DAILY BONDS REVIEW 17 September 2018

Transcription

1 Daily Bonds Review FSK 19 RZD 19 RZD 23 VIP 19 RSHB 18 DAILY BONDS REVIEW 17 September 2018 Foreign market Core assets showed growth at the foreign grounds on Friday. Yield of the 10Y UST added 3 bps reaching the psychologically important level of 3.0 annually. Russian foreign loans added in price slightly, showing yields reduction in the sovereign segment by 2-3 bps. Domestic market OFZ market was mixed last Friday. The state bonds opened showing buying backed by the demand of risk that preserved at the global grounds. Later on, quite an unexpected decision by the CBR to toughen the monetary conditions has provided for a sell-off at the debt market. Given drove the long-term issues down by approximately pps of the face value. However, the market rebounded back upwards quite fast, going sideways afterwards. Money market CBR upgraded the rate and inflation forecast, promising not to buy currency at the market until the end of the year. No comments Market results +7 (495) bonds@veles-capital.ru Debt and money markets Close Change, b.p. day week month OFZ OFZ Russia UST UST Germany Italy Spain MOSPRIME O/N, MOSPRIME 1 week, LIBOR O/N, LIBOR 1 month, Source: market data; estimation: Veles Capital Commodity and currency markets Close Change, day week month Brent, USD/bbl RUR/USD, ЦБ RUR/EUR, ЦБ Source: market data; estimation: Veles Capital Ruble liquidity figures Europlan leasing company set the rate of the 11-12th coupons of MB-01 series bonds at 9.5 annually. The notes were placed in October of Total volume Correspondent Accounts Bank deposits with BOR Liquid ruble Eurobond yield change 8,95 8,25 8,12 12,00 11,00 10,00 Changes 1d, bps YTM, - right 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 2018

2 Core assets show ed growth at the foreign grounds on Friday. Yield of the 1 0Y UST added 3 bps reaching the psychologi cally important level of 3.0 annually. Russian foreig n loans a dde d in price slightly, showing yields reduction i n the sovereign segme nt by 2-3 bps. D a i l y b o n d s r e v i e w Foreign market Market situation. Core assets showed growth at the foreign grounds on Friday. Yield of the 10Y UST added 3 bps reaching the psychologically important level of 3.0 annually. The stronger stats on the industrial production and the preserving confrontation between the US and China on the trade matters were responsible for that. For August, the volume of the US industrial production grew 0.4 MoM vs the expected 0.3. Debt instrument of EM moved mixed. The Russian foreign loans added in price slightly, showing yields reduction in the sovereign segment by 2-3 bps. The bonds of the corporate borrowers indicated buying at large. Polyus gold mining group announced a buyback offer on Eurobonds due in 2020, 2022 and 2023 for sum USD 300 mn. Forecast. This morning, the appetite to risk was shrinking while waiting for the new fees on Chinese goods to be announced by the US. The Russian sovereign Eurobonds were modestly negative from the morning. As for the stats, today we expect the stat on inflation in the EZ for August. Ivan Manaenko, Julianna Lukyanova bonds@veles-capital.com 17 September 2018 Page 2

3 OFZ market was mi xed last Friday. The state bonds opened showi ng buying ba cked by the de mand of risk that preserve d at the global grounds. Later on, quite an une xpe cted de cision by the CBR to t oughe n the monetary conditions ha s provide d for a sell-off at the debt market. Give n drove the long-ter m issue s dow n by appr oxi mately pps of the fa ce value. H owever, the market rebounded back upwards quite fast, goi ng sideways a fterwards. Domestic market Market situation. Friday, the OFZ market was mixed. The state bonds opened with buying at the back of the demand of risk preserving at the global grounds. Later on, a relatively unexpected decision of the CBR to toughen the monetary conditions has provided for a sell-off at the debt market. Given drove the long-term issues down by approximately pps of the face value. However, the market rebounded back upwards quite fast, going sideways afterwards. Thus, today the long-term end of the sovereign curve slipped approximately 2 bps in yield while the short and mid-term notes showed rates upping by 3-5 bps. The floaters showed more connatural trends. OFZ with a flexible coupon reacted to the decision to build up the rate with a price adding. The best dynamics indicated the issues having added about 1 at the back of a considerable trade turnover. At large, the market activity reduced significantly on Friday. The daytime turnover was about RUB 22 bn, which was nearly twice lesser than the previous day estimate. The liquidity was distributed non-contiguously between the notes. The highest turnover indicated the shortterm series (YTM 8.26, +5 bps). For the week, the local bonds managed to show positive results, recovering bps in terms of yield at the middle and far-off segments of the curve and bps at the nearest segment. The angle of the curve declined significantly: the spread at 2 to 10Y formed approximately 84 bps, while it was above 105 bps a week ago. D a i l y b o n d s r e v i e w Ivan Manaenko, Julianna Lukyanova bonds@veles-capital.com 17 September 2018 Page 3

4 Money Markets Friday, the Bank of Russia made a decision to upgrade the key rate 25 bps to 7.50 annually. The regulator justified the rate upping mainly be change of the external conditions, indicating the risks balance shifting towards the inflation-related risks. Moreover, the CBR upgraded all forecasts on inflation comparing to the previous session held out on July 27 and extended the targeted term of the inflation return to the 4 target. The CBR expects inflation to total annually by the end of 2018 (vs the target at the session on July 27). For 2019, the inflation will form , however, previously the regulator forecasted a temporary upping if the 4 target in Finally, for now the Bank of Russia accounts on the inflation return to 4 in 1H 2020 only, yet at the previous session the regulator expected the growth rates to return to the target price in early CBR kept the forecast on the GDP growth until the end of 2018 at , however, it expects a light restraining impact on the business activity mainly in early 2019 due to the planned upping of VAT. GDP growth rate in 2019 will total according to the targets set by the regulator. Previously, the regulator indicated that it will be making decisions on the key rate valuating the inflation risks, dynamics of inflation and development of the economy in comparison with the consensus, However the CBR indicated in the press release on Friday that it will be valuating practicability of the further rate upping, acknowledging the inflation and economy dynamics versus the consensus and considering the risks on behalf of the foreign conditions and reaction of the financial markets to them. Right after the regulator announced RUBUSD set the new high from early September. Participants overreacted not just because of the official upping of the rate by 25 bps, but due to the CBR promising not to buy currency for the Finance Ministry at the public market up until the end of 2018, and due to the harsh rhetoric of the CBR regarding the inflation risks and the new passage on expediency of the further upping of the key rate Ivan Manaenko, Yury Kravchenko bonds@veles-capital.com 17 September 2018 Page 4

5 Ruble bonds trade results Turnover leaders Trades leaders Price, Price. chg, p.p. Trade Volume, mln RUR Num of Trades Dur., Price, Price. chg, p.p. Trade Volume, mln RUR Num of Trades Dur., Credit Bank of Moscow БО , OFZ , OFZ OFZ OFZ OFZ OFZ Gazpromneft OFZ OFZ OFZ OFZ VEB-Leasing Credit Bank of Moscow БО VEB-Leasing OFZ RSHB Karelia Smolensk Obl Alliance Oil VEB OFZ RZD Hakasiya OFZ (CPI) Credit Bank of Moscow БО Credit Bank of Moscow БО , Hakasiya Mechel TGK2 БО GTLK БО Mechel Karelia RZD Mechel Volgogradskaya Obl Smolensk Obl Mechel Samarskaya Obl Gazpromneft Credit Bank of Moscow БО Kostromskaya Obl Sovcombank БО Bashneft Voronezskaya Obl RUSAL Mechel VEB Mechel Mechel Top leaders Down leaders Price, Price. chg, p.p. Trade Volume, mln RUR Num of Trades Dur., Price, Price. chg, p.p. Trade Volume, mln RUR Num of Trades Dur., BINBANK БО RusHydro Bashneft OFZ RSHB Tele OFZ Uranium One RSHB RUSAL Pravourmiyskoe Rosneft Sovcombank БО Bashneft Mechel OFZ (CPI) VEB-Leasing RZD Lenta RSHB VEB Udmurt Resp RZD TGK2 БО OFZ Oktritie ######## 0.26 Lenta Alliance Oil OFZ RSHB Alliance Oil Rosneft Tele OFZ , OFZ Gazpromneft OFZ Samarskaya Obl OFZ FGC UES OFZ OFZ OFZ OFZ VEB-Leasing Volgogradskaya Obl Mechel Voronezskaya Obl Irkut БО OFZ September 2018 Page 5

6 State and municipal bonds market atlas 8,50 OFZ Yield Curve OFZ OFZ OFZ OFZ OFZ OFZ OFZ OFZ OFZ OFZ OFZ OFZ OFZ OFZ OFZ OFZ OFZ OFZ OFZ ,50 6,50 OFZ ,50 0,0 2,0 4,0 6,0 8,0 10,0 duration, Coup., Next Put/Call date** Maturity date Price, p.p. Trade Volume, thd RUR OFZ OFZ , OFZ , OFZ , OFZ OFZ , OFZ , OFZ , OFZ , OFZ , OFZ , OFZ , OFZ , OFZ OFZ , OFZ , OFZ OFZ OFZ OFZ OFZ OFZ , OFZ OFZ OFZ OFZ OFZ OFZ OFZ (CPI) September 2018 Page 6

7 Sub-federal and municipal bonds 10,00 Vologodskaya Obl Mordovia Ryazan Obl Voronezskaya Kostromskaya Obl Karelia Obl Hakasiya Krasnodar Tverskaya Kr Sakha 34004Resp Orenburg Reg Nizegorodskaya Obl Volgogradskaya Obl 34008Obl Smolensk Obl Udmurt Resp Novosibirsk Samarskaya Obl Yaroslavskaya Obl Samarskaya Stavropol Obl Kr Lipetsk Obl Volgograd Krasnoyarsk Tomsk Kr Obl Krasnoyarsk Novosibirsk Kr 34007Obl Bashkortostan Volgogradskaya Obl Udmurt Resp Nizegorodskaya Obl Novosibirsk Orenburg Reg Voronezskaya Obl Stavropol Kr Moscow Yield Curve Sverdlovsk Obl Belgorodskaya Obl Karelia ,00 0,0 0,5 1,0 1,5 2,0 2,5 3,0 duration, Coup., Next Put/Call date** Maturity date Price, p.p. Trade Volume, thd RUR Municipal bonds Bashkortostan Belgorodskaya Obl , Volgograd Vologodskaya Obl Voronezskaya Obl Voronezskaya Obl , Tverskaya Obl Kostromskaya Obl Krasnodar Kr , Krasnoyarsk Kr Krasnoyarsk Kr Lipetsk Obl Volgogradskaya Obl Volgogradskaya Obl Samarskaya Obl Samarskaya Obl , Stavropol Kr Stavropol Kr Mordovia Sakha Resp Nizegorodskaya Obl Nizegorodskaya Obl Novosibirsk Novosibirsk Novosibirsk Obl Orenburg Reg Orenburg Reg Karelia Karelia Hakasiya , Ryazan Obl , Sverdlovsk Obl Smolensk Obl Tomsk Obl Udmurt Resp Udmurt Resp , Chuvashia Yaroslavskaya Obl September 2018 Page 7

8 Corporate bonds market atlas Oil and gas 8,50 Rosneft 05 Gazpromneft Bashneft 12 Rosneft Rosneft 09 Gazpromneft 10 Rosneft 06 Rosneft 04 Bashneft Rosneft Bashneft Gazprom Gazpromneft Capital Rosneft Transneft 03 Bashneft OFZ Yield Curve 7,50 Transneft 01 6,50 5,50 0,0 0,5 1,0 1,5 2,0 2,5 3,0 duration, Coup., Next Put/Call date** Maturity date Price, p.p. Trade Volume, thd RUR Oil & Gas Bashneft P Bashneft P Bashneft P , Bashneft P Bashneft P , Gazprom Capital Gazpromneft P Gazpromneft Gazpromneft P Gazpromneft Gazpromneft P Alliance Oil Alliance Oil P , Alliance Oil P , Rosneft P , Rosneft P Rosneft P Rosneft P Rosneft P Rosneft P Rosneft P Transneft P Transneft P Transneft September 2018 Page 8

9 Power industry 8,50 RusHydro 07 FGC UES 09 RusHydro 08 FGC UES 15 RusHydro 02 FGC UES 18 FGC UES FGC 25 UES 24 FGC UES RusHydro FGC UES 06 FGC UES 13 FGC UES 08 FGC UES 21 OFZ Yield Curve 7,50 FGC UES 10 6,50 FGC UES 11 5,50 FGC UES 19 0,0 1,0 2,0 3,0 4,0 5,0 6,0 duration, Coup., Next Put/Call date** Maturity date Price, p.p. Trade Volume, thd RUR Utilities Volzhskaya TGK 01 (ранее Volzhskaya TGK 01 (ранее Volzhskaya TGK 01 (ранее Kuzbassenergo Kuzbassenergo RusHydro RusHydro RusHydro P RusHydro P TGK TGK2 БО , , FGC UES FGC UES FGC UES FGC UES P FGC UES FGC UES P FGC UES FGC UES FGC UES P FGC UES P FGC UES P FGC UES P FGC UES P , FGC UES FGC UES P ,337, FGC UES P FGC UES P FGC UES P FGC UES September 2018 Page 9

10 Telecommunications 10,00 9,50 Tele2 01 Tele2 03 Tele2 02 Tele2 04 Tele2 07 MTS 07 MTS БО-01 Vympelcom 04 8,50 MegaFon 07 Rostelecom MegaFon Rostelecom 17 OFZ Yield Curve 7,50 Rostelecom 19 Vympelcom 01 Vympelcom 02 6,50 5,50 0,0 0,5 1,0 1,5 2,0 2,5 3,0 3,5 4,0 4,5 5,0 duration, Coup., Next Put/Call date** Maturity date Price, p.p. Trade Volume, thd RUR TMT Rostelecom Rostelecom Rostelecom Rostelecom Rostelecom , Rostelecom Vympelcom P Vympelcom P Vympelcom P MegaFon MegaFon P MegaFon P MTS MTS , MTS P MTS БО P , Tele P Tele P , Tele P Tele P Tele Tele , September 2018 Page 10

11 Transport 8,50 TransKontainer 04 RZD 17 RZD 23 RZD 28 OFZ Yield Curve 7,50 6,50 5,50 4,50 RZD 12 4,00 0,0 0,5 1,0 1,5 2,0 2,5 3,0 duration, Coup., Next Put/Call date** Maturity date Price, p.p. Trade Volume, thd RUR Transport FESCO БО RZD RZD P RZD RZD P RZD P RZD P RZD P , RZD БО RZD БО RZD БО RZD БО TRANSAERO БО ####### , TransKontainer September 2018 Page 11

12 Trade 11,00 OKEY БО-04 10,00 Lenta 02 Lenta 03 Lenta 01 OFZ Yield Curve OKEY 02 0,0 0,2 0,4 0,6 0,8 1,0 1,2 1,4 1,6 1,8 2,0 duration, Coup., Next Put/Call date** Maturity date Price, p.p. Trade Volume, thd RUR Retail & food production Lenta P Lenta P Lenta P OKEY OKEY БО September 2018 Page 12

13 Machinery 11,00 10,00 Power Machines 02 Irkut БО-04 Russian Helicopters 02 OFZ Yield Curve 0,0 0,5 1,0 1,5 2,0 2,5 3,0 3,5 4,0 duration, Coup., Next Put/Call date** Maturity date Price, p.p. Trade Volume, thd RUR Industrials Russian Helicopters Russian Helicopters HMS Irkut БО P UAC Power Machines P Oboronprom September 2018 Page 13

14 Metallurgy 10,00 17 RUSAL Mechel Pravourmiyskoe 01 NLMK БО-13 Metalloinvest RUSAL 07 Mechel 15 OFZ Yield Curve Metalloinvest 05 Metalloinvest 06 4,00 0,0 1,0 2,0 3,0 4,0 5,0 6,0 duration, Coup., Next Put/Call date** Maturity date Price, p.p. Trade Volume, thd RUR Metal & Mining Evraz Evraz Evraz Evraz Evraz Evraz Mechel Mechel Mechel Mechel Mechel Mechel Mechel Mechel , Mechel MMK MMK NLMK NLMK NLMK БО NLMK БО NLMK БО P Pravourmiyskoe Evraz Evraz Metalloinvest Metalloinvest P Metalloinvest P Metalloinvest Metalloinvest RUSAL RUSAL P September 2018 Page 14

15 Metallurgy 11,00 SUEK 05 10,00 SUEK 01 Uranium One 02 OFZ Yield Curve 0,0 0,5 1,0 1,5 2,0 2,5 3,0 3,5 4,0 duration, Coup., Next Put/Call date** Maturity date Price, p.p. Trade Volume, thd RUR Metal & Mining SUEK P SUEK P Uranium One Uranium One P September 2018 Page 15

16 Other 10,00 9,50 Russian Post 02 8,50 EuroChem 03 Russian Post 04 Russian Post 03 OFZ Yield Curve 7,50 EuroChem 02 Acron 04 6,50 5,50 0,0 0,5 1,0 1,5 2,0 2,5 3,0 duration, Coup., Next Put/Call date** Maturity date Price, p.p. Trade Volume, thd RUR Chemistry & Fertilizers Acron P Acron P EuroChem EuroChem Other EDC TMT Profmedia БО Profmedia БО Other TPGC Transport Russian Post P Russian Post P Russian Post September 2018 Page 16

17 Food industry AgroComplex БО OFZ Yield Curve 0,0 0,1 0,2 0,3 0,4 0,5 0,6 0,7 0,8 0,9 1,0 duration, Coup., Next Put/Call date** Maturity date Price, p.p. Trade Volume, thd RUR Retail & food production Baltijskij Bereg Other AgroComplex БО P ####### 0.36 ######### 17 Novoplastunovskoe Retail & food production Razgulay Group БО September 2018 Page 17

18 Construction and property 13,00 12,00 O1 Properties 01 11,00 10,00 LenSpetsSMU 02 OFZ Yield Curve 0,0 0,2 0,4 0,6 0,8 1,0 1,2 1,4 1,6 1,8 2,0 duration, Coup., Next Put/Call date** Maturity date Price, p.p. Trade Volume, thd RUR Construction & Development LSR LSR O1 Properties , LenSpetsSMU Glavnaya Doroga ,015 5 Glavnaya Doroga WHSD WHSD WHSD WHSD WHSD NWCC C NWCC C September 2018 Page 18

19 Mortgage companies 10,00 9,50 AIZhK 21 8,50 AIZhK 11 AIZhK 19 AIZhK 08 AIZhK 10 AIZhK 16 AIZhK 25 AIZhK 17 AIZhK 20 OFZ Yield Curve 7,50 6,50 5,50 0,0 1,0 2,0 3,0 4,0 5,0 6,0 7,0 duration, Coup., Next Put/Call date** Maturity date Price, p.p. Trade Volume, thd RUR Mortgage companies AIZhK AIZhK AIZhK C AIZhK AIZhK AIZhK , AIZhK AIZhK AIZhK P AIZhK C AIZhK AIZhK AIZhK P AIZhK P AIZhK 1А DeltaCredit Bank 12-ИП Mortgage companies AIZhK А GPB-Ipoteka AIZhK 1А September 2018 Page 19

20 Financial companies 14,00 13,00 Oktritie 04 INVESTPRO 01 Oktritie 05 12,00 Oktritie 02 11,00 10,00 Europlan VEB-Leasing VEB-Leasing 10 VEB-Leasing VEB-Leasing GTLK БО-01 БО RUSNANO GTLK RESO Garantia 03 VEB-Leasing 08 VEB-Leasing 09 Rosgosstrah 02 RESO Garantia 02 OFZ Yield Curve 0,0 0,5 1,0 1,5 2,0 2,5 3,0 duration, Coup., Next Put/Call Trade Volume, Maturity date Price, date** p.p. thd RUR VEB-Leasing VEB-Leasing VEB-Leasing БО P VTB Capital VTB Capital VTB Capital INVESTPRO IFC SOUZ P Oktritie P Oktritie P Oktritie P , Mortgage companies Prime Finance RTC RUSNANO RUSNANO RUSNANO RUSNANO RUSNANO Finstandart P VTB Leasing VEB-Leasing VEB-Leasing P VEB-Leasing P VEB-Leasing P VEB-Leasing P VEB-Leasing P VEB-Leasing VEB-Leasing , GTLK GTLK , GTLK БО , GTLK БО Europlan Uralsib LC БО RESO Garantia RESO Garantia P RESO Garantia P Rosgosstrah September 2018 Page 20

21 Banks 10,00 9,50 RSHB 20 Sviaz-Bank 03 8,50 RSHB 16 RSHB 04 VEB 09 RSHB RSHB 15 RSHB VEB GPB 06 БО-07 RSHB 12 RSHB 09 RSHB RSHB 0807 RSHB 21 VEB БО-14 RSHB 17 VEB 21 RSHB 18 VEB 18 VEB 10 VEB 08 VEB 19 RSHB 10 RSHB 11 RSHB Eurasian 06 Development Bank 06 OFZ Yield Curve 7,50 Eurasian Development Bank 07 GPB 11 6,50 GPB БО-08 5,50 0,0 0,5 1,0 1,5 2,0 2,5 3,0 3,5 4,0 duration, Coup., Next Put/Call Trade Volume, Maturity date Price, date** p.p. thd RUR GPB БО GPB БО P VEB P VEB VEB P , VEB P VEB P VEB P VEB P VEB БО , GPB GPB P GPB P Eurasian Development Ban P Eurasian Development Ban P Eurasian Development Ban P Eurasian Development Ban P Russian Bank for Developm P Russian Bank for Developm P RSHB RSHB P RSHB RSHB RSHB P RSHB P RSHB P RSHB P RSHB P RSHB P RSHB P RSHB P RSHB P , RSHB P RSHB P RSHB P RSHB P Sviaz-Bank P Sviaz-Bank P September 2018 Page 21

22 8,50 Rusfinance Bank 15 DeltaCredit Bank 09-ИП DeltaCredit Rusfinance Bank 10-ИП 13 Banks UniCredit Bank БО-21 DeltaCredit Bank БО-05 OFZ Yield Curve 7,50 6,50 Absolut Bank БО-03 5,50 0,0 0,5 1,0 1,5 2,0 2,5 3,0 duration, Coup., Next Put/Call Trade Volume, Maturity date Price, date** p.p. thd RUR UniCredit Bank БО Absolut Bank БО DeltaCredit Bank 09-ИП DeltaCredit Bank 10-ИП DeltaCredit Bank БО P , Raiffeisen Bank БО P Rusfinance Bank Rusfinance Bank P Rusfinance Bank БО September 2018 Page 22

23 Banks 14,00 13,00 Petrocommerce Bank 09 BINBANK БО-03 12,00 Vostochny Express Bank БО-07 11,00 10,00 Zenit 08 Zenit 10 Credit Bank of Moscow 12 Credit Bank of Moscow 11 Credit Bank of Moscow БО-06 Credit Bank of Moscow БО-10 Promsvyazbank 13 Credit Bank of Moscow БО-07 Credit Bank of Moscow БО-11 OFZ Yield Curve 0,0 0,5 1,0 1,5 2,0 2,5 3,0 duration, Coup., Next Put/Call Trade Volume, Maturity date Price, date** p.p. thd RUR Credit Bank of Moscow БО , Credit Bank of Moscow БО P , Credit Bank of Moscow БО ,499, Zenit Zenit Petrocommerce Bank P , Uralsib Bank Bank FK Otritie , , Vostochny Express Bank ,848 6 Vostochny Express Bank Б Credit Bank of Moscow Credit Bank of Moscow Credit Bank of Moscow БО Promsvyazbank BINBANK БО P September 2018 Page 23

24 Banks 1 UBRD BO-5 14,00 13,00 BINBANK БО-04 BINBANK БО-02 12,00 Russian International Bank БО ,00 10,00 National Standard Bank БО-02 Loсko-Bank БО-05 Renaissance Credit БО-05 Sovcombank 02 Transcapitalbank БО-02 OFZ Yield Curve 0,0 0,5 1,0 1,5 2,0 2,5 3,0 duration, Coup., Next Put/Call Trade Volume, Maturity date Price, date** p.p. thd RUR BINBANK БО P KB MIA БО P Sovcombank БО P ,493 2 National Standard Bank БО P Soyuz Bank P BINBANK БО P , Vneshprombank БО Renaissance Credit БО P Loсko-Bank БО P Sovcombank P Svyaznoy Bank БО Tatfondbank БО Transcapitalbank Transcapitalbank БО P UBRD BO P KMB Otkritie 01 (бывш. Ба Derzhava Bank БО P Oil Alliance Bank Russian International Bank P Russlavbank FPB Bank Expobank September 2018 Page 24

25 Sovereign and corporate eurobonds. Maturity in 3. Rating over BBB+ 4,80 4,60 Russia Curve 4,40 Lukoil ,20 4,00 3,80 Lukoil 2019 (LPN) 3,60 3,40 3,20 3,00 1,0 1,2 1,4 1,6 1,8 2,0 2,2 2,4 2,6 2,8 3,0 duration, Currency Coupon, Next Coupon date Maturity date Next Put/ Call date* Price, b.p. Maturity, volume International Investment Bank sep2020, EUR EUR International Investment Bank oct2019, RON RON International Investment Bank FRN 25sep2020, RON RON Oil & Gas Lukoil 2019 (LPN) USD Lukoil 2020 USD ,000 *C-Call P-Put 17 September 2018 Page 25

26 Sovereign and corporate eurobonds. Maturity in 3. Rating below BBB+ D a i l y b o n d s r e v i e w AFK Sistemа 2019 (LPN) ТМК 2020 (LPN) GTLK jul2021, USD 4,00 DME Airport 2018 (LPN) Vympelcom 2019 Polyus 2020 Evraz 2020 EuroChem jul2021, Metalloinvest EuroChem apr2020, USD EDC 2020 USD Severstаl aug2021, USD Norilsk Vympelcom Nickel (LPN) Gazprom (LPN25) Russia Curve MTS 2020 (LPN) NOVATEK 2021 (LPN) Oktritie 4.5 Gazprom 11nov2019, 2020 (LPN28) USDALROSA 2020 NLMK 2019 (LPN) RZD oct2020, USD Russia ,00 Russia 2019 Gazprom 2020, GBP (LPN 33) Alfa-Bank apr2020, EUR 2,00 0,0 0,5 1,0 1,5 2,0 2,5 3,0 3,5 4,0 duration, 17 September 2018 Page 26

27 Currency Coupon, Next Coupon date Maturity date Next Put/ Call date* Price, b.p. Maturity, volume Alfa-Bank apr2020, EUR EUR Oil & Gas Borets sep2018, USD USD Transport DME Airport 2018 (LPN) USD Oil & Gas Petrobras 2019, EUR EUR ,300 Retail & food production X apr2020, RUR RUB ,000 Alfa-Bank jul2021, RUB RUB ,000 Oktritie nov2019, USD USD BCS 1 2mar2027, USD USD BCS oct2019, RUR RUB BCS 13 24may2024, RUR RUB ,000 BCS dec2023, USD RUB C BCS FRN 27dec2020, RUB RUB TMT Vympelcom 2019 USD Oil & Gas Gazprom 2020 (LPN28) USD Metal & Mining Norilsk Nickel 2020 USD ,000 GTLK jul2021, USD USD Chemistry & Fertilizers EuroChem apr2020, USD USD EuroChem jul2021, USD USD Promsvyazbank oct2019, USD USD Transport RZD oct2020, USD USD Metal & Mining Severstаl 0 16feb2022, USD (Conv.) USD P Severstаl aug2021, USD USD Tatfondbank nov2019, USD USD Utilities FGC UES 2019, RUB (LPN) RUB ,500 Government sector Russia 2019 USD ,500 Russia 2020 USD ,500 Russia 2020, EUR EUR Oil & Gas Alliance Oil 2020 USD Other EDC 2020 USD Metal & Mining ALROSA 2020 USD ,000 TMT AFK Sistemа 2019 (LPN) USD Vympelcom 2021 (LPN) USD ,000 Oil & Gas Gazprom 2020, EUR (LPN30) EUR ,000 Gazprom 2021 (LPN25) USD Transport FESCO 2020 USD Metal & Mining Evraz 2020 USD ,000 TMT MTS 2020 (LPN) USD Oil & Gas NOVATEK 2021 (LPN) USD Metal & Mining NLMK 2019 (LPN) USD Polyus 2020 USD Transport RZD 2019, RUB (LPN) RUB ,500 RZD 2021, EUR (LPN) EUR ,000 Metal & Mining ТМК 2020 (LPN) USD Metalloinvest 2020 USD ,000 Oil & Gas Gazprom 2020, GBP (LPN 33) GBP *C-Call P-Put 17 September 2018 Page 27

28 Sovereign and corporate eurobonds. Maturity in 3 to 5. D a i l y b o n d s r e v i e w Credit Bank of Moscow Koks 7.5 4may2022, 5.55 USD14feb2023, USD Credit Bank of Moscow nov2021, USD Credit Bank of Moscow 7.5 Borets 6.5 7apr2022, Polyus USD5.25 7feb2023, USD Global Polyus Ports mar2022, 5oct2027, USD 25jan2022, USD Vympelcom Evraz DME Sovkomflot Airport mar2023, USD DME Evraz Airport jan2022, 26apr2023, USD 15feb2023, 16jun2023, USD USD USD 11nov2021, USD Fosagro apr2023, Norilsk Nickel USD 4.1 Norilsk Norilsk Nickel Nickel Fosagro nov2021, 11apr2023, USD Vympelcom 8apr2022, 14oct2022, USD USD NLMK jun2023, USD USD Gazpromneft 2022 (LPN) Gazprom Gazprom 2022 (LPN9) (LPN) Russia Curve RZD 2022 (LPN) Lukoil ,00 Russia 2022 Russia 2023 Alfa-Bank nov2022, CHF 3,00 2,0 3,0 4,0 5,0 6,0 7,0 8,0 duration, 17 September 2018 Page 28

29 Currency Coupon, Next Coupon date Maturity date Next Put/ Call date* Price, b.p. Maturity, volume Alfa-Bank nov2022, CHF CHF Oil & Gas Borets 6.5 7apr2022, USD USD Transport DME Airport feb2023, USD USD DME Airport nov2021, USD USD Global Ports jan2022, USD USD O1 Properties sep2021, USD USD Oil & Gas Petrobras mar2022, EUR EUR Alfa-Bank feb2022, RUR RUB ,000 BCS mar2022, USD USD BCS 6 1nov2022, USD USD BCS jun2023, USD USD BCS 7 20apr2023, USD USD TMT Vympelcom apr2023, USD USD C Oil & Gas Gazprom mar2023, CHF CHF Gazprom jul2022, CHF CHF Gazprom nov2021, CHF CHF Metal & Mining Norilsk Nickel apr2022, USD USD Norilsk Nickel apr2023, USD USD ,000 Norilsk Nickel oct2022, USD USD ,000 Evraz mar2023, USD USD Evraz jan2022, USD USD Koks 7.5 4may2022, USD USD Credit Bank of Moscow feb2023, USD USD Credit Bank of Moscow nov2021, USD USD Credit Bank of Moscow 7.5 5oct2027, USD USD C Metal & Mining NLMK jun2023, USD USD Petropavlovsk nov2022, USD USD C Polyus mar2022, USD USD Polyus feb2023, USD USD Transport RZD 2023 (LPN), EUR EUR Metal & Mining Rusal feb2023, USD USD Rusal feb2022, USD USD Rusal 5.3 3may2023, USD USD Utilities RusHydro sep2022, RUB RUB ,000 Transport Sovkomflot jun2023, USD USD Chemistry & Fertilizers Fosagro apr2023, USD USD Fosagro nov2021, USD USD Government sector Russia 2022 USD ,000 Russia 2023 USD ,000 TMT Vympelcom 2022 USD ,500 Oil & Gas Gazprom 2022 (LPN9) USD ,300 Gazprom (LPN) USD ,000 Gazpromneft 2022 (LPN) USD ,500 Lukoil 2022 USD Transport RZD 2022 (LPN) USD ,400 *C-Call P-Put 17 September 2018 Page 29