ
USD
-/WD/WR
0.00
01.07.2015
-
BTASKZ 0 06/30/20
13.38
+1.42 %
39.82
5.30
1st lien
N
KZ
USD
-/-/-
0.00
31.03.2015
-
BTASKZ 3.7 07/01/21
16.63
+0.00 %
41.16
4.67
Sr Unsecured
Y
KZ
USD
-/WD/WR
0.00
01.07.2015
-
BTASKZ 7.2 07/01/25
6.98
+0.00 %
84.18
2.07
Subordinated
Y
KZ
USD
-/WD/WR
0.00
01.07.2015
-
BTASKZ 6 3/4 07/01/25
6.98
+0.00 %
79.92
2.16
Subordinated
Y
KZ
EUR
-/WD/WR
0.00
01.07.2015
-
EASTCM 7 3/4 04/22/18
93.88
-0.21 %
10.09
2.73
Secured
N
KZ
USD
-/B/B3
3.01
22.04.2015
-
HSBKKZ 7 1/4 05/03/17
99.25
+0.00 %
7.63
1.97
Sr Unsecured
N
KZ
USD
BB+/BB/Ba3
2.60
03.05.2015
-
HSBKKZ 7 1/4 01/28/21
93.75
+0.32 %
8.63
4.81
Sr Unsecured
N
KZ
USD
BB+/BB/Ba3
0.89
28.07.2015
-
KZTGKZ 6 3/8 05/14/17
100.00
-
6.37
2.02
Sr Unsecured
N
KZ
USD
BB+/BBB-/Baa3
2.11
14.05.2015
-
TEMIR 14 06/30/22
106.17
-0.00 %
12.67
4.75
Sr Unsecured
N
KZ
USD
B/NR/-
2.84
30.06.2015
30.06.2015 Put
Kazakhstan
KAZNMH 3.255 05/22/19
92.21
-
5.37
3.87
Sr Unsecured
N
KZ
EUR
BBB/BBB/-
2.62
22.05.2015
-
KAZNMH 4 5/8 05/24/23
87.25
+0.00 %
6.67
6.70
Sr Unsecured
N
KZ
USD
BBB/BBB/-
1.39
24.05.2015
-
DBKAZ 5 1/2 12/20/15
102.36
-0.02 %
2.39
0.76
Sr Unsecured
N
KZ
USD
BBB/BBB/Baa3
1.25
20.06.2015
-
DBKAZ 6 1/2 06/03/20
102.46
+0.79 %
5.94
4.45
Sr Unsecured
N
KZ
USD
BBB/BBB/Baa3
1.79
03.06.2015
-
DBKAZ 4 1/8 12/10/22
86.00
-
6.45
6.53
Sr Unsecured
N
KZ
USD
BBB/BBB/Baa3
1.05
10.06.2015
-
DBKAZ 6 03/23/26
90.50
-
7.27
7.81
Sr Unsecured
N
KZ
USD
BBB/BBB/Baa3
2.82
23.03.2015
-
KAZAKS 3 7/8 10/14/24
94.04
+0.22 %
4.65
7.91
Sr Unsecured
N
KZ
USD BBB/BBB+/Baa2
1.59
14.04.2015
-
KAZAKS 4 7/8 10/14/44
88.60
-
5.67
14.78
Sr Unsecured
N
KZ
USD BBB/BBB+/Baa2
2.00
14.04.2015
-
104.88
-
2.72
1.12
Sr Unsecured
N
KZ
USD
BBB-/BBB/Baa3
2.32
11.05.2015
-
KTZKZ 6 3/8 10/06/20
99.25
+0.31 %
6.54
4.64
Sr Unsecured
N
KZ
USD
BBB-/BBB/Baa3
2.74
06.04.2015
-
KTZKZ 6.95 07/10/42
90.97
-
7.75
11.80
Sr Unsecured
N
KZ
USD
BBB-/BBB/Baa3
1.20
10.07.2015
-
KZAPKZ 6 1/4 05/20/15
99.84
-
6.96
0.19
Sr Unsecured
N
KZ
USD
-/BBB-/Baa3 /*-
1.94
20.05.2015
-
KKB 8 11/03/15
97.99
+0.45 %
11.31
0.62
Sr Unsecured
N
KZ
USD
B /*-/B/Caa1u
2.87
03.05.2015
-
KKB 7 1/2 11/29/16
89.25
-
14.81
1.60
Sr Unsecured
N
KZ
USD
B /*-/B/Caa1u
2.15
29.05.2015
-
KKB 6.765 07/27/16
87.89
+1.80 %
16.99
1.32
Subordinated
N
KZ
USD CCC /*-/B-/Caa2u
0.85
27.07.2015
-
KKB 6 7/8 02/13/17
91.58
+5.05 %
12.01
1.86
Sr Unsecured
N
KZ
EUR
0.51
13.02.2016
-
KKB 5.95 06/13/17
80.27
+2.08 %
16.81
2.09
Subordinated
N
KZ
USD CCC /*-/B-/Caa2u
1.47
13.06.2015
-
KKB 8 1/2 05/11/18
83.27
-
15.36
2.71
Sr Unsecured
N
KZ
USD
2.86
11.05.2015
-
KKB 9.2 11/29/49
77.25
-
54.57
0.63 Jr Subordinated
N
KZ
USD CCC- /*-/CCC/Caa3u 3.14
09.05.2015
09.11.2015 Call
KTZKZ 7 05/11/16
KZOKZ 11 3/4 01/23/15
B /*-/B/Caa1u
B /*-/B/Caa1u
-
-
Sr Unsecured
N
KZ
USD
NR/NR/WR
0.00
-
-
KZOKZ 9 1/8 07/02/18
110.02
-0.61 %
5.75
2.90
Sr Unsecured
N
KZ
USD
BB+/BBB/Baa3
1.77
02.07.2015
-
KZOKZ 7 05/05/20
103.63
-0.88 %
6.16
4.32
Sr Unsecured
N
KZ
USD
BB+/BBB/Baa3
2.47
05.05.2015
-
KZOKZ 6 3/8 04/09/21
101.00
-
6.17
5.00
Sr Unsecured
N
KZ
USD
BB+/BBB/Baa3
2.71
09.04.2015
-
KZOKZ 4.4 04/30/23
89.32
-0.66 %
6.08
6.72
Sr Unsecured
N
KZ
USD
BB+/BBB/Baa3
1.61
30.04.2015
-
KZOKZ 5 3/4 04/30/43
81.00
-2.70 %
7.36
12.49
Sr Unsecured
N
KZ
USD
BB+/BBB/Baa3
2.11
30.04.2015
-
ZHAIK 6 3/8 02/14/19
85.51
-
11.02
3.47
Sr Unsecured
N
KZ
USD
B+/-/B2
0.51
14.08.2015
14.02.2017 Call
SAMRUK 3 3/4 12/20/17
95.66
+0.10 %
5.46
2.63
Sr Unsecured
N
KZ
USD
BB/BB+/-
0.85
20.06.2015
-
-
-
1st lien
N
KZ
USD
B+/-/WR
0.00
-
-
85.75
-
Sr Unsecured
N
KZ
USD
B+/-/B2
2.38
14.05.2015
13.11.2016 Call
ZHAIK 10 1/2 10/19/15
ZHAIK 7 1/8 11/13/19
© 2015 UNIVER Capital LLC
11.11
3.89
7
Source: Bloomberg, companies data, UNIVER Capital assumptions
EUROBONDS WEEKLY
March 10, 2015
UNIVER
Russian & CIS Eurobonds
capital
Bond Name
Price
Price Chg
YTC
DUR
Payment
Last
5 Day
(mid)
(mid)
Rank
Sink
CNTR CUR
Ratings
Coupon
Coupon
Call/Put
S/F/M
Accrued
Date
Date
Azerbaijan
AZRAIL 8 1/4 02/18/16
101.44
+0.00 %
0.98
Unsecured
N
AZ
USD
-/-/-
0.00
-
-
IBAZAZ 7.2 10/31/16
97.50
-
8.84
1.56
Sr Unsecured
N
AZ
USD
-/-/Ba3
2.64
30.04.2015
-
100.45
+0.22 %
6.47
0.13
Sr Unsecured
N
AZ
USD
-/-/Ba3
0.79
30.04.2015
-
IBAZAZ 6.17 05/10/17
94.08
-
9.25
2.01
Subordinated
N
AZ
USD
-/-/B1
2.09
10.05.2015
-
IBAZAZ 7 3/4 09/26/18
96.31
-0.77 %
8.97
3.08
Sr Unsecured
N
AZ
USD
-/-/Ba3
3.66
23.03.2015
-
AZERBJ 4 3/4 03/18/24
101.17
-0.22 %
4.59
7.28
Sr Unsecured
N
AZ
USD
-/BBB-/Baa3
2.30
18.03.2015
-
SOIAZ 5.45 02/09/17
102.82
-
3.90
1.83
Sr Unsecured
N
AZ
USD
BB+/BBB-/Ba1
0.50
09.08.2015
-
SOIAZ 4 3/4 03/13/23
94.24
-
5.65
6.54
Sr Unsecured
N
AZ
USD
BB+/BBB-/Ba1
2.36
13.03.2015
-
GEBGG 7 3/4 07/05/17
101.85
+2.49 %
6.86
2.14
Sr Unsecured
N
GE
USD
BB-/BB-/Ba3
1.44
05.07.2015
-
GEORG 6 7/8 04/12/21
110.99
+0.11 %
4.77
5.01
Unsecured
N
GE
USD
BB-/BB-/Ba3
2.86
12.04.2015
-
GEOROG 6 7/8 05/16/17
100.03
-
6.85
2.02
Sr Unsecured
N
GE
USD
B+/BB-/-
2.22
16.05.2015
-
GRAIL 9 7/8 07/22/15
102.50
-0.30 %
2.84
0.36
Sr Unsecured
N
GE
USD
BB-/BB-/-
1.37
22.07.2015
-
GRAIL 7 3/4 07/11/22
108.50
-
6.28
5.73
Sr Unsecured
N
GE
USD
BB-/BB-/-
1.31
11.07.2015
-
BELRUS 8 3/4 08/03/15
96.00
+0.92 %
19.56
0.39
Sr Unsecured
N
BY
USD
B-/-/B3 /*-
0.95
03.08.2015
-
BELRUS 8.95 01/26/18
87.96
+8.48 %
14.19
2.54
Sr Unsecured
N
BY
USD
B-/-/B3 /*-
1.14
26.07.2015
-
IBAZAZ 0 11/03/16
FIXED INCOME
CIS
© 2015 UNIVER Capital LLC
8
Source: Bloomberg, companies data, UNIVER Capital assumptions
EUROBONDS WEEKLY
March 10, 2015
UNIVER
capital
Chart 1. Russain Sovereign
16
14
RUSSIA 7.85 03/10/18
12
Yield
10
8
RUSSIA 4 7/8 09/16/23
6
RUSSIA 5 5/8 04/04/42
RUSSIA 4 1/2 04/04/22
RUSSIA 5 04/29/20
RUSSIA 11 07/24/18
RUSSIA 7 1/2 03/31/30
RUSSIA 3 5/8 09/16/20
MOSCOW 5.064 10/20/16
4
RUSSIA 3 1/4 04/04/17
RUSSIA 3 5/8 04/29/15
2
0
0
2
4
6
8
10
12
14
Duration
Russian Sover eign
Chart 2. Financial Institutions
60
50
BKMOSC 6.699 03/11/15
RBNRL 6 1/2 11/01/17
RCCF 13 1/2 06/21/18
40
RCCF 13 1/2 05/22/19
Yield
FIXED INCOME
RUSSIA 5 7/8 09/16/43
RUSSIA 12 3/4 06/24/28
RUSSIA 3 1/2 01/16/19
GPBRU 7.496 12/28/23
30
GPBRU 7 1/4 05/03/19
EURDEV 8 10/05/17
STPETE 10 3/4 04/22/19
RCCF 7 3/4 05/31/16
STPETE 7.63 07/25/17
20
STPETE 11 10/24/18
ALFARU 8 03/18/15
GPBRU 7 7/8 04/29/49
CRBKMO 8.7 11/13/18
BKMOSC 6.02 05/10/17
ALFARU 8 5/8 04/26/16
GPBRU 7 7/8 07/25/16
GPBRU 8.617 12/15/15
AIZK 7 3/4 02/13/18NMOSRM 10 04/26/19
GPBRU 5 1/8 05/13/24
ALFARU 6.3 02/22/17
GPBRU 4 02/24/16
10
GPBRU 3 3/8 08/05/15
GPBRU 7.35 05/08/16
BKMOSC 5.967 11/25/15
ABHFIN 4 01/16/18
ALFARU 7 7/8 09/25/17
1
2
EURDEV 4.767 09/20/22
GPBRU 4.96 09/05/19
GPBRU 4 1/4 01/30/17
GPBRU 5 5/8 05/17/17
0
ALFARU 7 3/4 04/28/21
EURDEV 5 09/26/20
GPBRU 6 1/2 09/23/15
0
ALFARU 7 1/2 09/26/19
FCFIN 8 1/2 11/15/19
ABHFIN 5 1/2 06/10/17
AKBARS 8 3/4 11/19/15
AKBARS 8 07/13/22
CRBKMO 7.7 02/01/18
3
GPBRU 4 07/01/19
GPBRU 3.984 10/30/18
4
5
6
7
Duration
Financial Institutions
GAZPROMBANK
© 2015 UNIVER Capital LLC
9
Source: Bloomberg, companies data, UNIVER Capital assumptions
EUROBONDS WEEKLY
March 10, 2015
UNIVER
capital
Chart 3. Financial Institutions
45
RUSB 11 1/2 01/17/24
40
RUSB 7.561 12/01/16
PROBUS 11 3/4 05/10/16
35
RSHB 6 06/03/21
RUSB 13 04/10/20
30
RUSB 7.73 12/16/15
25
Yield
RENSEC 11 04/21/16
MBRDRU 7.93 03/10/16
PROMBK 10.2 11/06/19 NMOSRM 7 1/4 04/25/18
RUSB 9 1/4 07/11/17
20
HCFBRU 10 1/2 04/19/21
RSHB 8.7 03/17/16
NMOSRM 8 3/4 10/21/15
SBERRU 7 01/31/16
15
RSHB 3.6 02/04/16
PROMBK 12 1/2 12/24/49
RSHB 8 1/2 10/16/23
NMOSRM 10 12/17/19
SBERRU 5 1/2 02/26/24
SBERRU 5 1/4 05/23/23
RSHB 5.1 07/25/18
RSHB 6.299 05/15/17
RSHB 3 1/8 08/17/15
VTB 5.01 09/29/15
PROMBK 12 3/4 05/27/15
5
PROMBK 10 1/2 07/30/21
RSHB 8 5/8 02/17/17 RSHB 7 7/8 02/07/18
SBERRU 7.4 03/04/18
PROMBK 11 1/4 07/08/16
PROMBK 8 1/2 04/25/17
10
SBERRU 5.717 06/16/21
SBERRU 5.18 06/28/19
SBERRU 2.065 02/28/17
SBERRU 5.4 03/24/17
SBERRU 5 1/8 10/29/22
SBERRU 6 1/8 02/07/22
SBERRU 3.3524 11/15/19
SBERRU 5.499 07/07/15
RSHB 7 3/4 05/29/18
SBERRU 4.95 02/07/17
SBERRU 3.1 09/14/15
RSHB 5.298 12/27/17
0
0
1
2
3
4
5
6
7
Duration
Financial Institutions
SBERBANK
Chart 4. Financial Institutions
30
25
TRACAP 7.74 07/18/17
FEIBNK 9 11/14/16
AKBHC 14 06/06/18
20
VEBBNK 5.45 11/22/17
TATFON 11 04/28/17
Yield
FIXED INCOME
VOSEXP 12 05/29/19
HCFBRU 9 3/8 04/24/20
15
VTB 6.315 02/22/18
VOSEXP 8.17 06/27/17
VTB 9 1/2 12/29/49
AKBHC 10 3/4 09/18/15
10
VTB 5 11/17/15
VEBBNK 6.902 07/09/20
VEBBNK 5.942 11/21/23
VEBBNK 6.8 11/22/25
VTB 7 1/2 12/11/17
VTB 6.95 10/17/22
VTB 3.15 12/16/16 VTB 2.9 05/25/18
UBRIR 12 12/27/18 VTB 6.551 10/13/20
VTB 6 04/12/17
VEBBNK 3.035 02/21/18
VEBBNK 4.032 02/21/23
VTB 6 1/4 06/30/35
VTB 4 1/4 02/15/16
5
VEBBNK 5 3/8 02/13/17
VEBBNK 5 1/8 05/27/16
VEBBNK 4.224 11/21/18
VEBBNK 3 3/4 02/17/16
VTB 4 1/2 10/30/15
0
0
2
VTB 6 7/8 05/29/18
4
6
8
10
12
14
Duration
Financial Institutions
© 2015 UNIVER Capital LLC
10
Source: Bloomberg, companies data, UNIVER Capital assumptions
EUROBONDS WEEKLY
March 10, 2015
UNIVER
capital
Chart 5. Oil & Gas
35
VOSTOK 7 05/04/20
30
25
BORFIN 7 5/8 09/26/18
Yield
20
GAZPRU 3.85 02/06/20
GAZPRU 5.999 01/23/21
15
GAZPRU 6.51 03/07/22
GAZPRU 3.755 03/15/17
10
GAZPRU 5.136 03/22/17
EDCLLI 4 7/8 04/17/20
GAZPRU 9 1/4 04/23/19
GAZPRU 6.212 11/22/16
5
GAZPRU 8 5/8 04/28/34
GAZPRU 4.95 07/19/22
GAZPRU 8.146 04/11/18
GAZPRU 4.95 05/23/16
GAZPRU 5.092 11/29/15
GAZPRU 4.3 11/12/15
GAZPRU 6.605 02/13/18
GAZPRU 4.95 02/06/28
GAZPRU 3.6 02/26/21
GAZPRU 3.389 03/20/20
GAZPRU 3.7 07/25/18
GAZPRU 7.288 08/16/37
GAZPRU 4.364 03/21/25
GAZPRU 5.338 09/25/20
GAZPRU 5 7/8 06/01/15
GAZPRU 2.85 10/25/19
0
0
2
4
6
8
10
12
Duration
Oil & Gas
Chart 6. Oil & Gas
16
NVTKRM 7 3/4 02/21/17
14
12
NVTKRM 4.422 12/13/22
ROSNRM 4.199 03/06/22
10
SIBUR 3.914 01/31/18
SINEK 7.7 08/03/15
Yield
FIXED INCOME
GAZPRU 5.44 11/02/17
TMENRU 7 1/4 02/02/20
NVTKRM 6.604 02/03/21
TMENRU 7 7/8 03/13/18
8
TMENRU 6 5/8 03/20/17
ROSNRM 3.149 03/06/17
LUKOIL 2 5/8 06/16/15
TNEFT 8.7 08/07/18
LUKOIL 6 1/8 11/09/20
LUKOIL 6.656 06/07/22
LUKOIL 7 1/4 11/05/19
TMENRU 7 1/2 07/18/16
6
NVTKRM 5.326 02/03/16
SIBNEF 6 11/27/23
SIBNEF 4 3/8 09/19/22
LUKOIL 6.356 06/07/17
LUKOIL 4.563 04/24/23
SIBNEF 2.933 04/26/18
LUKOIL 3.416 04/24/18
4
2
0
0
1
2
3
4
5
6
7
Duration
Oil & Gas
© 2015 UNIVER Capital LLC
11
Source: Bloomberg, companies data, UNIVER Capital assumptions
EUROBONDS WEEKLY
March 10, 2015
UNIVER
capital
Chart 7. Diversified Chemicals, Metals & Mining, Energy
45
40
KZOSRU 10 03/19/15
35
30
Yield
25
KOKSRU 7 3/4 06/23/16
15
HYDRRM 7 7/8 10/28/15
FEESRM 8.446 03/13/19
RASPAD 7 3/4 04/27/17
EVRAZ 7.4 04/24/17
TRUBRU 7 3/4 01/27/18
10
NORDLI 6 3/8 05/07/18
TRUBRU 6 3/4 04/03/20
EVRAZ 6 1/2 04/22/20
EVRAZ 6 3/4 04/27/18
EVRAZ 9 1/2 04/24/18
METINR 5 5/8 04/17/20
URKARM 3.723 04/30/18
METINR 6 1/2 07/21/16
EVRAZ 8 1/4 11/10/15
CHMFRU 1 09/24/17 CHMFRU 6 1/4 07/26/16
5
0
1
GMKNRM 5.55 10/28/20
CHMFRU 6.7 10/25/17
NLMKRU 4.45 02/19/18
CHMFRU 4.45 03/19/18
PHORRU 4.204 02/13/18
0
CHMFRU 5.9 10/17/22
PGILLN 5 5/8 04/29/20
GMKNRM 4 3/8 04/30/18
EUCHEM 5 1/8 12/12/17
2
3
NLMKRU 4.95 09/26/19
4
5
6
7
Duration
Metals & Mining
Energy
Diversified Chemicals
Chart 8. Construction, Telecom & Media, Transport
60
50
FESHRU 8 05/02/18
40
FESHRU 8 3/4 05/02/20
Yield
FIXED INCOME
20
30
VIP 7.748 02/02/21
VIP 7.5043 03/01/22
20
VIP 9 02/13/18
RURAIL 8.3 04/02/19
RURAIL 2.73 02/26/21 MOBTEL 5 05/30/23
SCFRU 5 3/8 10/27/17
10
AFKSRU 6.95 05/17/19
VIP 6.2546 03/01/17
RURAIL 2.177 02/26/18
MOBTEL 8 5/8 06/22/20
VIP 6.493 02/02/16
VIP 8 1/4 05/23/16
RURAIL 3.3744 05/20/21
VIP 9 1/8 04/30/18
0
1
2
3
RURAIL 4.6 03/06/23
RURAIL 5.7 04/05/22
VIP 5.2 02/13/19
RURAIL 5.739 04/03/17
0
RURAIL 7.487 03/25/31
VIP 5.95 02/13/23
4
5
6
7
8
9
10
Duration
Construction
© 2015 UNIVER Capital LLC
Telecom & Media
12
Transport
Source: Bloomberg, companies data, UNIVER Capital assumptions
EUROBONDS WEEKLY
March 10, 2015
UNIVER
capital
Chart 9. Ukraine
140
MRIYA 9.45 04/19/18
OSCHAD 8 1/4 03/10/16
120
UKRLAN 10 7/8 03/26/18
UKRINF 8 3/8 11/03/17
UKRINF 9 12/07/17
100
DTEKUA 7 7/8 04/04/18
CITKIE 9 3/8 07/11/16
PRBANK 10 7/8 02/28/18
RAILUA 9 1/2 05/21/18
UKRAIN 6 1/4 06/17/16
80
EXIMUK 8 3/4 01/22/18
Yield
MHPSA 10 1/4 04/29/15
METINV 8 3/4 02/14/18
UKRAIN 6.58 11/21/16
UKRINF 7.4 04/20/18
UKRAIN 9 1/4 07/24/17
OSCHAD 8 7/8 03/20/18
PUMBUZ 11 12/31/18
40
UKRAIN 6 3/4 11/14/17
UKRAIN 7.8 11/28/22
FXPOLN 7 7/8 04/07/16
UKRAIN 7 3/4 09/23/20
UKRAIN 7.95 02/23/21
UKRAIN 5 12/20/15
20
MHPSA 8 1/4 04/02/20
UKRAIN 7 1/2 04/17/23
NADRA 8 1/4 07/31/18
0
0
1
2
3
4
5
6
Duration
Chart 10. Kazakhstan
90
BTASKZ 7.2 07/01/25 BTASKZ 12 1/2 07/01/18
80
BTASKZ 6 3/4 07/01/25
70
60
KKB 9.2 11/29/49
SAMRUK 3 3/4 12/20/17
50
Yield
FIXED INCOME
60
ATFBP 10 11/29/49
40
ZHAIK 7 1/8 11/13/19
TEMIR 14 06/30/22
KZOKZ 7 05/05/20
BTASKZ 3.7 07/01/21
KZOKZ 6 3/8 04/09/21
BTASKZ 0 06/30/20
CCBNKZ 9 1/8 03/29/49
KKB 7 1/2 11/29/16
30
DBKAZ 4 1/8 12/10/22
KKB 5.95 06/13/17
KAZNMH 4 5/8 05/24/23
20
KKB 6.765 07/27/16
KKB 6 7/8 02/13/17
ATFBP 9 05/11/16
10
ZHAIK 6 3/8 02/14/19
EASTCM 7 3/4 04/22/18
HSBKKZ 7 1/4 05/03/17
KTZKZ 7 05/11/16
KKB 8 11/03/15
KZAPKZ 6 1/4 05/20/15
DBKAZ 5 1/2 12/20/15
0
0
KZOKZ 4.4 04/30/23
KKB 8 1/2 05/11/18
2
KZOKZ 5 3/4 04/30/43
KAZAKS 4 7/8 10/14/44
KAZAKS 3 7/8 10/14/24
KTZKZ 6 3/8 10/06/20
4
6
DBKAZ 6 1/2 06/03/20
KAZNMH 3.255 05/22/19
KZOKZ 9 1/8 07/02/18
KZTGKZ 6 3/8 05/14/17
© 2015 UNIVER Capital LLC
KTZKZ 6.95 07/10/42
DBKAZ 6 03/23/26
HSBKKZ 7 1/4 01/28/21
8
10
12
14
16
Duration
Kazakhstan
13
Source: Bloomberg, companies data, UNIVER Capital assumptions
EUROBONDS WEEKLY
March 10, 2015
UNIVER
capital
Chart 11. Azerbaijan, CIS
25
20
BELRUS 8 3/4 08/03/15
15
Yield
BELRUS 8.95 01/26/18
FIXED INCOME
10
IBAZAZ 7.2 10/31/16 IBAZAZ 6.17 05/10/17
IBAZAZ 0 11/03/16
IBAZAZ 7 3/4 09/26/18
GEOROG 6 7/8 05/16/17
GRAIL 7 3/4 07/11/22
SOIAZ 4 3/4 03/13/23
5
GEORG 6 7/8 04/12/21
AZERBJ 4 3/4 03/18/24
SOIAZ 5.45 02/09/17
GRAIL 9 7/8 07/22/15
0
0
1
2
3
4
5
6
7
8
Duration
Azerbaijan
© 2015 UNIVER Capital LLC
14
CIS
Source: Bloomberg, companies data, UNIVER Capital assumptions
EUROBONDS WEEKLY
March 10, 2015
UNIVER
Oil & Gas
capital
16
14
12
YTM, %
10
6
4
2
Feb-14
May- 14
Aug-14
Nov-14
SIBNEF 4 3/8 09/19/22
LUKOIL 6.656 06/07/22
LUKOIL 3.416 04/24/18
ROSNRM 3.149 03/06/17
NVTKRM 4.422 12/13/22
ROSNRM 4.199 03/06/22
Feb-15
Financial Institutions
20
18
16
14
YTM, %
FIXED INCOME
8
12
10
8
6
4
2
Feb-14
© 2015 UNIVER Capital LLC
May- 14
Aug-14
Nov-14
VEBBNK 6.025 07/05/22
SBERRU 6 1/8 02/07/22
SBERRU 5.18 06/28/19
GPBRU 5 5/8 05/17/17
CRBKMO 7.7 02/01/18
VTB 6 7/8 05/29/18
15
Feb-15
Source: Bloomberg, companies data, UNIVER Capital assumptions
EUROBONDS WEEKLY
March 10, 2015
UNIVER
Russian & CIS Eurobonds Spreads
capital
ROSNRM 3.149 03/06/17 - LUKOIL 3.416 04/24/18
SIBNEF 4 3/8 09/19/22 - LUKOIL 6.656 06/07/22
2500
1000
2300
800
2100
600
1900
400
1700
200
1500
1300
0
1100
-200
900
-400
700
500
Feb-14
Apr-14
Jun-14
Aug-14
Oct-14
Dec-14
-600
Feb-14
Feb-15
Apr-14
Jun-14
Oct-14
Dec-14
Feb-15
Pri ce spread
Pri ce spread
FIXED INCOME
Aug-14
SBERRU 6 1/8 02/07/22 - VEBBNK 6.025 07/05/22
ROSNRM 4.199 03/06/22 - NVTKRM 4.422 12/13/22
2500
1200
1000
2000
800
600
1500
400
1000
200
0
500
-200
-400
0
-600
-800
Feb-14
Apr-14
Jun-14
Aug-14
Oct-14
Dec-14
-500
Feb-14
Feb-15
Apr-14
Jun-14
600
1000
400
500
200
0
0
-500
-200
-1000
-400
-1500
-600
-2000
Apr-14
Jun-14
Aug-14
Oct-14
Dec-14
-2500
Feb-14
Feb-15
Dec-14
Feb-15
Apr-14
Jun-14
Aug-14
Oct-14
Dec-14
Feb-15
Pri ce spread
Pri ce spread
© 2015 UNIVER Capital LLC
Oct-14
VTB 6 7/8 05/29/18 - SBERRU 4.95 02/07/17
SBERRU 5.18 06/28/19 - GPBRU 5 5/8 05/17/17
-800
Feb-14
Aug-14
Pri ce Spre ad
Pri ce spread
16
Source: Bloomberg, companies data, UNIVER Capital assumptions
Оценка российского рынка по коэффициентам
UNIVER Capital LLC
UNIVER
capital
UNIVER Capital LLC
Univer Capital LLC is part of the Univer Investment Group and participate in the
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DISCLAIMER
This research report is prepared by Univer Capital LLC and is based on the information obtained from official public sources, which are reasonably deemed to be
reliable and trustworthy. No special researches were carried out in order to elicit the fact that the information contained herein is inaccurate or incomplete. Analytical
summaries and decisions contained herein are only the opinions of our specialists. Neither information nor any opinion expressed in this report constitutes a
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© 2015 UNIVER Capital LLC
17
Source: Bloomberg, companies data, UNIVER Capital assumptions