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DAILY BONDS REVIEW 22 January 2019
+7 (495) 258-19-88 bonds@veles-capital.ru
Given analytic materials of Veles Capital can only be used in information purposes. The company does not guarantee completeness of given information and its reliability, as well as it is not responsible for any straight or consequential loss resulting from a non-purpose use. Given document cannot be considered as the reason for buying or selling either, one or
another shares.
All rights on this bill belong to Veles Capital. Reproduction and/or spreading of the analytic materials Veles Capital cannot take place without a company’s authorization. © Veles Capital 2019
Daily Bonds Review
Foreign market
The US grounds did not trade yesterday due to Martin Luther King Day celebrations. Volatility at the other trade grounds turned out to be relatively low at the given background. The Russian Eurobonds grew slightly up in cost at the back of low volumes. Yields of the sovereign issues reduced 2-3 bps (Russia 47 YTM 5.38%, -1 bps).
Domestic market
No expressive moves indicated the domestic market on Monday. Players’ activity was low, which was partly related to the holiday in the US. Volatility appeared to be low in the OFZ during the trade and the moves were mixed. Lacking any other drivers, the messages from the Finance Ministry on the next primary auctions will affect the market the most.
Money market
After a relatively successful previous week, ruble started the new week with correction.
Issuer’s news
MTS will be collecting orders for 5Y market bonds of the issue of 001P-07 series for sum RUB 10 bn at the primary market today. The notes will have quarterly coupons. Indicative range of the coupon rates from the organizer of the issue forms 8.7-8.85% annually, which provides for YTM at 8.99-9.15% annually (spread vs OFZ forms 89-105 bps). We assume participation is attractive alongside the considered range.
No comments
Fitch rating agency confirmed the sovereign credit rating of Byelorussia on liabilities in foreign and national currency at “B” level, the forecast of “stable”.
Gazprom might enter the market with a new issue or issues of Eurobonds in early February
Market results
Debt and money markets
day week monthOFZ 26214 ▲ 7.75 1 2 34OFZ 26215 - 8.11 - -4 126Russia 2023 ▼ 4.01 -1 -8 143UST 10 ▲ 2.78 3 8 -2UST 30 ▲ 3.10 2 4 6Germany 10 ▼ 0.25 -1 3 -7Italy 10 ▲ 2.76 3 -8 59Spain 10 ▲ 1.36 2 -5 30MOSPRIME O/N, % ▲ 7.88 1 5 -5MOSPRIME 1 week, % ▲ 7.95 4 3 -10LIBOR O/N, % -LIBOR 1 month, % -
CloseChange, b.p.
Source: market data; estimation: Veles Capital
Commodity and currency markets
day week monthBrent, USD/bbl ▲ 62.37 0.48 6.67 18.44RUR/USD, ЦБ ▲ 66.39 0.32 -0.93 -3.71RUR/EUR, ЦБ ▲ 75.45 0.35 -1.84 -3.67
CloseChange,%
Source: market data; estimation: Veles Capital
Ruble liquidity figures
0
500
1 000
1 500
2 000
2 500
3 000
3 500
4 000
4 500
5 000
11.27.18 12.07.18 12.20.18 01.09.19 01.21.19
Total volume Correspondent Accounts Bank depos its with BOR
Liquid ruble Eurobond yield change
8,82
8,39 8,28
7,00
8,00
9,00
10,00
11,00
12,00
-12
-10
-8
-6
-4
-2
0
VIP
19
RZ
D 2
3
FS
K 1
9
RZ
D 1
9
RS
HB
18
Changes 1d, bps YTM, % - right
D a i l y b o n d s r e v i e w
22 January 2019 Page 2
Domestic market
Market situation. No expressive moves indicated the domestic market on Monday. Players’ activity was low, which was partly related to the holiday in the US. Volatility appeared to be low in the OFZ during the trade and the moves were mixed. The other EM were mixed as well. Thus, today, the rates alongside the OFZ curve changed within 1-2 bps. Total volume of trade formed a bit more that RUB 10 bn. At that, nearly half of all operations involved the most liquid series 26207 (YTM 8.24%) and 26212 (YTM 8.27%, -1 bps). In addition, the input of floaters increased remarkably: their share formed approximately one third of the total turnover. OFZ with the coupon, linked to the Ruonia rate was of active demand today. Single series managed to add up to 0.35 pps of the face value.
Forecast. Lacking any other drivers, the messages from the Finance Ministry on the next primary auctions will affect the market the most. After the success last week, the authority might try testing the market by an increased volume of the offer. Along with that, we assume the rally at the domestic market is fading gradually. We observe no new demand factors in the nearest future and the principal risks that made the negative impact on the market in 2018 are still on the agenda. Corporate borrowers will conduct this year’s first placements tomorrow. MTS, Rosbank and Gazprombank will make their primary offers.
No expressive moves indicate d the dome stic market on Monday. Players’ activity was low, which was partly related to the holi day in the US. Volatility appeared to be low in the OFZ during the trade a nd the moves were mixe d. La cking any other drivers, the messages from the Finance Ministry on the ne xt primary auctions will affe ct the market the most.
Ivan Manaenko, Julianna Lukyanova bonds@veles-capital.com
Money Markets
After a relatively successful previous week, ruble started the new week with correction. By the middle of the day, USDRUB traded within the range of RUB 66.40-66.45 (after Friday close at the level of RUB 66.28). However, it did not test the level of RUB 66.5 until the end of the workday and continued trading within a narrow range.
The market is to payoff the principal taxes at the end of the current week. Possibly, exporters and their banks will benefit from any correction in the domestic currency within the frames of preparing for given payments in order to sell their currency with most profit. Resulting from that, we assume that in case the pair climbs above RUB 66.5, currency selling grows restraining its further progress towards RUB 67. In its turn, strengthening of ruble to 66 still is unlikely to occur as given requires serious foreign drivers (aside the oil quotes that would be capable of improving the investors’ sentiment at the emerging grounds.
Ivan Manaenko, Yury Kravchenko bonds@veles-capital.com
D a i l y b o n d s r e v i e w
22 January 2019 Page 3
Issuer's news: MTS
MTS (BB/BB/AA) will be collecting orders for 5Y market bonds of the issue of 001P-07 series for sum RUB 10 bn at the primary market today. The notes will have quarterly coupons. Indicative range of the coupon rates from the organizer of the issue forms 8.7-8.85% annually, which provides for YTM at 8.99-9.15% annually (spread vs OFZ forms 89-105 bps).
Bonds valuation. Previously, the issuer entered the primary market almost a year ago, having placed two ruble issues for sum RUB 20 bn in March of 2018. Currently, the circulating notes present a relatively liquid curve, which provides for a premium vs the base assets at the level of 80-90 bps. Thus, participation in the placement seem like a decent idea even at the lower border of the indicative range. Moreover, the new issue allows fixating a high rate of the coupon of the issuer with a strong credit quality (with payments per month) for a rather long term.
Ivan Manaenko, Julianna Lukyanova, bonds@veles-capital.com
D a i l y b o n d s r e v i e w
22 January 2019 Page 4
Ruble bonds trade results Turnover leaders Trades leaders
Issue Price, %Price.
chg, p.p.
Trade
Volume,
mln RUR
Num of
TradesYield,%
Dur.,
years
OFZ 26212 93.42 0.00 710.79 - 8.26 6.49
OFZ 26207 100.43 0.02 468.65 - 8.24 5.85
Rosneft 08 94.45 -0.32 259.78 4 9.13 3.53
OFZ 26208 100.01 0.01 232.58 - 7.46 0.10
Acron 05 102.12 - 204.24 2 8.64 1.26
OFZ 26214 98.47 -0.01 149.31 - 7.75 1.30
OFZ 26210 99.57 -0.01 100.21 - 7.43 0.87
OFZ 26209 99.51 0.05 78.30 - 7.92 3.02
OFZ 26205 99.99 0.07 67.52 - 7.74 2.05
VEB 19 102.20 0.10 22.10 3 8.81 2.00
OFZ 26217 99.44 0.18 19.50 - 7.89 2.32
Credit Bank of Moscow БО-11100.00 -0.04 17.69 10 9.35 0.47
OFZ 26218 102.48 -0.03 8.25 - 8.35 7.86
OFZ 52001 (CPI) 98.25 0.12 3.40 - 2.93 4.30
OFZ 26211 97.20 0.11 1.61 - 7.98 3.44
OFZ 26215 96.50 0.05 1.46 - 8.08 3.86
RZD 12 98.00 0.18 0.93 10 6.73 0.32
Tele2 07 101.42 -0.46 0.86 12 9.64 2.75
Mechel 14 100.09 0.02 0.84 46 11.35 0.56
OFZ 46018 98.09 -0.03 0.60 - 7.79 1.80
OFZ 46020 87.82 0.11 0.60 - 8.45 9.27
TGK2 БО-02 100.74 0.11 0.52 30 9.13 0.26
OFZ 46019 99.27 -0.22 0.47 - 6.71 0.16
Karelia 34016 100.29 0.19 0.46 12 4.27 0.02
Mechel 18 95.83 - 0.42 14 8.20 1.14
Issue Price, %Price.
chg, p.p.
Trade
Volume,
mln RUR
Num of
TradesYield,%
Dur.,
years
Prime Finance 01 0.01 -0.11 0.00 69 ######## 0.02
Mechel 14 100.09 0.02 0.84 46 11.35 0.56
Lenta 03 90.82 -0.93 0.37 30 9.30 1.10
TGK2 БО-02 100.74 0.11 0.52 30 9.13 0.26
RZD 32 94.81 -0.09 0.15 23 18.65 2.39
Rosneft 04 98.53 -0.21 0.21 20 8.53 3.24
RusHydro 07 72.92 14.18 0.09 19 8.26 4.02
Rosneft 07 94.69 -0.30 0.25 17 9.05 3.53
VEB 09 100.46 -0.03 0.38 15 8.84 1.95
Mechel 13 100.05 -0.02 0.13 15 11.78 0.56
Mechel 16 93.54 -0.05 0.20 14 11.96 1.86
Mechel 18 95.83 - 0.42 14 8.20 1.14
Mechel 19 95.62 - 0.22 14 8.30 1.16
Hakasiya 35003 99.80 0.01 0.24 14 8.85 1.20
Karelia 34016 100.29 0.19 0.46 12 4.27 0.02
Tele2 07 101.42 -0.46 0.86 12 9.64 2.75
Bashneft 06 97.80 -0.43 0.08 11 8.53 3.41
Credit Bank of Moscow БО-11100.00 -0.04 17.69 10 9.35 0.47
RZD 12 98.00 0.18 0.93 10 6.73 0.32
RSHB 10 100.26 -0.10 0.17 10 8.19 0.96
AgroComplex БО-01 1.45 0.22 0.00 9 ######## 0.88
Mechel 17 95.96 - 0.06 9 6.58 1.15
Samarskaya Obl 35009 100.90 -0.19 0.00 9 7.36 0.92
Alliance Oil 04 88.18 -0.38 0.02 9 54.13 0.93
MTS 08 99.03 -0.45 0.05 7 8.66 1.68
Top leaders Down leaders
Issue Price, %Price.
chg, p.p.
Trade
Volume,
mln RUR
Num of
TradesYield,%
Dur.,
years
RusHydro 07 72.92 14.18 0.09 19 8.26 4.02
Russian Post 04 101.64 1.58 0.00 1 7.13 0.72
BINBANK БО-04 92.00 1.50 0.03 1 8.30 1.05
BINBANK БО-03 56.00 0.86 0.01 3 9.36 6.48
Irkut БО-04 100.89 0.86 0.01 2 8.81 2.50
Novosibirsk 35006 100.70 0.68 0.01 4 7.72 0.86
Tele2 01 98.95 0.68 0.00 1 9.19 2.19
Uranium One 02 101.50 0.40 0.03 4 9.40 1.43
Orenburg Reg 35001 100.78 0.36 0.00 1 6.70 0.40
Gazpromneft 04 100.30 0.30 0.01 6 0.10 0.21
Petrocommerce Bank 09 98.66 0.28 0.00 1 10.04 0.76
AgroComplex БО-01 1.45 0.22 0.00 9 ######## 0.88
Karelia 34016 100.29 0.19 0.46 12 4.27 0.02
RZD 12 98.00 0.18 0.93 10 6.73 0.32
OFZ 26217 99.44 0.18 19.50 - 7.89 2.32
Nizegorodskaya Obl 34009 100.19 0.16 0.00 1 7.80 0.95
RusHydro 08 72.03 0.16 0.02 4 8.60 4.02
Transneft 03 103.19 0.16 0.00 2 6.79 0.66
OFZ 52001 (CPI) 98.25 0.12 3.40 - 2.93 4.30
OFZ 46020 87.82 0.11 0.60 - 8.45 9.27
OFZ 26211 97.20 0.11 1.61 - 7.98 3.44
TGK2 БО-02 100.74 0.11 0.52 30 9.13 0.26
VEB 19 102.20 0.10 22.10 3 8.81 2.00
VEB 21 100.37 0.10 0.09 5 6.78 0.12
Vympelcom 04 98.74 0.09 0.16 3 8.34 1.08
Issue Price, %Price.
chg, p.p.
Trade
Volume,
mln RUR
Num of
TradesYield,%
Dur.,
years
OFZ 46011 105.07 -21.93 0.02 - 8.59 3.79
Oktritie 04 12.67 -3.41 0.00 2 412.82 0.91
FGC UES 13 100.50 -2.08 0.09 4 8.43 2.23
AIZhK 17 100.00 -1.50 0.22 1 9.36 1.22
Lenta 03 90.82 -0.93 0.37 30 9.30 1.10
Gazpromneft 10 98.89 -0.90 0.06 6 8.38 1.84
OFZ 46022 92.39 -0.67 0.04 - 7.91 3.51
Tele2 07 101.42 -0.46 0.86 12 9.64 2.75
MTS 08 99.03 -0.45 0.05 7 8.66 1.68
Bashneft 06 97.80 -0.43 0.08 11 8.53 3.41
Alliance Oil 04 88.18 -0.38 0.02 9 54.13 0.93
RSHB 08 99.32 -0.38 0.03 6 8.01 0.80
Alliance Oil 06 88.50 -0.33 0.00 2 51.59 0.96
Rosneft 08 94.45 -0.32 259.78 4 9.13 3.53
Rosneft 07 94.69 -0.30 0.25 17 9.05 3.53
OFZ 46019 99.27 -0.22 0.47 - 6.71 0.16
Rosneft 04 98.53 -0.21 0.21 20 8.53 3.24
Samarskaya Obl 35009 100.90 -0.19 0.00 9 7.36 0.92
Prime Finance 01 0.01 -0.11 0.00 69 ######## 0.02
RSHB 10 100.26 -0.10 0.17 10 8.19 0.96
RZD 32 94.81 -0.09 0.15 23 18.65 2.39
RSHB 16 99.55 -0.07 0.10 1 8.91 0.21
Tele2 02 101.63 -0.06 0.12 4 7.12 0.39
Udmurt Resp 35001 99.10 -0.06 0.09 6 8.49 1.04
Mechel 16 93.54 -0.05 0.20 14 11.96 1.86
D a i l y b o n d s r e v i e w
22 January 2019 Page 5
State and municipal bonds market atlas
OFZ 25081OFZ 26204 OFZ 26205OFZ 26205
OFZ 26207
OFZ 26208OFZ 26209
OFZ 26210OFZ 26211 OFZ 26212
OFZ 26214OFZ 26215OFZ 26215
OFZ 26217
OFZ 26218
OFZ 46012
OFZ 46014OFZ 46018
OFZ 46019 OFZ 46020OFZ 46021 OFZ 46022
OFZ 46023
OFZ Yield Curve
5,00
5,50
6,00
6,50
7,00
7,50
8,00
8,50
9,00
0,0 2,0 4,0 6,0 8,0 10,0duration, years
Yie
ld,
%
IssueCoup.,
%
Next Put/Call
date**Maturity date Price, %
Price. chg,
p.p.
Trade Volume,
thd RUR Yield,%
Duration,
yearsOFZ spread
Liquidity
raiting
OFZ 25081 6.20 - 31.01.2018 ▲ 99.18 0.03 49,749 8.05 0.49 65 81OFZ 26204 7.50 - 15.03.2018 ▲ 99.79 0.08 43,807 7.99 0.60 44 73OFZ 26205 7.60 - 14.04.2021 ▲ 99.36 1.36 1,852 7.95 3.23 - 64OFZ 26205 7.60 - 14.04.2021 - - - - 7.95 3.23 - -OFZ 26207 8.15 - 03.02.2027 ▲ 103.15 1.15 203,667 7.83 6.61 - 81OFZ 26208 7.50 - 27.02.2019 ▲ 99.39 1.39 72,520 8.07 1.47 15 79OFZ 26209 7.60 - 20.07.2022 ▲ 98.93 0.93 865,431 8.02 4.22 - 81OFZ 26210 6.80 - 11.12.2019 ▲ 97.89 0.39 51,616 7.94 2.20 - 47OFZ 26211 7.00 - 25.01.2023 ▲ 96.92 1.92 3,774 7.85 4.47 - 47OFZ 26212 7.05 - 19.01.2028 ▲ 95.25 0.55 122,644 7.87 7.23 - 80OFZ 26214 6.40 - 27.05.2020 ▲ 96.25 0.25 356,659 8.06 2.59 2 85OFZ 26215 7.00 - 16.08.2023 ▲ 96.08 1.08 61,269 7.98 4.85 - 80OFZ 26215 7.00 - 16.08.2023 - - - - 7.98 4.85 - -OFZ 26217 7.50 - 18.08.2021 ▲ 98.65 0.65 220,961 8.05 3.45 - 85OFZ 26218 8.50 - 17.09.2031 ▲ 106.45 1.00 103,838 7.89 8.45 - 80OFZ 46005 - - 09.01.2019 - 94.48 - 5 - - 37 16OFZ 46010 10.00 - 17.05.2028 - - - - - - - -OFZ 46011 10.00 - 20.08.2025 - - - - - - - 1OFZ 46012 3.28 - 05.09.2029 - - - - 6.02 7.50 - 7OFZ 46014 7.00 - 29.08.2018 ▲ 99.18 0.18 134 8.20 0.79 49 24OFZ 46018 6.50 - 24.11.2021 ▲ 96.04 0.59 10,015 8.07 3.03 1 27OFZ 46019 2.01 - 20.03.2019 - 93.60 - 1 8.18 1.11 34 19OFZ 46020 6.90 - 06.02.2036 ▲ 89.82 0.77 422 8.14 9.74 - 34OFZ 46021 5.00 - 08.08.2018 ▲ 98.59 0.00 212 8.03 0.50 62 29OFZ 46022 6.00 - 19.07.2023 ▲ 90.03 0.00 351 8.04 4.71 - 21OFZ 46023 8.16 - 23.07.2026 - - - - 7.75 3.58 - 16OFZ 48001 6.40 - 31.10.2018 - 99.25 - 5 3.19 0.71 - 17OFZ 52001 (CPI) 2.50 - 16.08.2023 ▲ 97.00 0.10 744 3.07 5.58 - 84
OFZ
* - liquidity rating is calculated daily based on data for 60 days; **C-Call, P-Put Source: market data, Estimation: Veles Capital
D a i l y b o n d s r e v i e w
22 January 2019 Page 6
Sub-federal and municipal bonds
Bashkortostan 34008
Belgorodskaya Obl 34006
Volgograd 34006
Vologodskaya Obl 34003
Voronezskaya Obl 34005
Voronezskaya Obl 34006
Tverskaya Obl 34008
Kostromskaya Obl 34007
Krasnodar Kr 34004
Krasnoyarsk Kr 34006Krasnoyarsk Kr 34007
Lipetsk Obl 35008Volgogradskaya Obl 35003
Volgogradskaya Obl 35004
Samarskaya Obl 35008 Samarskaya Obl 35009
Stavropol Kr 34001
Stavropol Kr 34002
Mordovia 34001
Sakha Resp 35005
Nizegorodskaya Obl 34008
Nizegorodskaya Obl 34009
Novosibirsk 34005
Novosibirsk 35006
Novosibirsk Obl 34015
Orenburg Reg 34001
Orenburg Reg 35001
Karelia 34015
Karelia 34016 Hakasiya 35003Ryazan Obl 34002
Sverdlovsk Obl 34002
Smolensk Obl 34001
Tomsk Obl 34045
Udmurt Resp 34006
Udmurt Resp 35001
Yaroslavskaya Obl 34012
Moscow Yield Curve
4,00
5,00
6,00
7,00
8,00
9,00
10,00
0,0 0,5 1,0 1,5 2,0 2,5 3,0duration, years
Yie
ld,
%
IssueCoup.,
%
Next Put/Call
date**Maturity date Price, %
Price. chg,
p.p.
Trade Volume,
thd RUR Yield,%
Duration,
yearsOFZ spread
Liquidity
raiting
Bashkortostan 34008 7.75 - 18.09.2020 - 100.19 - - 7.97 1.79 - 11Belgorodskaya Obl 34006 6.00 - 08.08.2017 ▼ 100.02 -0.01 892 5.23 0.02 7,251 24Volgograd 34006 9.37 - 23.08.2017 ▼ 100.08 -0.11 39 8.18 0.06 405 20Vologodskaya Obl 34003 9.75 - 05.12.2017 ▼ 100.25 -0.41 12 9.29 0.34 223 20Voronezskaya Obl 34005 5.85 - 17.12.2017 ▲ 99.72 0.81 80 6.74 0.37 - 25Voronezskaya Obl 34006 7.53 - 23.10.2018 ▼ 99.11 -0.85 5,285 8.93 0.70 129 24Tverskaya Obl 34008 9.70 - 18.12.2017 ▲ 100.50 0.01 1 8.61 0.37 145 19Kostromskaya Obl 34007 8.25 - 28.09.2018 ▲ 99.27 0.08 112 8.97 0.82 125 22Krasnodar Kr 34004 8.85 - 09.11.2017 ▼ 100.13 -0.02 1,332 8.65 0.27 189 16Krasnoyarsk Kr 34006 8.00 - 19.10.2017 - 99.99 - 213 8.12 0.22 171 19Krasnoyarsk Kr 34007 7.95 - 19.09.2018 - 99.60 - - 8.08 0.54 60 7Lipetsk Obl 35008 7.39 - 17.04.2020 - - - - 8.41 1.63 46 10Volgogradskaya Obl 35003 7.27 - 14.06.2018 - 99.53 - 116 8.60 0.44 129 17Volgogradskaya Obl 35004 7.55 - 01.11.2018 ▼ 99.87 -0.01 24 7.83 0.58 31 17Samarskaya Obl 35008 9.00 - 13.12.2017 - 100.20 - - 8.38 0.36 125 13Samarskaya Obl 35009 8.15 - 31.07.2020 - 100.00 - 1,394 8.40 1.07 58 16Stavropol Kr 34001 8.20 - 12.12.2017 - - - - 6.47 0.36 - 16Stavropol Kr 34002 8.09 - 04.11.2020 ▲ 100.00 0.50 70 8.34 1.29 45 13Mordovia 34001 9.25 - 22.10.2018 ▼ 100.33 -1.95 52 9.27 1.17 141 21Sakha Resp 35005 8.45 - 24.04.2018 ▼ 100.00 -0.19 1 8.71 0.51 128 6Nizegorodskaya Obl 34008 9.45 - 29.08.2017 - 100.08 - - 7.43 0.08 305 20Nizegorodskaya Obl 34009 7.87 - 26.08.2020 ▼ 98.80 -0.10 98 8.73 1.77 76 18Novosibirsk 34005 6.94 - 06.09.2017 - 100.14 - - 7.19 0.10 248 16Novosibirsk 35006 8.50 - 22.07.2020 ▼ 100.15 -0.33 2 8.53 1.56 59 6Novosibirsk Obl 34015 7.79 - 30.10.2018 - 99.95 - - 8.10 0.72 44 12Orenburg Reg 34001 9.20 - 14.12.2017 - - - - 7.07 0.24 47 10Orenburg Reg 35001 8.50 - 19.06.2019 - 100.20 - - 8.77 1.30 88 4Karelia 34015 8.75 - 22.10.2017 ▼ 101.00 -0.02 63 4.34 0.22 - 14Karelia 34016 7.49 - 29.01.2019 ▲ 98.73 0.01 765 8.95 1.07 112 23Hakasiya 35003 8.40 - 27.10.2020 - 99.55 - 5,958 8.97 1.59 103 26Ryazan Obl 34002 9.50 - 14.12.2017 ▼ 100.26 -0.13 4,791 9.05 0.36 192 28Sverdlovsk Obl 34002 7.95 - 04.12.2017 - - - - 5.40 0.34 - 11Smolensk Obl 34001 8.90 - 20.10.2018 - 100.46 - - 8.63 0.93 86 18Tomsk Obl 34045 8.60 - 19.12.2017 ▲ 100.29 0.20 37 8.04 0.38 87 18Udmurt Resp 34006 6.90 - 05.12.2017 - 99.34 - - 7.66 0.35 58 14Udmurt Resp 35001 7.45 - 01.10.2020 ▲ 98.67 0.10 19,677 8.68 1.27 80 7Chuvashia 34010 7.00 - 07.06.2018 - - - - - 0.46 - 13Yaroslavskaya Obl 34012 7.35 - 13.07.2018 - 99.48 - 4 8.41 0.65 82 14
Municipal bonds
* - liquidity rating is calculated daily based on data for 60 days; **C-Call, P-Put Source: market data, Estimation: Veles Capital
D a i l y b o n d s r e v i e w
22 January 2019 Page 7
Corporate bonds market atlas
Oil and gas
Bashneft 04
Bashneft 06
Bashneft 07
Bashneft 08
Bashneft 09
Gazprom Capital 04Gazpromneft 04
Gazpromneft 10
Gazpromneft 12
Rosneft 04
Rosneft 05
Rosneft 06Rosneft 07
Rosneft 08
Rosneft 09
Rosneft 10
Transneft 01
Transneft 03
OFZ Yield Curve
5,00
5,50
6,00
6,50
7,00
7,50
8,00
8,50
9,00
0,0 0,5 1,0 1,5 2,0 2,5 3,0duration, years
Yie
ld,
%
IssueCoup.,
%
Next Put/Call
date**Maturity date Price, %
Price. chg,
p.p.
Trade Volume,
thd RUR Yield,%
Duration,
yearsOFZ spread
Liquidity
raiting
Bashneft 04 0.10 15.02.2018 P 04.02.2022 - 95.00 - - 8.61 0.53 115 9Bashneft 06 8.65 12.02.2018 P 31.01.2023 - 100.20 - - 8.20 0.50 79 14Bashneft 07 8.85 10.02.2020 P 31.01.2023 ▼ 101.00 -0.20 42,858 8.58 2.22 56 3Bashneft 08 8.65 12.02.2018 P 31.01.2023 - - - - 8.24 0.50 83 10Bashneft 09 8.85 10.02.2020 P 31.01.2023 ▼ 101.00 -0.20 3,016 8.58 2.22 56 1Gazprom Capital 04 7.55 - 15.02.2018 - 99.79 - - 8.10 0.52 65 3Gazpromneft 04 8.20 16.04.2018 P 09.04.2019 - 100.14 - - 8.10 0.67 49 11Gazpromneft 09 - - 26.01.2021 - - - - - - - -Gazpromneft 10 8.90 05.02.2018 P 26.01.2021 - 100.35 - - 8.39 0.50 - 14Gazpromneft 11 - - 25.01.2022 - - - - - - - -Gazpromneft 12 8.50 05.12.2017 P 23.11.2022 ▼ 100.00 -0.17 501 8.62 0.33 160 16Alliance Oil 03 0.01 - 21.07.2020 - - - - - - - 0Alliance Oil 04 11.25 08.06.2018 P 01.06.2021 - 89.47 - - 52.83 0.35 4,575 17Alliance Oil 06 11.25 13.06.2018 P 04.06.2021 - 87.16 - 17 63.35 0.35 5,625 10Rosneft 04 8.60 27.10.2017 P 17.10.2022 ▲ 100.09 0.04 9,208 8.26 0.23 176 15Rosneft 05 8.60 27.10.2017 P 17.10.2022 ▲ 100.00 0.10 1 8.68 0.23 218 18Rosneft 06 7.95 11.06.2018 P 30.05.2023 ▲ 99.80 0.80 1 8.35 0.82 63 11Rosneft 07 8.00 22.03.2018 P 10.03.2023 - - - - 8.26 0.60 71 17Rosneft 08 8.00 22.03.2018 P 10.03.2023 - - - - 8.66 0.60 111 13Rosneft 09 7.95 11.06.2018 P 30.05.2023 - 99.80 - - 8.48 0.82 76 6Rosneft 10 7.95 11.06.2018 P 30.05.2023 - - - - 8.15 0.82 43 14Transneft 01 0.01 16.05.2018 P 13.05.2019 - - - - 7.53 0.78 - 3Transneft 02 11.00 05.10.2017 P 01.10.2019 - - - - - - - 3Transneft 03 12.05 - 18.09.2019 - 106.60 - - 8.40 1.84 43 15
Oil & Gas
* - liquidity rating is calculated daily based on data for 60 days; **C-Call, P-Put Source: market data, Estimation: Veles Capital
D a i l y b o n d s r e v i e w
22 January 2019 Page 8
Power industry
RusHydro 01
RusHydro 02
RusHydro 07
RusHydro 08
FGC UES 06FGC UES 07
FGC UES 08FGC UES 09
FGC UES 10
FGC UES 11
FGC UES 13
FGC UES 15
FGC UES 18
FGC UES 19
FGC UES 21
FGC UES 24FGC UES 25
OFZ Yield Curve
5,00
5,50
6,00
6,50
7,00
7,50
8,00
8,50
9,00
0,0 1,0 2,0 3,0 4,0 5,0 6,0duration, years
Yie
ld,
%
IssueCoup.,
%
Next Put/Call
date**Maturity date Price, %
Price. chg,
p.p.
Trade Volume,
thd RUR Yield,%
Duration,
yearsOFZ spread
Liquidity
raiting
Volzhskaya TGK 01 (ранее ТГК-5, 01)9.50 - 06.10.2017 - - - - - - - 10Volzhskaya TGK 01 (ранее ТГК-6, 01)9.50 - 24.08.2017 - - - - - - - 11Volzhskaya TGK 01 (ранее ТГК-9, 01)8.10 - 07.08.2017 - - - - - 0.02 - 12Kuzbassenergo 01 - - 14.06.2021 - - - - - - - -Kuzbassenergo 02 - - 15.04.2021 - - - - - - - -RusHydro 01 9.50 - 12.04.2021 - - - - 8.43 3.13 37 1RusHydro 02 9.50 - 12.04.2021 - - - - 8.63 3.13 57 1RusHydro 07 8.50 13.02.2018 P 02.02.2023 ▲ 100.25 0.05 2 8.15 0.50 73 14RusHydro 08 8.50 13.02.2018 P 02.02.2023 - 100.23 - - 7.91 0.50 48 15TGK1 03 5.90 - 14.12.2021 - - - - - - - -TGK2 БО-02 12.00 - 26.04.2019 ▼ 93.36 -0.28 1,879 20.83 0.89 1,308 25FGC UES 06 8.25 - 15.09.2020 - 100.25 - 100 8.32 2.74 27 2FGC UES 07 7.50 - 16.10.2020 - - - - 8.38 2.85 33 0FGC UES 08 8.25 - 15.09.2020 - - - - 8.13 2.74 8 1FGC UES 09 7.99 24.10.2017 P 16.10.2020 - - - - 8.07 0.23 155 1FGC UES 10 7.75 - 15.09.2020 - - - - 7.02 2.77 - 22FGC UES 11 7.99 24.10.2017 P 16.10.2020 - - - - 6.25 0.23 - 11FGC UES 12 8.10 - 19.04.2019 - - - - - - - 10FGC UES 13 8.50 - 22.06.2021 - - - - 8.36 3.37 29 4FGC UES 15 8.75 24.10.2018 P 12.10.2023 - - - - 7.81 1.15 - 25FGC UES 18 8.50 07.06.2019 P 27.11.2023 - 100.20 - - 8.55 1.72 - 13FGC UES 19 7.95 18.07.2018 P 06.07.2023 - 100.00 - - 5.45 0.94 - 15FGC UES 21 7.40 16.04.2024 P 06.10.2027 - 97.82 - - 8.72 5.24 61 9FGC UES 22 7.90 03.08.2022 P 21.07.2027 - 93.15 - - 22.06 0.48 1,468 19FGC UES 23 5.10 - 27.04.2048 - - - - - - - 1FGC UES 24 8.00 24.01.2020 P 07.01.2028 ▲ 99.47 0.02 2,337,600 8.41 2.28 39 34FGC UES 25 9.00 01.10.2019 P 14.09.2027 - - - - 8.45 1.96 46 2FGC UES 26 5.30 09.07.2047 P 30.06.2048 - - - - - - - 1FGC UES 27 5.30 09.07.2047 P 30.06.2048 - - - - - - - 1FGC UES 28 5.10 - 27.04.2048 - - - - - - - 2
Utilities
* - liquidity rating is calculated daily based on data for 60 days; **C-Call, P-Put Source: market data, Estimation: Veles Capital
D a i l y b o n d s r e v i e w
22 January 2019 Page 9
Telecommunications
Rostelecom 17
Rostelecom 18
Rostelecom 19
Vympelcom 01
Vympelcom 02
Vympelcom 04
MegaFon 06
MegaFon 07
MTS 07
MTS БО-01
Tele2 01Tele2 02
Tele2 03
Tele2 04
Tele2 07
OFZ Yield Curve
5,00
5,50
6,00
6,50
7,00
7,50
8,00
8,50
9,00
9,50
10,00
0,0 0,5 1,0 1,5 2,0 2,5 3,0 3,5 4,0 4,5 5,0duration, years
Yie
ld,
%
IssueCoup.,
%
Next Put/Call
date**Maturity date Price, %
Price. chg,
p.p.
Trade Volume,
thd RUR Yield,%
Duration,
yearsOFZ spread
Liquidity
raiting
Rostelecom 11 11.70 - 24.07.2019 - - - - - - - -Rostelecom 15 8.20 - 24.01.2018 - - - - - 0.48 110 2Rostelecom 16 10.50 - 07.06.2018 - - - - - - - 0Rostelecom 17 10.50 - 02.11.2017 - 100.00 - - 8.01 0.25 133 3Rostelecom 18 8.20 - 24.01.2018 ▲ 100.04 0.04 2,402 8.27 0.48 88 6Rostelecom 19 10.50 - 06.03.2018 ▲ 100.94 0.09 2 7.77 0.33 73 16Vympelcom 01 7.00 13.03.2020 P 08.03.2022 - - - - 7.56 2.37 - 7Vympelcom 02 7.00 19.03.2020 P 14.03.2022 - - - - 7.12 2.38 - 1Vympelcom 04 7.00 13.03.2020 P 08.03.2022 - 95.50 - 10 9.17 2.36 115 13MegaFon 05 - - 29.09.2022 - - - - - - - -MegaFon 06 8.00 13.03.2018 P 01.03.2023 - 99.91 - - 8.30 0.58 78 4MegaFon 07 8.00 13.03.2018 P 01.03.2023 - 99.70 - - 8.50 0.58 98 11MTS 03 10.00 - 12.06.2018 - - - - - - - 1MTS 07 8.70 - 07.11.2017 ▼ 99.95 -0.01 53,638 9.00 0.27 224 26MTS 08 9.25 09.11.2017 P 03.11.2020 - - - - - 0.27 - 10MTS БО-01 8.25 02.04.2018 P 22.03.2023 - 99.50 - 29,989 9.23 0.64 165 9Tele2 01 11.25 19.06.2018 P 11.06.2021 - 101.40 - - 9.74 0.84 200 8Tele2 02 11.30 18.06.2019 P 11.06.2021 ▲ 103.15 0.15 2,687 9.63 1.72 167 18Tele2 03 11.30 18.06.2019 P 11.06.2021 - 102.50 - - 10.00 1.72 204 12Tele2 04 10.70 06.08.2020 P 31.01.2022 - 103.00 - - 9.65 2.53 162 11Tele2 05 10.70 - 31.01.2022 - - - - - - - 0Tele2 07 9.95 - 05.04.2022 ▼ 101.21 -0.23 9,428 9.85 3.75 176 20
TMT
* - liquidity rating is calculated daily based on data for 60 days; **C-Call, P-Put Source: market data, Estimation: Veles Capital
D a i l y b o n d s r e v i e w
22 January 2019 Page 10
Transport
RZD 12
RZD 17RZD 23
RZD 28
TransKontainer 04
OFZ Yield Curve
4,00
4,50
5,00
5,50
6,00
6,50
7,00
7,50
8,00
8,50
9,00
0,0 0,5 1,0 1,5 2,0 2,5 3,0duration, years
Yie
ld,
%
IssueCoup.,
%
Next Put/Call
date**Maturity date Price, %
Price. chg,
p.p.
Trade Volume,
thd RUR Yield,%
Duration,
yearsOFZ spread
Liquidity
raiting
FESCO БО-02 12.25 - 28.11.2017 - - - - - - - -RZD 12 0.10 - 16.05.2019 - 92.87 - 1 4.33 1.79 - 12RZD 17 11.60 17.01.2018 P 16.07.2018 ▼ 101.60 -0.18 561 8.11 0.46 76 44RZD 18 8.45 - 15.07.2019 - 99.55 - - 8.89 - - 12RZD 19 8.15 18.07.2018 P 08.07.2024 - - - - - - - 1RZD 23 11.75 02.08.2018 P 16.01.2025 ▼ 103.61 -0.01 326 8.02 0.96 23 17RZD 28 8.20 03.04.2020 P 21.03.2028 - 99.59 - - 8.41 2.39 39 19RZD 32 6.20 13.07.2022 P 25.06.2032 ▲ 91.23 0.04 192 30.29 0.45 2,296 30RZD БО-09 5.10 - 08.06.2028 - - - - - - - 2RZD БО-12 5.40 - 18.08.2033 - - - - - - - 2RZD БО-13 5.40 - 19.09.2033 - - - - - - - 2RZD БО-18 5.40 - 29.04.2043 - - - - - - - 2TRANSAERO БО-03 - - 25.10.2018 - 1.57 - 4 ####### 1.23 279,833 20TransKontainer 04 8.35 - 26.01.2018 - 99.76 - - 8.21 0.49 81 7
Transport
* - liquidity rating is calculated daily based on data for 60 days; **C-Call, P-Put Source: market data, Estimation: Veles Capital
D a i l y b o n d s r e v i e w
22 January 2019 Page 11
Trade
Lenta 01
Lenta 02
Lenta 03
OKEY 02
OKEY БО-04
OFZ Yield Curve
5,00
6,00
7,00
8,00
9,00
10,00
11,00
0,0 0,2 0,4 0,6 0,8 1,0 1,2 1,4 1,6 1,8 2,0duration, years
Yie
ld,
%
IssueCoup.,
%
Next Put/Call
date**Maturity date Price, %
Price. chg,
p.p.
Trade Volume,
thd RUR Yield,%
Duration,
yearsOFZ spread
Liquidity
raiting
Lenta 01 11.75 06.09.2018 P 03.03.2020 - - - - 8.00 1.01 19 0Lenta 02 11.00 07.03.2019 P 03.03.2020 - - - - 9.83 1.44 191 0Lenta 03 11.75 30.08.2018 P 25.02.2020 - - - - 8.53 0.99 73 12OKEY 02 11.60 - 12.12.2017 ▼ 101.62 -0.60 26 7.09 0.36 - 15OKEY БО-04 8.90 - 09.10.2018 ▲ 98.72 3.64 10 10.30 1.13 245 12
Retail & food production
* - liquidity rating is calculated daily based on data for 60 days; **C-Call, P-Put Source: market data, Estimation: Veles Capital
D a i l y b o n d s r e v i e w
22 January 2019 Page 12
Machinery
Russian Helicopters 02
Irkut БО-04
Power Machines 02
OFZ Yield Curve
5,00
6,00
7,00
8,00
9,00
10,00
11,00
0,0 0,5 1,0 1,5 2,0 2,5 3,0 3,5 4,0duration, years
Yie
ld,
%
IssueCoup.,
%
Next Put/Call
date**Maturity date Price, %
Price. chg,
p.p.
Trade Volume,
thd RUR Yield,%
Duration,
yearsOFZ spread
Liquidity
raiting
Russian Helicopters 01 8.25 - 20.04.2018 - - - - - - - 9Russian Helicopters 02 8.25 - 20.04.2018 - - - - 8.41 0.70 77 3HMS 03 - - 30.01.2018 - - - - - - - -Irkut БО-04 9.00 14.11.2018 P 06.11.2023 ▲ 100.10 0.10 2 9.09 1.22 122 11UAC 01 8.00 - 17.03.2020 - - - - - - - 5Power Machines 02 9.30 08.10.2020 P 28.09.2023 ▼ 98.00 -0.80 1 10.29 2.73 225 14Oboronprom 01 8.00 - 24.04.2020 - - - - - - - -
Industrials
* - liquidity rating is calculated daily based on data for 60 days; **C-Call, P-Put Source: market data, Estimation: Veles Capital
D a i l y b o n d s r e v i e w
22 January 2019 Page 13
Metallurgy
Mechel 15
Mechel 17Mechel 18Mechel 19
NLMK БО-13
Pravourmiyskoe 01
Metalloinvest 02Metalloinvest 03
Metalloinvest 05
Metalloinvest 06
RUSAL 07
RUSAL 08
OFZ Yield Curve
4,00
5,00
6,00
7,00
8,00
9,00
10,00
0,0 1,0 2,0 3,0 4,0 5,0 6,0duration, years
Yie
ld,
%
IssueCoup.,
%
Next Put/Call
date**Maturity date Price, %
Price. chg,
p.p.
Trade Volume,
thd RUR Yield,%
Duration,
yearsOFZ spread
Liquidity
raiting
Evraz 01 - - 13.03.2020 - - - - - - - -Evraz 02 - - 19.10.2020 - - - - - - - -Evraz 03 - - 13.03.2020 - - - - - - - -Evraz 04 - - 19.10.2020 - - - - - - - -Evraz 05 - - 27.05.2021 - - - - - - - -Evraz 07 - - 25.05.2021 - - - - - - - -Mechel 04 11.75 - 15.07.2021 - - - - 1.24 2.02 - 1Mechel 05 - - 09.10.2018 - - - - - - - -Mechel 13 14.00 - 25.02.2020 ▲ 98.99 0.01 346 16.68 0.49 928 21Mechel 14 14.00 - 25.02.2020 ▼ 98.75 -0.24 592 17.23 0.49 982 30Mechel 15 8.00 - 09.02.2021 - - - - 8.16 3.03 10 0Mechel 16 8.00 - 09.02.2021 - - - - - - - 0Mechel 17 12.13 - 27.05.2021 - 94.71 - 688 9.45 1.69 149 19Mechel 18 12.13 - 27.05.2021 - 94.79 - 1,964 9.39 1.69 144 23Mechel 19 12.13 - 01.06.2021 - 94.71 - 471 9.37 1.71 141 24MMK 18 - - 22.11.2022 - - - - - - - -MMK 19 - - 13.07.2023 - - - - - - - -NLMK 07 - - 05.09.2022 - - - - - - - -NLMK 08 - - 25.11.2022 - - - - - - - -NLMK БО-11 - - 20.07.2023 - - - - - - - -NLMK БО-12 - - 25.07.2023 - - - - - - - -NLMK БО-13 8.05 11.10.2017 P 02.10.2023 - 99.95 - - 8.37 0.19 - 1Pravourmiyskoe 01 9.00 - 26.12.2019 - 100.00 - 30 9.18 2.11 118 7Evraz 01 - - 10.10.2019 - - - - - - - -Evraz 02 - - 10.10.2019 - - - - - - - -Metalloinvest 01 0.01 - 07.03.2022 - - - - - - - 0Metalloinvest 02 8.90 07.02.2018 P 27.01.2023 - 100.35 - - 8.35 0.49 95 10Metalloinvest 03 8.90 07.02.2018 P 27.01.2023 - 100.35 - - 8.35 0.49 95 12Metalloinvest 05 0.01 - 07.03.2022 - 71.95 - - 7.07 4.60 - 7Metalloinvest 06 0.01 - 10.03.2022 - - - - 4.41 4.61 - 1RUSAL 07 12.00 - 22.02.2018 - 101.96 - - 7.96 0.53 49 23RUSAL 08 9.00 10.04.2019 P 05.04.2021 - - - - 9.32 1.56 139 15
Metal & Mining
* - liquidity rating is calculated daily based on data for 60 days; **C-Call, P-Put Source: market data, Estimation: Veles Capital
D a i l y b o n d s r e v i e w
22 January 2019 Page 14
Metallurgy
SUEK 01
SUEK 05
Uranium One 02
OFZ Yield Curve
5,00
6,00
7,00
8,00
9,00
10,00
11,00
0,0 0,5 1,0 1,5 2,0 2,5 3,0 3,5 4,0duration, years
Yie
ld,
%
IssueCoup.,
%
Next Put/Call
date**Maturity date Price, %
Price. chg,
p.p.
Trade Volume,
thd RUR Yield,%
Duration,
yearsOFZ spread
Liquidity
raiting
SUEK 01 8.25 04.07.2018 P 26.06.2020 - 98.50 - - 10.25 0.89 250 10SUEK 05 8.25 20.08.2019 P 10.08.2023 - 93.86 - - 10.75 1.84 277 11Uranium One 01 - - 24.11.2021 - - - - - - - 1Uranium One 02 10.25 19.08.2020 P 11.08.2023 - 100.00 - - 10.31 2.57 227 10
Metal & Mining
* - liquidity rating is calculated daily based on data for 60 days; **C-Call, P-Put Source: market data, Estimation: Veles Capital
D a i l y b o n d s r e v i e w
22 January 2019 Page 15
Other
Acron 04
EuroChem 02
EuroChem 03
Russian Post 02
Russian Post 03
Russian Post 04
OFZ Yield Curve
5,00
5,50
6,00
6,50
7,00
7,50
8,00
8,50
9,00
9,50
10,00
0,0 0,5 1,0 1,5 2,0 2,5 3,0duration, years
Yie
ld,
%
IssueCoup.,
%
Next Put/Call
date**Maturity date Price, %
Price. chg,
p.p.
Trade Volume,
thd RUR Yield,%
Duration,
yearsOFZ spread
Liquidity
raiting
Acron 04 10.20 21.05.2020 P 18.05.2021 - 104.10 - - 7.36 2.48 - 16Acron 05 10.20 21.05.2020 P 18.05.2021 - - - - - 2.47 - 12EuroChem 02 12.40 - 26.06.2018 - 104.20 - - 7.62 0.87 - 14EuroChem 03 8.25 - 14.11.2018 - 99.79 - 3 8.59 1.23 71 2
EDC 01 8.40 - 20.06.2018 - - - - - - - -
Profmedia БО-03 0.01 - 23.08.2018 - - - - - - - -Profmedia БО-04 0.01 - 23.08.2018 - - - - - - - -
TPGC 01 12.75 - 13.09.2018 - - - - 12.61 1.03 480 1
Russian Post 02 9.50 23.10.2018 P 18.10.2019 ▼ 100.51 -0.69 1 9.23 1.15 138 8Russian Post 03 9.45 23.04.2019 P 18.10.2019 - - - - 8.00 1.59 6 3Russian Post 04 9.35 - 18.10.2019 - - - - 8.37 2.00 38 6
Transport
Chemistry & Fertilizers
Other
TMT
Other
* - liquidity rating is calculated daily based on data for 60 days; **C-Call, P-Put Source: market data, Estimation: Veles Capital
D a i l y b o n d s r e v i e w
22 January 2019 Page 16
Food industry
AgroComplex БО-01
OFZ Yield Curve5,00
100005,00
200005,00
300005,00
400005,00
500005,00
600005,00
0,0 0,1 0,2 0,3 0,4 0,5 0,6 0,7 0,8 0,9 1,0duration, years
Yie
ld,
%
IssueCoup.,
%
Next Put/Call
date**Maturity date Price, %
Price. chg,
p.p.
Trade Volume,
thd RUR Yield,%
Duration,
yearsOFZ spread
Liquidity
raiting
Baltijskij Bereg 01 - - 22.12.2017 - - - - - - - -
AgroComplex БО-01 0.10 15.12.2017 P 08.12.2022 ▼ 4.33 -0.21 5 ####### 0.36 ######### 17Novoplastunovskoe 01 - - 04.10.2019 - - - - - - - -
Razgulay Group БО-01 11.30 - 03.10.2018 - - - - - - - -
Retail & food production
Other
Retail & food production
* - liquidity rating is calculated daily based on data for 60 days; **C-Call, P-Put Source: market data, Estimation: Veles Capital
D a i l y b o n d s r e v i e w
22 January 2019 Page 17
Construction and property
O1 Properties 01
LenSpetsSMU 02
OFZ Yield Curve
5,00
6,00
7,00
8,00
9,00
10,00
11,00
12,00
13,00
0,0 0,2 0,4 0,6 0,8 1,0 1,2 1,4 1,6 1,8 2,0duration, years
Yie
ld,
%
IssueCoup.,
%
Next Put/Call
date**Maturity date Price, %
Price. chg,
p.p.
Trade Volume,
thd RUR Yield,%
Duration,
yearsOFZ spread
Liquidity
raiting
LSR 03 0.10 - 08.09.2017 - - - - - - - 0LSR 04 0.10 - 20.10.2017 - - - - - - - 0O1 Properties 01 12.00 - 02.08.2018 ▲ 100.00 2.99 600,104 12.36 0.92 459 19LenSpetsSMU 02 12.90 - 12.12.2017 ▲ 100.90 0.32 103 9.42 0.24 282 20Glavnaya Doroga 03 4.40 - 30.10.2028 - 68.05 - 1 281.46 0.28 27,015 5Glavnaya Doroga 07 4.40 - 30.10.2029 - - - - - 0.29 - -WHSD 01 10.44 - 13.05.2031 - - - - - - - 0WHSD 02 10.44 - 13.05.2031 - - - - - - - 0WHSD 03 9.84 - 06.02.2032 - - - - - 13.86 172 6WHSD 04 9.84 - 06.02.2032 - - - - - 13.86 178 0WHSD 05 9.84 - 06.02.2032 - - - - - 13.86 179 0NWCC 03 7.60 09.10.2020 C 26.09.2031 - - - - - - - 0NWCC 04 7.60 09.10.2020 C 26.09.2031 - - - - - 0.20 - 0
Construction & Development
* - liquidity rating is calculated daily based on data for 60 days; **C-Call, P-Put Source: market data, Estimation: Veles Capital
D a i l y b o n d s r e v i e w
22 January 2019 Page 18
Mortgage companies
AIZhK 08AIZhK 10AIZhK 11
AIZhK 16
AIZhK 17
AIZhK 19
AIZhK 20
AIZhK 21
AIZhK 25OFZ Yield Curve
5,00
5,50
6,00
6,50
7,00
7,50
8,00
8,50
9,00
9,50
10,00
0,0 1,0 2,0 3,0 4,0 5,0 6,0 7,0duration, years
Yie
ld,
%
IssueCoup.,
%
Next Put/Call
date**Maturity date Price, %
Price. chg,
p.p.
Trade Volume,
thd RUR Yield,%
Duration,
yearsOFZ spread
Liquidity
raiting
AIZhK 08 7.63 - 15.06.2018 - 99.60 - - 8.34 0.84 61 10AIZhK 10 8.20 - 15.09.2020 - 99.99 - - 8.29 1.22 42 3AIZhK 11 8.05 15.09.2017 C 15.11.2018 - - - - 8.45 1.21 58 11AIZhK 13 12.25 - 15.04.2018 - - - - 0.08 0.21 - 12AIZhK 14 11.75 - 15.05.2023 - - - - - 0.29 - 12AIZhK 15 12.50 - 15.09.2028 - 108.78 - 530,160 - 0.12 - 24AIZhK 16 8.25 - 15.09.2021 - 99.85 - - 8.33 1.50 40 11AIZhK 17 9.05 - 15.04.2022 - 101.90 - - 8.17 2.47 14 11AIZhK 18 10.30 17.04.2018 P 15.07.2023 - - - - - - - 1AIZhK 19 9.50 15.11.2017 C 15.11.2024 - - - - 8.41 1.84 43 5AIZhK 20 8.60 - 15.12.2027 - - - - 8.67 6.42 55 0AIZhK 21 8.80 - 15.02.2020 - 101.10 - - 9.09 1.85 111 1AIZhK 22 9.25 17.10.2017 P 15.07.2024 - - - - - - - 1AIZhK 25 9.25 03.04.2018 P 01.10.2026 - - - - 8.13 0.65 53 16AIZhK 1А 9.50 - 15.03.2040 - - - - - - - -
DeltaCredit Bank 12-ИП 8.00 - 30.08.2018 - - - - - - - 0
AIZhK А 11.50 - 20.02.2041 - - - - - - - -GPB-Ipoteka 01 8.00 - 29.12.2036 - - - - - - - -AIZhK 1А 6.94 - 15.02.2039 - - - - - - - -
Mortgage companies
Banks and Financial Companies
Mortgage companies
* - liquidity rating is calculated daily based on data for 60 days; **C-Call, P-Put Source: market data, Estimation: Veles Capital
D a i l y b o n d s r e v i e w
22 January 2019 Page 19
Financial companies
VEB-Leasing 12VEB-Leasing 13
INVESTPRO 01
Oktritie 02
Oktritie 04Oktritie 05
RUSNANO 03
VEB-Leasing 03
VEB-Leasing 08
VEB-Leasing 09VEB-Leasing 10VEB-Leasing 11
GTLK 01GTLK 02
GTLK БО-01GTLK БО-02
Europlan 03
RESO Garantia 02
RESO Garantia 03
Rosgosstrah 02
OFZ Yield Curve
5,00
6,00
7,00
8,00
9,00
10,00
11,00
12,00
13,00
14,00
0,0 0,5 1,0 1,5 2,0 2,5 3,0duration, years
Yie
ld,
%
IssueCoup.,
%
Next Put/Call
date**Maturity date Price, %
Price. chg,
p.p.
Trade Volume,
thd RUR Yield,%
Duration,
yearsOFZ spread
Liquidity
raiting
VEB-Leasing 12 8.25 - 06.11.2018 - 98.68 - - 9.62 0.74 196 11VEB-Leasing 13 8.25 - 06.11.2018 ▲ 99.12 0.44 34 9.67 0.74 200 13VEB-Leasing БО-01 8.65 25.01.2019 P 16.01.2024 - - - - - - - 0VTB Capital 01 0.10 - 09.08.2022 - - - - - - - -VTB Capital 11 0.10 - 27.05.2022 - - - - - - - -VTB Capital 13 0.10 - 14.09.2023 - - - - - - - -INVESTPRO 01 13.00 - 31.12.2018 ▼ 100.10 -0.08 19 13.29 0.93 551 17IFC SOUZ 02 10.00 27.06.2018 P 09.12.2027 - 99.50 - - 10.56 - - 1Oktritie 02 11.25 26.06.2018 P 10.12.2026 ▼ 99.66 -0.25 82 11.97 0.86 423 17Oktritie 04 10.50 25.09.2017 P 20.12.2017 ▼ 99.83 -0.17 40 13.30 0.14 801 11Oktritie 05 12.00 14.05.2018 P 25.04.2028 ▼ 99.64 -0.41 6,421 13.09 0.72 544 27
Prime Finance 01 10.59 16.01.2018 13.07.2021 - - - - - 0.46 - 7
RTC 02 - - 08.07.2027 - - - - - - - -RUSNANO 01 8.90 - 20.12.2017 - - - - - 0.39 189 1RUSNANO 02 8.90 - 20.12.2017 - 99.20 - - 11.25 - - 1RUSNANO 03 8.90 - 20.12.2017 ▲ 100.00 0.11 503 9.05 0.39 186 12RUSNANO 04 6.90 - 10.04.2019 - - - - 2.90 1.64 - 13RUSNANO 05 6.90 - 10.04.2019 - 95.55 - 2 3.60 1.64 - 12Finstandart 01 7.50 31.05.2018 P 22.05.2020 - - - - - 2.78 - 1VTB Leasing 09 10.75 - 02.08.2017 - - - - - 0.01 - 11VEB-Leasing 01 10.10 04.01.2018 02.07.2020 - - - - - - - -VEB-Leasing 03 10.10 11.04.2018 P 02.04.2021 - - - - 9.50 0.66 190 6VEB-Leasing 04 10.10 11.04.2018 P 02.04.2021 - - - - - - - 11VEB-Leasing 05 10.10 11.04.2018 P 02.04.2021 - 96.51 - 10 16.25 0.65 865 9VEB-Leasing 08 10.10 25.10.2019 P 19.10.2021 - - - - 10.05 2.00 206 6VEB-Leasing 09 10.10 28.10.2019 P 20.10.2021 - - - - 9.54 2.00 155 1VEB-Leasing 10 8.50 - 01.03.2018 - - - - 9.70 0.40 247 6VEB-Leasing 11 8.50 - 01.03.2018 ▼ 99.52 -0.05 1,280 9.91 0.40 269 9GTLK 01 15.00 - 23.01.2018 ▼ 102.79 -0.63 15 9.11 0.48 173 25GTLK 02 15.00 - 26.01.2018 ▼ 102.84 -0.06 1,078 9.11 0.49 171 21GTLK БО-01 9.50 - 18.09.2018 ▲ 100.21 0.12 1,226 9.52 0.73 187 31GTLK БО-02 9.50 - 20.09.2018 ▲ 100.25 0.25 804 9.47 0.73 181 26Europlan 03 11.50 - 31.10.2017 - - - - 9.89 0.25 324 1Uralsib LC БО-10 10.25 - 21.03.2019 - - - - - - - -RESO Garantia 01 0.01 - 22.08.2022 - - - - - - - -RESO Garantia 02 12.00 22.09.2017 P 13.09.2022 - - - - 7.63 0.13 238 7RESO Garantia 03 11.75 03.04.2019 P 24.03.2023 - - - - 9.96 1.50 203 9Rosgosstrah 02 9.10 - 02.11.2017 ▲ 100.20 0.36 1 8.37 0.25 169 11
Banks and Financial Companies
Mortgage companies
Banks and Financial Companies
* - liquidity rating is calculated daily based on data for 60 days; **C-Call, P-Put Source: market data, Estimation: Veles Capital
D a i l y b o n d s r e v i e w
22 January 2019 Page 20
Banks
GPB БО-07
GPB БО-08
VEB 06
VEB 08VEB 09
VEB 10VEB 18 VEB 19VEB 21VEB БО-14
GPB 11
Eurasian Development Bank 06
Eurasian Development Bank 07
RSHB 04RSHB 05
RSHB 06
RSHB 07RSHB 08
RSHB 09
RSHB 10RSHB 11RSHB 12
RSHB 14RSHB 15
RSHB 16
RSHB 17RSHB 18
RSHB 20
RSHB 21
Sviaz-Bank 03
OFZ Yield Curve
5,00
5,50
6,00
6,50
7,00
7,50
8,00
8,50
9,00
9,50
10,00
0,0 0,5 1,0 1,5 2,0 2,5 3,0 3,5 4,0duration, years
Yie
ld,
%
IssueCoup.,
%
Next Put/Call
date**Maturity date Price, %
Price. chg,
p.p.
Trade Volume,
thd RUR Yield,%
Duration,
yearsOFZ spread
Liquidity
raiting
GPB БО-07 9.20 22.04.2019 22.10.2023 - - - - 8.58 0.22 210 6GPB БО-08 9.18 29.06.2021 P 23.05.2024 - - - - 5.94 0.31 - 2VEB 06 7.90 19.10.2017 P 13.10.2020 - 99.89 - - 8.51 0.21 215 3VEB 08 9.70 - 13.10.2020 - 102.48 - - 8.94 2.76 89 14VEB 09 11.40 25.09.2017 P 18.03.2021 ▼ 100.35 -0.02 30,125 8.83 0.14 349 26VEB 10 9.85 26.03.2020 P 21.09.2021 - - - - 8.96 2.32 94 1VEB 18 9.80 08.10.2019 P 17.09.2032 ▲ 102.05 0.25 5 8.92 1.96 94 14VEB 19 9.75 12.04.2021 P 23.09.2032 - - - - 8.97 3.11 90 6VEB 21 10.00 07.03.2019 P 17.02.2032 - 101.43 - - 8.82 1.46 90 19VEB БО-14 8.10 - 27.09.2018 - 99.47 - 30,220 8.86 1.11 102 14GPB 10 10.75 - 12.10.2017 - - - - - - - 1GPB 11 9.25 16.04.2018 P 10.10.2019 - - - - 7.05 0.20 84 10GPB 12 9.50 16.04.2018 P 06.10.2022 - - - - - - - 7Eurasian Development Bank 059.50 22.07.2019 P 15.07.2020 - - - - - 1.83 - 1Eurasian Development Bank 069.50 02.04.2018 P 23.09.2020 - - - - 8.03 0.63 45 0Eurasian Development Bank 079.35 01.10.2018 P 23.09.2020 - - - - 7.63 1.09 - 0Eurasian Development Bank 088.00 16.10.2017 P 07.10.2020 - - - - - - - 0Russian Bank for Development 019.25 26.03.2018 P 17.03.2022 - - - - 4.04 0.62 - 6Russian Bank for Development 029.75 19.02.2018 P 11.08.2022 - - - - - - - 0RSHB 04 9.55 - 27.09.2017 - 99.12 - - 8.94 0.16 335 16RSHB 05 10.75 30.11.2017 P 27.11.2018 - 100.70 - - 8.79 0.33 178 9RSHB 06 9.90 - 09.02.2018 - 101.03 - - 8.04 0.50 - 10RSHB 07 8.70 - 05.06.2018 - 100.33 - - 8.55 0.82 83 13RSHB 08 10.90 21.05.2018 P 14.11.2019 ▲ 101.84 0.49 5 8.59 0.77 91 12RSHB 09 10.90 21.05.2018 P 14.11.2019 - - - - 8.78 0.77 110 12RSHB 10 11.95 04.08.2017 P 29.01.2020 - 99.83 - - 8.58 2.18 - 23RSHB 11 11.95 07.08.2017 P 30.01.2020 - 99.99 - - 8.50 2.18 - 9RSHB 12 9.90 10.01.2018 P 01.07.2021 - 100.20 - - 8.46 0.43 117 13RSHB 13 9.90 10.01.2018 P 02.07.2021 - - - - - 0.43 - 6RSHB 14 9.90 10.01.2018 P 29.06.2021 - - - - 8.82 0.42 154 10RSHB 15 11.00 02.11.2017 P 26.10.2021 - 100.55 - 1 8.79 0.25 214 17RSHB 16 11.25 11.04.2018 P 04.04.2022 ▼ 101.50 -0.10 8,362 9.11 0.66 150 16RSHB 17 8.50 18.10.2018 P 11.10.2022 - - - - 8.57 1.15 72 13RSHB 18 9.35 22.04.2019 P 13.10.2022 - - - - 8.43 1.58 48 11RSHB 20 11.10 19.04.2018 P 11.04.2023 ▼ 101.04 -1.16 9 9.73 0.68 211 17RSHB 21 10.00 26.07.2018 P 18.07.2023 - 101.20 - - 9.10 0.95 132 12Sviaz-Bank 03 9.75 18.06.2018 P 09.12.2021 - 100.33 - - 9.69 0.85 196 7Sviaz-Bank 05 10.00 16.04.2018 P 07.04.2022 - - - - 3.75 0.67 - 0
Banks and Financial Companies
* - liquidity rating is calculated daily based on data for 60 days; **C-Call, P-Put Source: market data, Estimation: Veles Capital
D a i l y b o n d s r e v i e w
22 January 2019 Page 21
Banks
UniCredit Bank БО-21
Absolut Bank БО-03
DeltaCredit Bank 09-ИПDeltaCredit Bank 10-ИП
DeltaCredit Bank БО-05
Rusfinance Bank 13
Rusfinance Bank 15
OFZ Yield Curve
5,00
5,50
6,00
6,50
7,00
7,50
8,00
8,50
9,00
0,0 0,5 1,0 1,5 2,0 2,5 3,0duration, years
Yie
ld,
%
IssueCoup.,
%
Next Put/Call
date**Maturity date Price, %
Price. chg,
p.p.
Trade Volume,
thd RUR Yield,%
Duration,
yearsOFZ spread
Liquidity
raiting
UniCredit Bank БО-21 9.00 - 17.05.2019 - - - - 8.31 1.67 36 1Absolut Bank БО-03 11.00 - 28.05.2018 - - - - 6.01 0.80 - 6DeltaCredit Bank 09-ИП 11.60 - 05.12.2017 - - - - 8.55 0.35 148 3DeltaCredit Bank 10-ИП 8.65 - 04.07.2018 - - - - 8.64 0.90 88 1DeltaCredit Bank БО-05 9.85 23.04.2020 P 21.10.2023 ▲ 102.80 0.14 77,100 8.85 2.40 83 7Raiffeisen Bank БО-01 0.01 31.10.2017 P 29.10.2018 - - - - - 0.25 - 5Rusfinance Bank 13 9.90 - 18.07.2018 - 100.80 - - 8.64 0.94 86 10Rusfinance Bank 15 10.90 10.10.2017 P 02.10.2018 - 100.35 - 50 8.85 0.17 301 2Rusfinance Bank БО-07 8.90 - 24.04.2018 - - - - - 0.71 - 1
Banks and Financial Companies
* - liquidity rating is calculated daily based on data for 60 days; **C-Call, P-Put Source: market data, Estimation: Veles Capital
D a i l y b o n d s r e v i e w
22 January 2019 Page 22
Banks
Credit Bank of Moscow БО-06
Credit Bank of Moscow БО-10 Credit Bank of Moscow БО-11
Zenit 08
Zenit 10
Petrocommerce Bank 09
Vostochny Express Bank БО-07
Credit Bank of Moscow 11Credit Bank of Moscow 12
Credit Bank of Moscow БО-07Promsvyazbank 13
BINBANK БО-03
OFZ Yield Curve
5,00
6,00
7,00
8,00
9,00
10,00
11,00
12,00
13,00
14,00
0,0 0,5 1,0 1,5 2,0 2,5 3,0duration, years
Yie
ld,
%
IssueCoup.,
%
Next Put/Call
date**Maturity date Price, %
Price. chg,
p.p.
Trade Volume,
thd RUR Yield,%
Duration,
yearsOFZ spread
Liquidity
raiting
Credit Bank of Moscow БО-0610.15 - 24.10.2018 ▼ 100.65 -0.25 100,650 9.78 1.16 193 21Credit Bank of Moscow БО-1011.00 15.01.2018 P 10.07.2019 ▲ 100.73 0.08 105,368 9.46 0.44 214 22Credit Bank of Moscow БО-119.15 - 10.07.2019 ▼ 99.99 -0.01 3,499,676 9.36 1.81 139 27Zenit 08 10.75 - 23.08.2017 ▲ 100.10 0.10 2 9.03 0.06 490 19Zenit 10 10.25 - 30.05.2018 ▲ 100.13 0.13 4 10.30 0.80 259 20Petrocommerce Bank 09 10.05 31.10.2017 P 11.11.2023 ▼ 99.32 -0.01 24,792 13.28 0.24 670 14Uralsib Bank 05 - - 25.08.2017 - - - - - - - -Bank FK Otritie 12 10.70 - 28.08.2017 ▼ 99.66 -0.05 70,180 15.72 0.07 1,138 26Vostochny Express Bank 0213.60 - 09.08.2018 - 65.00 - - 66.24 0.90 5,848 6Vostochny Express Bank БО-0711.70 - 17.07.2018 - - - - 12.03 0.93 426 1Credit Bank of Moscow 1112.25 - 05.06.2018 - - - - 10.05 0.82 234 7Credit Bank of Moscow 1212.25 - 22.08.2018 ▼ 102.18 -0.13 808 10.26 0.97 247 26Credit Bank of Moscow БО-0710.30 - 30.10.2018 ▲ 101.44 0.40 72 9.23 1.17 137 16Promsvyazbank 13 12.25 - 01.02.2018 - - - - 9.34 0.48 196 11BINBANK БО-03 11.15 19.07.2018 P 16.07.2025 ▲ 98.63 0.13 43 13.10 0.93 533 11
Banks and Financial Companies
* - liquidity rating is calculated daily based on data for 60 days; **C-Call, P-Put Source: market data, Estimation: Veles Capital
D a i l y b o n d s r e v i e w
22 January 2019 Page 23
Banks
BINBANK БО-04
National Standard Bank БО-02
BINBANK БО-02
Renaissance Credit БО-05Loсko-Bank БО-05
Sovcombank 02 Transcapitalbank БО-02
UBRD BO-5
Russian International Bank БО-
01
OFZ Yield Curve
5,00
6,00
7,00
8,00
9,00
10,00
11,00
12,00
13,00
14,00
15,00
0,0 0,5 1,0 1,5 2,0 2,5 3,0duration, years
Yie
ld,
%
IssueCoup.,
%
Next Put/Call
date**Maturity date Price, %
Price. chg,
p.p.
Trade Volume,
thd RUR Yield,%
Duration,
yearsOFZ spread
Liquidity
raiting
BINBANK БО-04 12.00 14.02.2018 P 07.02.2020 ▲ 99.19 0.26 37 14.09 0.50 668 21KB MIA БО-02 9.90 23.03.2018 P 07.03.2025 - - - - - - - 7Sovcombank БО-01 11.50 15.08.2017 P 07.02.2019 - 100.00 - - 3.25 0.02 5,493 2National Standard Bank БО-0210.00 23.01.2018 P 18.07.2018 - 99.70 - - 9.99 0.47 263 6Soyuz Bank 06 10.50 19.04.2018 P 11.10.2018 - - - - - - - -BINBANK БО-02 12.00 27.09.2018 P 24.09.2025 ▲ 98.79 0.03 1,277 13.56 1.06 574 27Vneshprombank БО-03 - - 22.06.2018 - - - - - - - -Renaissance Credit БО-05 10.85 04.08.2017 P 30.07.2018 ▲ 99.99 0.02 1 9.40 0.97 - 17Loсko-Bank БО-05 9.75 19.01.2018 P 11.07.2023 - 99.99 - - 9.73 0.46 238 7Sovcombank 02 9.00 25.12.2017 P 24.06.2021 - - - - 9.15 0.39 195 2Svyaznoy Bank БО-01 - - 08.06.2018 - - - - - - - -Tatfondbank БО-11 13.00 12.09.2017 07.09.2021 - - - - - - - -Transcapitalbank 03 13.00 - 06.06.2018 - - - - - - - -Transcapitalbank БО-02 9.00 07.06.2019 P 30.05.2023 - - - - 9.19 1.72 123 -UBRD BO-5 12.00 18.10.2017 P 10.04.2020 - 99.50 - - 14.72 0.20 - 12KMB Otkritie 01 (бывш. Банк Открытие, 01)11.50 - 13.12.2017 - 99.90 - - 12.04 - - 6Derzhava Bank БО-01 10.25 12.10.2017 P 10.07.2023 - - - - - - - 1Oil Alliance Bank 01 11.00 - 27.04.2022 - - - - - - - -Russian International Bank БО-0112.00 21.05.2018 P 14.11.2021 - - - - 12.30 0.76 462 6Russlavbank 01 - - 30.07.2018 - - - - - - - -FPB Bank 01 - - 02.10.2018 - - - - - - - -Expobank 03 12.50 - 12.07.2019 - - - - - - - 0
Banks and Financial Companies
* - liquidity rating is calculated daily based on data for 60 days; **C-Call, P-Put Source: market data, Estimation: Veles Capital
D a i l y b o n d s r e v i e w
22 January 2019 Page 24
Sovereign and corporate eurobonds. Maturity in 3 years. Rating over BBB+
International Investment
Bank 1.5026% 15oct2021, EURInternational Investment
Bank 1.593% 25sep2020, EUR
International Investment
Bank FRN 15oct2021, RONInternational Investment
Bank FRN 25sep2020, RON
0,00
0,20
0,40
0,60
0,80
1,00
1,20
1,40
1,60
1,80
2,00
0,0 0,5 1,0 1,5 2,0 2,5 3,0 3,5 4,0duration, years
Yiel
d, %
Issue CurrencyCoupon,
%
Next Coupon
dateMaturity date
Next Put/ Call
date*Price, %
Price. chg,
b.p.
Maturity,
yearsYield,% Issue volume
International Investment Bank 1.5026% 15oct2021, EUR EUR 1.5026 15.10.2019 15.10.2021 - - - - 2.69 1.17 80International Investment Bank 1.593% 25sep2020, EUR EUR 1.593 25.09.2019 25.09.2020 - - - - 1.66 1.07 60International Investment Bank 4.1% 27oct2019, RON RON 3.4 27.09.2019 27.09.2019 - - - - 0.68 3.64 300International Investment Bank FRN 15oct2021, RON RON 4.21 15.04.2019 15.10.2021 - - - - 2.71 1.42 300International Investment Bank FRN 25sep2020, RON RON 4.54 25.03.2019 25.09.2020 - - - - 1.66 1.31 300
Lukoil 2019 (LPN) USD 7.25 05.05.2019 05.11.2019 - ▲ 102.847 0.007 0.77 3.58 600Lukoil 2020 USD 6.125 09.05.2019 09.11.2020 - ▲ 103.413 0.010 1.72 4.17 1,000
Banks and Financial Companies
Oil & Gas
*C-Call P-Put
D a i l y b o n d s r e v i e w
22 January 2019 Page 25
Sovereign and corporate eurobonds. Maturity in 3 years. Rating below BBB+
Vympelcom 2019
Gazprom 2020 (LPN28)
Nori l sk Nickel 2020
Evraz 8.25% 28jan2021, USD
Russ ia 2020
EDC 2020
ALROSA 2020
AFK Sis temа 2019 (LPN)
Vympelcom 2021 (LPN)
Gazprom 2021 (LPN25)
Evraz 2020
MTS 2020 (LPN) NOVATEK 2021 (LPN)
NLMK 2019 (LPN)
Polyus 2020
ТМК 2020 (LPN)
Metal loinvest 2020
Gazprom 2020, GBP (LPN 33)
Russia Curve
2,00
2,50
3,00
3,50
4,00
4,50
5,00
5,50
6,00
0,0 0,5 1,0 1,5 2,0 2,5 3,0duration, years
Yiel
d, %
D a i l y b o n d s r e v i e w
22 January 2019 Page 26
Issue CurrencyCoupon,
%
Next Coupon
dateMaturity date
Next Put/ Call
date*Price, %
Price. chg,
b.p.
Maturity,
yearsYield,% Issue volume
ING Bank 0% 11nov2020, RUR (1822D) RUB 0 - 11.11.2020 - - - - - - 16ING Bank 0% 14dec2020, RUR (1824D) RUB 0 - 14.12.2020 - - - - - - 9ING Bank 0% 14sep2020, RUR (1823D) RUB 0 - 14.09.2020 - - - - - - 7ING Bank 0% 17aug2020, RUR (1827D) RUB 0 - 17.08.2020 - - - - - - 25ING Bank 0% 27apr2020, RUR RUB 0 - 27.04.2020 - - - - - - 21ING Bank 0% 27nov2020, RUR (1822D) RUB 0 - 27.11.2020 - - - - - - 6ING Bank 0% 28dec2020, RUR (1825D) RUB 0 - 28.12.2020 - - - - - - 12ING Bank 0% 2sep2020, RUR (1828D) RUB 0 - 02.09.2020 - - - - - - 15ING Bank 0% 30jul2020, RUR (1827D) RUB 0 - 30.07.2020 - - - - - - 23ING Bank 0% 6jul2020, RUR RUB 0 - 06.07.2020 - - - - - - 4ING Bank FRN 13oct2020, RUR RUB 0 - 13.07.2020 - - - - - - 26ING Bank FRN 15oct2020, RUR RUB 0 - 15.10.2020 - - - - - - 12ING Bank FRN 26oct2020, RUR (1823D) RUB 0 - 26.10.2020 - - - - - - 13ING Bank FRN 28sep2020, RUR RUB 0 - 28.09.2020 - - - - - - 6
Petrobras 2019, EUR EUR 3.25 - 01.04.2019 - - - - - - 1,300
BCS 10% 27sep2023, RUB RUB 10 27.03.2019 27.09.2023 27.03.2019 C - - - 0.18 12.85 1,000BCS 12.5% 10oct2019, RUR RUB 12.5 10.04.2019 10.10.2019 - - - - 0.69 11.21 500BCS 4.75% 12jul2019, USD USD 4.75 12.07.2019 12.07.2019 - - - - - - 10
Vympelcom 2019 USD 5.2 13.02.2019 13.02.2019 - - 100.173 - 0.06 2.27 600
Gazprom 2020 (LPN28) USD 3.85 06.02.2019 06.02.2020 - - 100.213 - 1.02 3.66 800Gazprom 2021 (LPN35), EUR EUR 3.6 26.02.2019 26.02.2021 - ▲ 105.378 0.011 2.00 1.00 750
Norilsk Nickel 2020 USD 5.55 28.04.2019 28.10.2020 - - 102.059 - 1.69 4.37 1,000Evraz 8.25% 28jan2021, USD USD 8.25 28.01.2019 28.01.2021 - - 106.224 - 1.84 5.03 750
Petropavlovsk 2020 (conv.) USD 9 18.03.2019 18.03.2020 - ▼ 93.527 -0.059 1.10 15.97 100
FGC UES 2019, RUB (LPN) RUB 8.446 13.03.2019 13.03.2019 - - 100.014 - 0.14 8.69 17,500
Russia 2020 USD 5 29.04.2019 29.04.2020 - - 102.098 - 1.24 3.26 3,500Russia 2020, EUR EUR 3.625 16.09.2019 16.09.2020 - ▼ 105.850 -0.055 1.62 0.08 750
Alliance Oil 2020 USD 7 04.05.2019 04.05.2020 - - - - - - 500
EDC 2020 USD 4.875 17.04.2019 17.04.2020 - - 100.280 - 1.20 4.69 600
ALROSA 2020 USD 7.75 03.05.2019 03.11.2020 - - 105.715 - 1.68 4.42 1,000
AFK Sistemа 2019 (LPN) USD 6.95 17.05.2019 17.05.2019 - - 100.602 - 0.32 5.15 500Vympelcom 2021 (LPN) USD 7.748 02.02.2019 02.02.2021 - - 108.601 - 1.87 3.35 1,000
Gazprom 2020, EUR (LPN30) EUR 3.389 20.03.2019 20.03.2020 - ▼ 103.544 -0.023 1.13 0.32 1,000Gazprom 2021 (LPN25) USD 5.999 23.07.2019 23.01.2021 - ▼ 104.097 -0.021 1.87 3.89 600
FESCO 2020 USD 8.75 - 02.05.2020 - - - - - - 325
Evraz 2020 USD 6.5 22.04.2019 22.04.2020 - - 102.114 - 1.21 4.79 1,000
MTS 2020 (LPN) USD 8.625 22.06.2019 22.06.2020 - ▲ 105.837 0.056 1.36 4.38 750
NOVATEK 2021 (LPN) USD 6.604 03.02.2019 03.02.2021 - ▼ 104.443 -0.046 1.89 4.33 650
NLMK 2019 (LPN) USD 4.95 26.03.2019 26.09.2019 - - 100.734 - 0.67 3.88 500Polyus 2020 USD 5.625 29.04.2019 29.04.2020 - ▼ 101.352 -0.008 1.23 4.57 750
RZD 2019, RUB (LPN) RUB 8.3 02.04.2019 02.04.2019 - ▲ 100.030 0.014 0.19 8.33 37,500RZD 2021, EUR (LPN) EUR 3.3744 20.05.2019 20.05.2021 - ▲ 105.123 0.019 2.24 1.13 1,000
ТМК 2020 (LPN) USD 6.75 03.04.2019 03.04.2020 - ▲ 101.832 0.093 1.15 5.21 500Metalloinvest 2020 USD 5.625 17.04.2019 17.04.2020 - ▲ 101.183 0.020 1.20 4.68 1,000
Gazprom 2020, GBP (LPN 33) GBP 5.338 25.03.2019 25.09.2020 - ▲ 104.709 0.023 1.60 2.47 500
Banks and Financial Companies
Oil & Gas
Banks and Financial Companies
TMT
Oil & Gas
Metal & Mining
Regions
Utilities
Government sector
Oil & Gas
Other
Metal & Mining
TMT
Oil & Gas
Transport
Metal & Mining
Metal & Mining
Oil & Gas
TMT
Oil & Gas
Metal & Mining
Transport
*C-Call P-Put
D a i l y b o n d s r e v i e w
22 January 2019 Page 27
Sovereign and corporate eurobonds. Maturity in 3 to 5 years.
Borets 6.5% 7apr2022, USD
DME Airport 5.075%
15feb2023, USD
Global Ports 6.5%
22sep2023, USDGlobal Ports 6.872%
25jan2022, USD
Vympelcom 7.25%
26apr2023, USD
Gazpromneft 2023 (LPN)Nori lsk Nickel 3.849%
8apr2022, USD
Nori lsk Nickel 4.1%
11apr2023, USDNori lsk Nickel 6.625%
14oct2022, USD
Evraz 5.375% 20mar2023, USD
Evraz 6.75% 31jan2022, USD
Koks 7.5% 4may2022, USD
Credit Bank of Moscow
5.55% 14feb2023, USD Credit Bank of Moscow 7.5%
5oct2027, USD
NLMK 4.5% 15jun2023, USD
Polyus 4.699% 28mar2022,
USD
Polyus 5.25% 7feb2023, USD
SIBUR 4.125% 5oct2023, USD
Sovkomflot 5.375%
16jun2023, USD
Fosagro 3.949% 24apr2023,
USD
Russ ia 2023
Russia Curve
3,00
3,50
4,00
4,50
5,00
5,50
6,00
6,50
7,00
7,50
8,00
2,0 3,0 4,0 5,0 6,0 7,0 8,0duration, years
Yiel
d, %
D a i l y b o n d s r e v i e w
22 January 2019 Page 28
Issue CurrencyCoupon,
%
Next Coupon
dateMaturity date
Next Put/ Call
date*Price, %
Price. chg,
b.p.
Maturity,
yearsYield,% Issue volume
Borets 6.5% 7apr2022, USD USD 6.5 07.04.2019 07.04.2022 - - 98.639 - 2.89 7.10 330
DME Airport 5.075% 15feb2023, USD USD 5.075 15.02.2019 15.02.2023 - - 97.131 - 3.64 5.86 300Global Ports 6.5% 22sep2023, USD USD 6.5 22.03.2019 22.09.2023 - - 102.706 - 4.03 5.91 350Global Ports 6.872% 25jan2022, USD USD 6.872 25.01.2019 25.01.2022 - - 102.884 - 2.69 5.89 350
Alfa-Bank 9.25% 16feb2022, RUR RUB 9.25 16.02.2019 16.02.2022 - ▲ 100.372 0.013 2.64 9.30 10,000BCS 1.5% 15mar2022, USD USD 10 14.06.2019 15.03.2022 - - - - - - 5BCS 10.25% 14dec2023, RUB RUB 10.25 14.06.2019 14.12.2023 - - - - - - 800BCS 12% 1dec2023, RUB RUB 12 01.06.2019 01.12.2023 - - - - - - 850BCS 5.75% 1dec2023, USD USD 5.75 01.06.2019 01.12.2023 - - - - - - 12BCS 6% 1nov2022, USD USD 6 - 01.11.2022 - - - - - - 10BCS 6% 26oct2023, USD USD 6 26.04.2019 26.10.2023 - - - - - - 30BCS 6% 27sep2023, USD USD 6 27.03.2019 27.09.2023 - - - - - - 5BCS 6% 28dec2023, USD USD 6 28.06.2019 28.12.2023 - - - - - - 15BCS 6.5% 22jun2023, USD USD 6.5 13.06.2019 22.06.2023 - - - - - - 20BCS 6.5% 28dec2023, USD USD 6.5 28.06.2019 28.12.2023 - - - - - - 15BCS 7% 20apr2023, USD USD 7 20.04.2019 20.04.2023 - - - - - - 10BCS 7.7% 28dec2023, USD USD 7.7 28.06.2019 28.12.2023 - - - - - - 10BCS 8% 11dec2023, USD USD 8 11.06.2019 11.12.2023 - - - - - - 10BCS 8.5% 19nov2023, USD USD 8.5 28.06.2019 19.11.2023 - - - - - - 10
Vympelcom 7.25% 26apr2023, USD USD 7.25 26.04.2019 26.04.2023 26.01.2023 C - 105.036 - 3.70 5.98 700
Gazprom 3.125% 17nov2023, EUR EUR 3.125 17.11.2019 17.11.2023 - ▲ 102.748 0.068 4.54 2.51 1,000Gazpromneft 2023 (LPN) USD 6 27.05.2019 27.11.2023 - - 104.349 - 4.26 5.04 1,500
Norilsk Nickel 3.849% 8apr2022, USD USD 3.849 08.04.2019 08.04.2022 - - 97.101 - 3.02 4.89 500Norilsk Nickel 4.1% 11apr2023, USD USD 4.1 11.04.2019 11.04.2023 - - 97.043 - 3.87 4.94 1,000Norilsk Nickel 6.625% 14oct2022, USD USD 6.625 14.04.2019 14.10.2022 - - 106.086 - 3.33 4.88 1,000Evraz 5.375% 20mar2023, USD USD 5.375 20.03.2019 20.03.2023 - - 99.172 - 3.72 5.68 750Evraz 6.75% 31jan2022, USD USD 6.75 31.01.2019 31.01.2022 - - 104.157 - 2.71 5.30 500Koks 7.5% 4may2022, USD USD 7.5 04.05.2019 04.05.2022 - - 100.848 - 2.93 7.33 500
Credit Bank of Moscow 5.55% 14feb2023, USD USD 5.55 14.02.2019 14.02.2023 - - 95.649 - 3.60 6.90 500Credit Bank of Moscow 7.5% 5oct2027, USD USD 7.5 05.04.2019 05.10.2027 05.10.2022 C - 80.935 - 6.53 6.74 600
NLMK 4.5% 15jun2023, USD USD 4.5 15.06.2019 15.06.2023 - - 98.257 - 4.02 5.01 700Petropavlovsk 8.125% 14nov2022, USD USD 8.125 14.05.2019 14.11.2022 14.08.2022 C - 87.024 - 3.26 12.88 500Polyus 4.699% 28mar2022, USD USD 4.699 28.03.2019 28.03.2022 - - 98.506 - 2.95 5.28 500Polyus 5.25% 7feb2023, USD USD 5.25 07.02.2019 07.02.2023 - - 98.801 - 3.61 5.66 800
RZD 2023 (LPN), EUR EUR 4.6 06.03.2019 06.03.2023 - ▲ 110.443 0.007 3.73 1.94 500RZD 9.2% 7oct2023, RUR RUB 9.2 07.04.2019 07.10.2023 - ▲ 101.428 0.007 3.84 9.01 15,000
Rusal 4.85% 1feb2023, USD USD 4.85 01.02.2019 01.02.2023 - - - - - - 500Rusal 5.125% 2feb2022, USD USD 5.125 02.02.2019 02.02.2022 - - - - - - 600Rusal 5.3% 3may2023, USD USD 5.3 03.05.2019 03.05.2023 - - - - - - 500
RusHydro 8.125% 28sep2022, RUB RUB 8.125 28.03.2019 28.09.2022 - ▲ 97.949 0.086 3.17 8.97 20,000RusHydro 8.975% 27jan2022, RUB RUB 8.975 27.01.2019 27.01.2022 - ▼ 100.583 -0.013 2.68 8.94 15,000
SIBUR 4.125% 5oct2023, USD USD 4.125 05.04.2019 05.10.2023 - - 96.238 - 4.26 5.09 500
Sovkomflot 5.375% 16jun2023, USD USD 5.375 16.06.2019 16.06.2023 - - 98.631 - 3.96 5.81 900
Fosagro 3.949% 24apr2023, USD USD 3.949 24.04.2019 24.04.2023 - - 95.314 - 3.91 5.26 500
Russia 2023 USD 4.875 16.03.2019 16.09.2023 - ▲ 103.628 0.078 4.16 4.05 3,000
Oil & Gas
Transport
Banks and Financial Companies
TMT
Oil & Gas
Metal & Mining
Banks and Financial Companies
Metal & Mining
Transport
Chemistry & Fertilizers
Government sector
Transport
Metal & Mining
Utilities
Chemistry & Fertilizers
*C-Call P-Put
D a i l y b o n d s r e v i e w
22 January 2019 Page 29
Sovereign and corporate eurobonds. Maturity in 5 years.
Gazprom 2.25% 22nov2024,
EUR
Gazprom 2.5% 21mar2026,
EUR
Gazprom 2.949% 24jan2024,
EUR
Gazprom 2028 (LPN29)
Gazprom 4.25% 6apr2024,
GBP
Gazprom 4.95% 23mar2027,
USD
GTLK 5.125% 31may2024, USD
Lukoi l 4.75% 2nov2026, USD
NLMK 4% 21sep2024, USD
Polyus 4.7% 29jan2024, USD
RZD 4.375% 1mar2024, USD
Russ ia 2.875% 4dec2025,
EUR
Russ ia 4.25% 23jun2027, USDRuss ia 4.375% 21mar2029,
USDRuss ia 4.75% 27may2026,
USD
Russ ia 5.25% 23jun2047, USD
Metal loinvest 4.85%
2may2024, USD
Russ ia 2030
Russ ia 2042
Russ ia 2028
Russ ia 2043
Gazprom 2025, EUR (LPN31)
Gazprom 2034 (LPN2)Gazprom 2037 (LPN12)
RZD 2031, GBP (LPN) Russia Curve
2,00
2,50
3,00
3,50
4,00
4,50
5,00
5,50
6,00
6,50
7,00
2,0 4,0 6,0 8,0 10,0 12,0 14,0 16,0duration, years
Yiel
d, %
Issue CurrencyCoupon,
%
Next Coupon
dateMaturity date
Next Put/ Call
date*Price, %
Price. chg,
b.p.
Maturity,
yearsYield,% Issue volume
BCS 0% 15nov2027, USD (3652D) USD 0 - 15.11.2027 - - - - - - 10BCS 0% 15nov2027, USD (3652D) USD 0 - 15.11.2027 - - - - - - 10BCS 0% 28oct2027, USD (3655D) USD 0 - 28.10.2027 - - - - - - 10BCS 0% 9nov2027, RUB (3652D) RUB 0 - 09.11.2027 - - - - - - 600BCS 0% 9nov2027, USD (3652D) USD 0 - 09.11.2027 - - - - - - 10BCS 1% 26nov2027, RUB RUB 0 26.05.2019 26.11.2027 - - - - - - 1,000BCS FRN 23aug2027, RUB RUB 0 - 23.08.2027 - - - - 8.59 - 1,000
Gazprom 1.01% 18dec2028, JPY JPY 1.01 18.06.2019 18.12.2028 - - - - - - 65,000Gazprom 2.25% 22nov2024, EUR EUR 2.25 22.11.2019 22.11.2024 - ▲ 97.175 0.104 5.51 2.78 750Gazprom 2.5% 21mar2026, EUR EUR 2.5 21.03.2019 21.03.2026 - ▲ 96.211 0.161 6.50 3.09 750Gazprom 2.949% 24jan2024, EUR EUR 2.949 24.01.2020 24.01.2024 - ▲ 100.886 0.074 4.71 2.27 1,000Gazprom 2028 (LPN29) USD 4.95 06.02.2019 06.02.2028 - ▼ 97.935 -0.009 7.22 5.30 900Gazprom 4.25% 6apr2024, GBP GBP 4.25 06.04.2019 06.04.2024 - ▲ 101.536 0.071 4.68 3.96 850Gazprom 4.95% 23mar2027, USD USD 4.95 23.03.2019 23.03.2027 - - 98.033 - 6.69 5.32 750
GTLK 5.125% 31may2024, USD USD 5.125 31.05.2019 31.05.2024 - - 94.224 - 4.70 6.51 500
Lukoil 4.75% 2nov2026, USD USD 4.75 02.05.2019 02.11.2026 - - 99.289 - 6.53 4.92 1,000
NLMK 4% 21sep2024, USD USD 4 21.03.2019 21.09.2024 - - 94.470 - 5.04 5.20 500Polyus 4.7% 29jan2024, USD USD 4.7 29.01.2019 29.01.2024 - - 95.585 - 4.42 5.80 500
RZD 4.375% 1mar2024, USD USD 4.375 01.03.2019 01.03.2024 - - 98.590 - 4.55 4.74 500RZD 7.9% 19oct2024, RUB RUB 7.9 19.04.2019 19.10.2024 - ▼ 95.570 -0.017 4.61 9.09 15,000RZD 8.99% 3mar2024, RUR RUB 8.99 03.03.2019 03.03.2024 - ▼ 100.998 -0.043 4.08 8.93 15,000
Russia 2.875% 4dec2025, EUR EUR 2.875 04.12.2019 04.12.2025 - ▲ 101.864 0.199 6.32 2.57 1,000Russia 4.25% 23jun2027, USD USD 4.25 23.06.2019 23.06.2027 - ▲ 97.419 0.064 7.13 4.67 2,405Russia 4.375% 21mar2029, USD USD 4.375 21.03.2019 21.03.2029 - - 97.446 - 8.17 4.74 1,500Russia 4.75% 27may2026, USD USD 4.75 27.05.2019 27.05.2026 - ▲ 101.375 0.023 6.26 4.58 3,000Russia 5.25% 23jun2047, USD USD 5.25 23.06.2019 23.06.2047 - ▲ 98.125 0.330 14.82 5.52 7,000
Metalloinvest 4.85% 2may2024, USD USD 4.85 02.05.2019 02.05.2024 - - 96.797 - 4.66 5.63 800
Russia 2030 USD 7.5 31.03.2019 31.03.2030 - ▲ 110.250 0.125 2.93 4.12 21,218Russia 2042 USD 5.625 04.04.2019 04.04.2042 - - 106.015 - 13.33 5.24 3,000Russia 2028 USD 12.75 24.06.2019 24.06.2028 - ▲ 160.195 0.048 6.52 4.76 2,500Russia 2043 USD 5.875 16.03.2019 16.09.2043 - ▲ 109.848 0.241 13.62 5.20 1,500
Gazprom 2025, EUR (LPN31) EUR 4.364 21.03.2019 21.03.2025 - ▲ 109.439 0.093 5.39 2.68 500Gazprom 2034 (LPN2) USD 8.625 28.04.2019 28.04.2034 - - 126.896 - 9.37 6.01 1,200Gazprom 2037 (LPN12) USD 7.288 16.02.2019 16.08.2037 - - 115.765 - 10.76 5.96 1,250
RZD 2031, GBP (LPN) GBP 7.487 25.03.2019 25.03.2031 - ▲ 120.691 0.073 8.42 5.24 650
RTM, 2009 USD 15 16.02.2019 16.11.2049 - - - - - - 55
Banks and Financial Companies
Oil & Gas
Banks and Financial Companies
Oil & Gas
Metal & Mining
Transport
Government sector
Metal & Mining
Government sector
Oil & Gas
Transport
Corporate eurobonds
*C-Call P-Put
D a i l y b o n d s r e v i e w
22 January 2019 Page 30
Bank Eurobonds. Maturity in 3 years. Rating over BBB+
Russia Curve
0,00
1,00
2,00
3,00
4,00
5,00
6,00
7,00
8,00
0,0 0,5 1,0 1,5 2,0 2,5 3,0 3,5 4,0duration, years
Yiel
d, %
Issue CurrencyCoupon,
%
Next Coupon
dateMaturity date
Next Put/ Call
date*Price, %
Price. chg,
b.p.
Maturity,
yearsYield,% Issue volume
EBRD FRN 20may2020, RUB RUB 7.78 20.02.2019 20.05.2020 - - - - - - 3,000Eurasian Development Bank 2020 USD 5 26.03.2019 26.09.2020 - - - - - - 500
Banks and Financial Companies
*C-Call P-Put
D a i l y b o n d s r e v i e w
22 January 2019 Page 31
Bank Eurobonds. Maturity in 3 years. Rating below BBB+
GPB 2019-2 (LPN)
GPB 2024, CHF (LPN)
Sberbаnk 2019 (LPN)Sberbаnk 2019-2 (LPN18)
GPB 2019 (LPN)
Al fa-Bank 2019 (LPN)
Al fa-Bank 2021 (LPN)
VTB 2020 (LPN)
Sberbаnk 2021 (LPN)
VEB 2020 (LPN)
Russia Curve
2,00
2,50
3,00
3,50
4,00
4,50
5,00
5,50
6,00
0,0 1,0 2,0 3,0 4,0 5,0 6,0duration, years
Yiel
d, %
Issue CurrencyCoupon,
%
Next Coupon
dateMaturity date
Next Put/ Call
date*Price, %
Price. chg,
b.p.
Maturity,
yearsYield,% Issue volume
ATB 2020 (LPN) USD 11 10.07.2019 10.01.2020 - - - - - - 42Uralsib Bank 2020 (LPN) USD 10.5 22.07.2019 22.07.2020 - - - - - - 77VTB 2024, CHF (LPN) CHF 5 24.10.2019 24.10.2024 24.10.2019 C - - - 5.52 0.32 350VTB Capital 2019, RUB (CLN) RUB 10 11.04.2019 11.10.2019 - - - - - - 21,000GPB 2019-2 (LPN) USD 4.96 05.03.2019 05.09.2019 - - 100.449 - 0.61 4.26 750GPB 2020 (LPN11) USD 6.5 17.07.2019 17.07.2020 - - - - - - 400GPB 2024, CHF (LPN) CHF 5.125 13.05.2019 13.05.2024 13.05.2019 C ▲ 100.513 0.031 4.63 5.01 350Renaissance Credit 2019 (LPN) USD 13.5 22.05.2019 22.05.2019 - - - - - - 100CREDIT EUROPE BANK 2019 (LPN) USD 8.5 15.05.2019 15.11.2019 - - - - - - 250M2M Private Bank 2019 (LPN) USD 9 25.04.2019 25.10.2019 - - - - - - 34Credit Bank of Moscow 2025, RUR RUB 16.5 26.05.2019 26.05.2025 26.05.2020 C - - - 4.12 16.03 5,000Oktritie 10% 2020, RUR RUB 10 20.03.2019 20.09.2020 - - - - 1.54 8.37 15,000Promsvyazbank 2019-2 USD 10.2 - 06.11.2019 - - - - - - 200Promsvyazbank 2021 (LPN) USD 10.5 - 17.03.2021 - - - - - - 100Sberbаnk 2019 (LPN) USD 5.18 28.06.2019 28.06.2019 - - 100.632 - 0.43 3.76 1,000Sberbаnk 2019, EUR (LPN19) EUR 3.08 07.03.2019 07.03.2019 - - - - - - 500Sberbаnk 2019-2 (LPN18) USD 4.15 06.03.2019 06.03.2019 - - 100.058 - 0.12 3.82 500Sberbаnk 2019-2, EUR (LPN) EUR 3.3524 15.11.2019 15.11.2019 - ▲ 102.062 0.038 0.82 0.81 1,000Sberbаnk 2024 (LPN17) USD 5.5 26.02.2019 26.02.2024 26.02.2019 C - 100.433 - 4.97 0.02 1,000KMB Otkritie 2020 USD 10 28.01.2019 28.01.2020 - - - - - - 100Expobank 8% 22apr2021, USD USD 8 22.04.2019 22.04.2021 - - - - - - 20GPB 2019 (LPN) USD 7.25 03.05.2019 03.05.2019 - - 101.175 - 0.28 3.10 500RSHB 2021 (LPN, step up) USD 6 - 03.06.2021 - - - - - - 800Alfa-Bank 2019 (LPN) USD 7.5 26.03.2019 26.09.2019 - ▲ 102.318 0.018 0.66 4.05 750Alfa-Bank 2021 (LPN) USD 7.75 28.04.2019 28.04.2021 - - 106.326 - 2.10 4.83 1,000Russian Standard Bank 2020 (LPN) USD 13 - 10.04.2020 - - - - - - 350Bank Saint Petersburg 2019 (LPN) USD 10.75 22.04.2019 22.04.2019 - - - - - - 100Bank FK Otritie 2019 (LPN) USD 10 26.04.2019 26.04.2019 - - - - 0.26 59,539.50 500Bank FK Otritie 2019-2 (LPN) USD 10 - 17.12.2019 - - - - - - 300VTB 2020 (LPN) USD 6.551 13.04.2019 13.10.2020 - ▲ 103.465 0.066 1.64 4.49 1,000Promsvyazbank 2019 (LPN) USD 10.2 - 06.11.2019 - - - - - - 600Sberbаnk 2021 (LPN) USD 5.717 16.06.2019 16.06.2021 - - 102.491 - 2.27 4.66 1,000HCFB 2020 (Step Up, LPN) USD 9.375 - 24.04.2020 - - - - - - 500HCFB 2021 (LPN) USD 10.5 17.04.2019 19.04.2021 17.04.2019 C - 101.233 - 2.01 10.26 200VEB 2020 (LPN) USD 6.902 09.07.2019 09.07.2020 - ▲ 102.411 0.045 1.42 5.27 1,600Nаtsionаl''ny Bаnk TRAST 2012 (CLN) USD 11.5 06.03.2019 06.09.2020 - - - - - - 20Nаtsionаl''ny Bаnk TRAST 2012-2 (CLN) USD 11 13.06.2019 13.07.2020 - - - - - - 35Transcapitalbank 2017 (LPN, step up) USD 10 18.03.2019 18.09.2020 - - - - - - 100
Banks and Financial Companies
*C-Call P-Put
D a i l y b o n d s r e v i e w
22 January 2019 Page 32
Bank Eurobonds. Maturity in 3 to 5 years.
VEB 2022 (LPN)VEB 2023 (LPN)
VEB 2023, EUR (LPN8)
Euras ian Development Bank
2022
Oktri tie 2017, RUB (LPN)
Sberbаnk 2023 (LPN16)
VTB 2022 (LPN)
RSHB 2023 (LPN)
Sberbаnk 2022 (LPN)
Sberbаnk 2022-2 (LPN)
Russia Curve
2,00
3,00
4,00
5,00
6,00
7,00
8,00
9,00
1,0 1,5 2,0 2,5 3,0 3,5 4,0 4,5 5,0duration, years
Yiel
d, %
Issue CurrencyCoupon,
%
Next Coupon
dateMaturity date
Next Put/ Call
date*Price, %
Price. chg,
b.p.
Maturity,
yearsYield,% Issue volume
USD 4.125 10.06.2019 10.12.2022 - ▲ 98.106 0.074 3.60 4.66 1,425Russian Standard Bank 13% 27oct2022, USD USD 13 27.04.2019 27.10.2022 - ▼ 23.943 -0.026 1.51 131.53 451Russian Standard Bank 2024 (LPN, Step up) USD 11.5 - 17.01.2024 - - - - - - 200VEB 2022 (LPN) USD 6.025 05.07.2019 05.07.2022 - - 101.672 - 3.17 5.56 1,000VEB 2023 (LPN) USD 5.942 21.05.2019 21.11.2023 - - 101.219 - 4.24 5.71 1,150VEB 2023, EUR (LPN8) EUR 4.032 21.02.2019 21.02.2023 - ▲ 104.269 0.070 3.73 2.90 500Eurasian Development Bank 2022 USD 4.767 20.03.2019 20.09.2022 - - 99.922 - 3.34 4.79 500Nаtsionаl''ny Bаnk TRAST 2022, RUB (Repackaging) RUB 12 - 07.09.2022 - - - - - - 2,300Nаtsionаl''ny Bаnk TRAST 2022-1 (LPN) USD 6.4 - 22.05.2022 - - - - - - 63Oktritie 2017, RUB (LPN) RUB 9 17.06.2019 18.06.2022 - - - - 2.98 8.96 18,000SB Bank 2022 (LPN2) USD 10.5 28.06.2019 28.12.2022 - - - - - - 30Sberbаnk 2023 (LPN16) USD 5.25 23.05.2019 23.05.2023 - - 98.773 - 3.90 5.65 1,000AK BARS Bank 2022 (LPN) USD 8 13.07.2019 13.07.2022 - - - - - - 600VTB 2022 (LPN) USD 6.95 17.04.2019 17.10.2022 - - 101.297 - 3.30 6.66 1,500GPB 2023 (LPN, step up) USD 7.496 - 28.12.2023 - - - - - - 750Credit Europe Bank, 2019 USD 10 - 22.10.2022 - - - - - - 50RSHB 2023 (LPN) USD 8.5 16.04.2019 16.10.2023 - - 101.982 - 3.92 8.14 500Sberbаnk 2022 (LPN) USD 6.125 07.02.2019 07.02.2022 - ▲ 103.544 0.068 2.76 4.91 1,500Sberbаnk 2022-2 (LPN) USD 5.125 29.04.2019 29.10.2022 - ▲ 98.797 0.080 3.44 5.55 2,000KMB Otkritie 2023 (LPN) USD 10 - 18.06.2023 - - - - - - 200
Banks and Financial Companies
*C-Call P-Put
D a i l y b o n d s r e v i e w
22 January 2019 Page 33
Bank Eurobonds. Maturity in 5 years.
GPB 2019, RUB (LPN)
VEB 2025 (LPN)
Russia Curve
4,00
4,50
5,00
5,50
6,00
6,50
7,00
0,0 1,0 2,0 3,0 4,0 5,0 6,0 7,0duration, years
Yiel
d, %
Issue CurrencyCoupon,
%
Next Coupon
dateMaturity date
Next Put/ Call
date*Price, %
Price. chg,
b.p.
Maturity,
yearsYield,% Issue volume
GPB 2019, RUB (LPN) RUB 8.75 29.06.2019 29.06.2024 - - - - 0.44 4.65 13,500Nаtsionаl''ny Bаnk TRAST 2024 USD 6.6 - 25.09.2024 - - - - - - 90Nаtsionаl''ny Bаnk TRAST 2041, RUB (LPN) RUB 13 - 07.02.2041 - - - - - - 1,600VTB 2035 (LPN6) USD 6.25 30.06.2019 30.06.2035 - - - - - - 1,000VEB 2025 (LPN) USD 6.8 22.05.2019 22.11.2025 - - 104.596 - 5.56 6.04 1,000
Banks and Financial Companies
*C-Call P-Put
D a i l y b o n d s r e v i e w
22 January 2019 Page 34
Information disclosure The statement of an analyst and confirmation of the responsibility withdrawal
The given report is prepared by the analyst (-s) of the Investment Company Veles Capital. The given estimations in the present report reflect personal opinion of the analyst (-s). The award of the analysts does not depend, never depended and will not depend upon the specific recommendations or estimations, provided in the present report. The award of the analysts depends upon the general efficiency of the business of the Investment Company Veles Capital, determined by the investment benefit of the company’s clients and also upon the incomes from other types of activity of the Investment Company Veles Capital.
The given report, prepared by the Research Department of the Investment Company Veles Capital, is basing on the public information. The present review was prepared independently from other Departments of the Investment Company Veles Capital, and any recommendations and judgments, presented in the given report reflect only the view point of the analyst (-s), participated in making of the present review. Due to that consideration, the Investment Company Veles Capital considers being necessary to state that the analysts and the Company are not responsible for the content of the given report. The analysts of the Investment Company Veles Capital do not take overall responsibility to regularly up-date the information, contained in the present report, and also to announce about all changes, introduced to the present review.
Provided analytical material of the Investment Company Veles Capital could be used only with information aims. The company does not guarantee the completeness and preciousness of provided information in the given report and its reliability, and also is not responsible for direct and indirect losses from using of the given materials. This document cannot serve as a basis for purchase and selling any securities, and cannot also be considered as an offer from the part of the Investment Company Veles Capital. The Investment Company Veles Capital and (or) its subsidiaries along with the staff, directors and analysts of the Investment Company Veles Capital have the right to purchase and sell any securities, mentioned in the given review.
The Investment Company Veles Capital and (or) its subsidiaries can serve as a market-maker or have the liabilities for underwriting of companies’ securities, mentioned in the given review, can purchase or sell them for clients, and also make any actions, which do not contradict the Russian law. The Investment Company Veles Capital and (or) its subsidiaries can also be interested in the possibility of providing the companies, mentioned in the present review, with the investments and bank or any other services.
All rights for the given bulletin belong to the Investment Company Veles Capital. The reproduction and/or distribution of the analytical materials of the Investment Company Veles Capital are prohibited without the written permission of the Company.
© Veles Capital 2019.
D a i l y b o n d s r e v i e w
22 January 2019 Page 35
Контакты Conta cts
Sales Department
Research Department
Evgeni Shilenkov Head of department EShilenkov@veles-capital.ru
Ekaterina Pisarenko Head of Bonds Sales EPisarenko@veles-capital.ru
Oksana Telichko Head of Debt Sales OSolonchenko@veles-capital.ru
Anton Pavlyuchuk Head of bonds department APavlyuchuk@veles-capital.ru
Yuliya Dubinina Bonds Trader YDubinina@veles-capital.ru
Oleg Vyazovetskov Bonds Trader OVyazovetskov@veles-capital.ru
Murad Sultanov Eurobonds trader MSultanov@veles-capital.ru
Taras Kovalchuk Eurobonds trader TKovalchuk@veles-capital.ru
Mikhail Mamonov Head of bills department MMamonov@veles-capital.ru
Sergey Yunkov Bills Trader SYunkov@veles-capital.ru
Olga Bogolubova Bills Trader OBogolubova@veles-capital.ru
Ivan Manaenko Head of department IManaenko@veles-capital.ru
Olga Nikolaeva Debt markets ONikolaeva@veles-capital.ru
Yury Kravchenko Banking, Money market YKravchenko@veles-capital.ru
Alexander Sidorov Metals & Mining ASidorov@veles-capital.ru
Aleksey Adonin Utilities, Consumer goods AAdonin@veles-capital.ru
Artem Mykhailin Telecommunication & IT AMykhailin@veles-capital.ru
Ajnur Duisembaeva Global Markets ADuisembaeva@veles-capital.ru
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