Russian Eurobond statistics - PwC · PDF fileIntroduction This analysis contains a selection...
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Transcript of Russian Eurobond statistics - PwC · PDF fileIntroduction This analysis contains a selection...
Introduction
This analysis contains a selection of
Eurobonds by Russian issuers from
1 January 2014 till 15 June 2016 and
therefore may not be a full list of all
Eurobond deals for this period.
The information was compiled from public
sources, CBonds and BofA Merrill Lynch
Global Research.
The Eurobond issues are presented by
pricing date and separately for financial
services and corporate issuers.
Unless otherwise indicated, the analysis
includes credit ratings by Standard & Poor's.
Number of issues and total proceeds*
3
* excluding sovereign issues
Average deal size,
USD mln
Number of issues
Proceeds,
USD mln
$
46,452
10,354
5,162 4,908
2013 2014 2015 YTD 2016
81
24
10
573
431
516
12
409
$
$
$$
Yield curves by credit rating*
Legend
Issuers
Trend
Financial services issuers
4
0%
2%
4%
6%
8%
10%
12%
0 1 2 3 4 5 6 7 8 9 10 11 12
Yie
ld,
%
Duration, years
BB+, BB, BB- (USD)
0%
5%
10%
15%
20%
25%
30%
35%
0 1 2 3 4 5 6 7 8
Yie
ld,
%
Duration, years
B+, B, B- (USD)
5
* Source: Сbonds database (c) 2001-2015 LLC Cbonds.ru
Corporate issuers
0%
1%
2%
3%
4%
5%
6%
0 2 4 6 8 10 12 14 16
Yie
ld,
%
Duration, years
BBB+, BBB, BBB- (USD)
0%
2%
4%
6%
8%
0 1 2 3 4 5 6 7 8 9 10
Yie
ld,
%
Duration, years
BB+, BB, BB- (USD)
0%
50%
100%
150%
0 1 2 3 4 5 6
Yie
ld,
%
Duration, years
B+, B, B- (USD)
0
2
4
6
8
10
12
14
16
18
Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16
Eff
ecti
ve
Inte
rest
Ra
te,
%0
1
2
3
4
5
6
7
8
Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16E
ffec
tiv
e In
tere
st R
ate
, %
Market Indices
6
Emerging Markets*
* Source: BofA Merrill Lynch Global Research
EMCB - Emerging Markets Corporate Plus IndexEMFS - Financial Emerging Markets Corporate Plus IndexEMNS - Non-Financial Emerging Markets Corporate Plus Index
EM1B - AAA-A Emerging Markets Corporate Plus Index EM2B - BBB Emerging Markets Corporate Plus IndexEM3B - BB Emerging Markets Corporate Plus IndexEM4B - B & Lower Emerging Markets Corporate Plus Index
7
** Source: Сbonds database (c) 2001-2015 LLC Cbonds.ru
Russia**
Euro-Cbonds Sovereign – Indices of Russian sovereign Eurobonds
Euro-Cbonds IG - Indices of Eurobonds with investment grade ratings issued by Russian institutions
Euro-Cbonds NIG - Indices of Eurobonds with upper non-investment grade ratings issued by Russian institutions
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
Jan 14 Mar 14 May 14 Jul 14 Sep 14 Nov 14 Jan 15 Mar 15 May 15 Jul 15 Sep 15 Nov 15 Jan 16 Mar 16 May 16
Eff
ecti
ve
Inte
rest
Ra
te,%
Financial services issuers
Issuer Lead Managers Pricing Date Maturity Tenor CCY¹ Size
(mln)Coupon Rating Type²
Listing Venue³
Renaissance Capital Renaissance Capital, UBS 11-Apr-2016 14-Apr-2021 5 USD 200 9.500% unratedSenior
unsecured notes (EO)
ISE
BinbankSC Lowy Financial, XiaxinSecurities (HK) Limited
21-Mar-2016 27-Mar-2019 3 USD 150 8.500% B- LPN WBAG
GazpromDeutsche Bank, Gazprombank,UBS
16-Mar-2016 30-Nov-2018 3 CHF 500 3.375% BBB- (Fitch) LPN SIХ
SovCo Capital Partners B.V.
Sovcombank 1-Feb-2016 3-Feb-2020 4 USD 150 9.000% unrated LPN WBAG
Alfa-Bank Alfa-Bank, Barclays, UBS 18-Nov-2015 27-Nov-2018 3 USD 500 5.000% BB LPN ISE
Russian Standard Bank
Goldman Sachs, UBS, VTB Capital
27-Oct-2015 27-Oct-2022 7 USD 451 13.000% CCC+ LPN (EO) FSE
AK BARS Bank Credit Suisse, UBS 30-Jul-2015 6-Aug-2018 3 USD 350 8.000% B2 (Moody's) LPN ISE
Peresvet Bank Otkritie bank 22-Jul-2015 22-Jan-2026 11 RUB 8,000 13.250% B+ LPN ISE
URALSIB UBS 22-Jan-2015 22-Jul-2020 6 USD 77 10.500% SD LPN (OE) ISE
Moscow Credit bankOtkritie bank, BK Region, Sberbank CIB
21-Nov-2014 26-May-2025 11 RUB 5,000 16.500% BB- LPN ISE
Alfa-BankAlfa-Bank, Bank of America Merrill Lynch, Goldman Sachs, JP Morgan, UBS
13-Nov-2014 18-Feb-2025 10 USD 250 9.500% BB LPN ISE
Promsvyazbank Promsvyazbank 22-Sep-2014 unlimited N/A USD 100 12.500% BB- LPN ISE
Tatfondbank Promsvyazbank 7-Aug-2014 unlimited N/A USD 60 12.500% B LPN WBAG
8
9
Issuer Lead Managers Pricing Date Maturity Tenor CCY¹ Size
(mln)Coupon Rating Type²
Listing Venue³
PromsvyazbankGoldman Sachs, ING, Promsvyazbank, UBS
15-Jul-2014 30-Jul-2021 7 USD 334 10.500% BB- LPN ISE
VTB Credit Suisse, UBS, VTB Capital 3-Jul-2014 24-Oct-2024 10 CHF 3505% to 24 Oct 2019, then 5Y CHF Swap
Rate + 4.64%BBB- LPN SIX
GazprombankGazprombank, Credit Suisse, Deutsche Bank, Societe Generale
26-Jun-2014 1-Jul-2019 5 EUR 1,000 4.000% BBB- LPN ISE
SberbankBarclays Capital, BNP Paribas, Deutsche Bank, Sberbank CIB
23-Jun-2014 15-Nov-2019 5 EUR 1,000 3.352% BBB (Fitch) LPN ISE
Alfa-Bank Alfa-Bank, Commerzbank, UBS 4-Jun-2014 10-Jun-2017 3 EUR 350 5.500% BB- LPN ISE
M2M Private Bank Promsvyazbank 25-Apr-2014 25-Oct-2019 5 USD 34 9.000% unrated LPN OTC
SovCo Capital Partners B.V.
VTB Capital 23-Apr-2014 25-Apr-2018 4 USD 100 12.500% unrated LPN OTC
TatfondbankRegion, Bank of America Merrill Lynch, Otkritie bank
22-Apr-2014 28-Apr-2017 3 USD 70 11.000% B LPN WBAG
PromsvyazbankGoldman Sachs, ING, Promsvyzbank, UBS
14-Mar-2014 17-Mar-2021 7 USD 100 10.500% BB LPN ISE
Sberbank Sberbank CIB 4-Mar-2014 7-Mar-2019 5 EUR 500 3.080% Baa1(Moody's) LPN OTC
Sberbank Sberbank CIB 4-Mar-2014 6-Mar-2019 5 USD 500 4.150% Baa1(Moody's) LPN OTC
GazprombankBank of America Merrill Lynch, Gazprombank, ING, JP Morgan
26-Feb-2014 5-Sep-2019 5 USD 750 4.960% BBB- LPN ISE
SberbankBank of America Merrill Lynch, Credit Suisse, Deutsche Bank, Sberbank CIB
18-Feb-2014 26-Feb-2024 10 USD 1,000
5.5% to 26 Feb 2019, then 5 Year Constant Maturity Treasury Yield +
4.023%
BBB (Fitch) LPN ISE
Russian Agricultural Bank
JP Morgan, RBS, VTB Capital 18-Feb-2014 25-Jul-2018 4 USD 500 5.100% BBB (Fitch) LPN ISE, BSE
VTBVTB Capital, Sumitomo Mitsui Banking Corporation Europe Limited
31-Jan-2014 3-Aug-2018 4 RUB 10,900 N/A Baa2 (Moody's) SecuritisationPrivate
placement
GazprombankBOC International Asia, GPB Financial Services, HSBC
23-Jan-2014 30-Jan-2017 3 CNY 1,000 4.250% BBB- LPN ISE, BSE
Gazprombank Credit Suisse, Gazprombank, UBS 16-Jan-2014 13-May-2024 10 CHF 325 5.125% BBB- LPN SIX, BSE
Corporate issuersIssuer Lead Managers Pricing Date Maturity Tenor CCY¹
Size (mln)
Coupon Rating Type² Listing Venue³
EvrazBarclays, ING, JP Morgan, Gazprombank, Societe Generale, VTB Capital
9-Jun-2016 31-Jan-2022 6 USD 500 6.750% BB- Notes ISE
SovcomflotCitigroup, ING, JP Morgan, Sberbank CIB, VTB Capital
9-Jun-2016 16-Jun-2023 7 USD 750 5.375% BB+ Senior notes ISE
NLMKDeutsche Bank, ING, JP Morgan, Societe Generale
8-Jun-2016 15-Jun-2023 7 USD 700 4.500% BBB- (Fitch) LPN ISE
Vympelcom Barclays, Citigroup, ING 11-May-2016 26-Apr-2020 4 USD 500 6.250% BB Senior notes LUX
Vympelcom Barclays, Citigroup, ING 11-May-2016 26-Apr-2023 7 USD 700 7.250% BB Senior notes LUX
SeverstalCitigroup, Deutsche Bank, JP Morgan, Societe Generale
26-Apr-2016 29-Apr-2021 5 USD 200 0.500% BB+ Guaranteed СB unlisted
Global PortsING, JP Morgan, RBI Group, Sberbank CIB, UniCredit Group, VTB Capital
11-Apr-2016 25-Jan-2022 6 USD 350 6.872% BB +(Fitch) Guaranteed notes ISE
KoksGazprombank, Renaissance Capital, Sberbank CIB
16-Mar-2016 28-Dec-2018 3 USD 201 10.750% B- LPN (EO) ISE
EvrazBarclays, Goldman Sachs, JP Morgan, Sberbank CIB, UniCreditGroup, VTB Capital
10-Dec-2015 28-Jan-2021 5 USD 750 8.250% BB- Notes ISE
GazpromBanca IMI, JP Morgan, UniCredit Group
8-Oct-2015 15-Oct-2018 3 EUR 1,000 4.625% BB+ LPN ISE
Norilsk NickelBarclays, Citigroup, ING, UniCredit Group, SocieteGenerale
6-Oct-2015 14-Oct-2022 7 USD 1,000 6.625% BBB- LPN ISE
KoksCitigroup, Renaissance Capital, Sberbank CIB
2-Jul-2015 28-Dec-2018 3 USD 136 10.750% B LPN (EO) ISE
Petropavlovsk Deutsche Bank AG 18-Mar-2015 18-Mar-2020 5 USD 100 9.000% unratedGuaranteed СB
(EO)LSE
Russian RailwaysBarclays Capital, Citigroup, JP Morgan, VTB Capital
27-Feb-2014 6-Mar-2023 9 USD 500 4.600% BBB LPN ISE
Gazprom CIBC, Gazprombank, JP Morgan 19-Feb-2014 26-Feb-2021 7 EUR 750 3.600% BBB LPN ISE
10
Legend
¹ CCY
AUD – Australian dollar; CHF – Swiss franc; CNY – Chinese yuan; CZK – Czech koruna; EUR – euro; GBP – British pound sterling; RUB – Russian rouble; TRY – Turkish lira; USD – United States dollar
² Type
Analysis excludes European Commercial Paper issues.
CB – Convertible Bonds; EO – Exchange Offer; Dim Sum – bonds denominated in Chinese Yuan; LPN – Loan Participation Notes; SVGN – Sovereign bonds
³ Listing Venue
BSE – Berlin Stock Exchange; FWB – Frankfurt Stock Exchange; ISE – Irish Stock Exchange; LSE – London Stock Exchange; LUX – Luxemburg Stock Exchange; OTC – Over-the-counter market; SGX – Singapore Exchange; SIX – SIX Swiss Exchange; WBAG – Vienna Stock Exchange
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24.06.2016