DAILY BONDS REVIEW 7.75 1 2 34 22 January 2019 8.11 - -4 ... › uploadedfiles › Analytics ›...

DAILY BONDS REVIEW 22 January 2019

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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

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 [email protected]

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 [email protected]


22 January 2019

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, [email protected]


22 January 2019

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


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


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


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


22 January 2019

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


22 January 2019

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


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



22 January 2019

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


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



22 January 2019

Power industry

RusHydro 01

RusHydro 02

RusHydro 07

RusHydro 08

FGC UES 06FGC UES 07


FGC UES 10

FGC UES 11

FGC UES 13

FGC UES 15

FGC UES 18

FGC UES 19

FGC UES 21


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


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



22 January 2019

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


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



22 January 2019

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


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



22 January 2019

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


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



22 January 2019

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


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



22 January 2019

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


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



22 January 2019

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


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



22 January 2019

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


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



22 January 2019

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


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 - - - - - - - -


Other




22 January 2019

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


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



22 January 2019

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


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



22 January 2019

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


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


Mortgage companies




22 January 2019

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


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




22 January 2019

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


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




22 January 2019

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


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




22 January 2019

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


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




22 January 2019

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


Oil & Gas

*C-Call P-Put


22 January 2019

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)


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, %


22 January 2019


%

Next Coupon

dateMaturity date

Next Put/ Call

date*Price, %

Price. chg,

b.p.

Maturity,


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


Oil & Gas


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


22 January 2019

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, %


22 January 2019


%

Next Coupon

dateMaturity date

Next Put/ Call

date*Price, %

Price. chg,

b.p.

Maturity,


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


TMT

Oil & Gas

Metal & Mining


Metal & Mining

Transport


Government sector

Transport

Metal & Mining

Utilities


*C-Call P-Put


22 January 2019

Sovereign and corporate eurobonds. Maturity in 5 years.

Gazprom 2.25% 22nov2024,

EUR

Gazprom 2.5% 21mar2026,

EUR

Gazprom 2.949% 24jan2024,

EUR


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, %


%

Next Coupon

dateMaturity date

Next Put/ Call

date*Price, %

Price. chg,

b.p.

Maturity,


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


Oil & Gas


Oil & Gas

Metal & Mining

Transport

Government sector

Metal & Mining

Government sector

Oil & Gas

Transport

Corporate eurobonds

*C-Call P-Put


22 January 2019

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, %


%

Next Coupon

dateMaturity date

Next Put/ Call

date*Price, %

Price. chg,

b.p.

Maturity,


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


*C-Call P-Put


22 January 2019

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, %


%

Next Coupon

dateMaturity date

Next Put/ Call

date*Price, %

Price. chg,

b.p.

Maturity,


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


*C-Call P-Put


22 January 2019

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, %


%

Next Coupon

dateMaturity date

Next Put/ Call

date*Price, %

Price. chg,

b.p.

Maturity,


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


*C-Call P-Put


22 January 2019

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, %


%

Next Coupon

dateMaturity date

Next Put/ Call

date*Price, %

Price. chg,

b.p.

Maturity,


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


*C-Call P-Put


22 January 2019

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.


22 January 2019

Контакты Conta cts

Sales Department

Research Department

Evgeni Shilenkov Head of department [email protected]

Ekaterina Pisarenko Head of Bonds Sales [email protected]

Oksana Telichko Head of Debt Sales [email protected]

Anton Pavlyuchuk Head of bonds department [email protected]

Yuliya Dubinina Bonds Trader [email protected]

Oleg Vyazovetskov Bonds Trader [email protected]

Murad Sultanov Eurobonds trader [email protected]

Taras Kovalchuk Eurobonds trader [email protected]

Mikhail Mamonov Head of bills department [email protected]

Sergey Yunkov Bills Trader [email protected]

Olga Bogolubova Bills Trader [email protected]

Ivan Manaenko Head of department [email protected]

Olga Nikolaeva Debt markets [email protected]

Yury Kravchenko Banking, Money market [email protected]

Alexander Sidorov Metals & Mining [email protected]

Aleksey Adonin Utilities, Consumer goods [email protected]

Artem Mykhailin Telecommunication & IT [email protected]

Ajnur Duisembaeva Global Markets [email protected]

Russia, Moscow, 123610, Krasnopresnenskaya nab. 12, Entr. 7, floor 18 Tel.: 7 (495) 258 1988, Fax: 7 (495) 258 1989 www.veles-capital.ru

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