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Securities Market Newsletter SSEECCUURRIIITTIIIEESS MMAARRKKEETT NNEEWWSSLLEETTTTEERR weekly Presented by: VTB Bank, Custody February 11, 2021 Issue No. 2021/05 Market News Finance Ministry places RUB 49.398 bln of OFZ bonds On February 11, 2021 it was stated that Russia’s Finance Ministry had placed RUB 49.398 bln of OFZ government bonds at two auctions on February 10. At the first auction, the ministry placed RUB 28.846 bln of OFZ 26235 government bonds maturing in March 2031. The cut-off price amounted to 96.305% of a face value, and the weighted average price stood at 96.5309%. The cut-off yield amounted to 6.5% and the weighted average yield to 6.47%. Demand totaled RUB 47.656 bln. At the second auction, the authority placed RUB 16.206 bln of OFZ 26234 bonds maturing in July 2025. The cut-off price amounted to 95.64% of a face value, and the weighted average price stood at 95.6793%. The cut-off yield amounted to 5.7% and the weighted average yield to 5.69%. Demand totaled RUB 73.687 bln. At the third auction, the authority placed RUB 4.346 bln of OFZ 52003 bond with maturity in July 2030. The cut-off price amounted to 100.01% of a face value, and the weighted average price stood at 100.1769%. The cut-off yield amounted to 2.51% and the weighted average yield to 2.49%. Demand totaled RUB 10.131 bln. Company News Russia's USC denies planned acquisition by Rostec On February 5, 2021 chairman of the Board of Directors of USC Georgy Poltavchenko said that acquisition of United Shipbuilding Corporation (USC) by state corporation Rostec is not on the agenda. He also added that that USC is unlikely to become part of Rostec in the future. VEB.RF invests RUB 100 bln in Russian Railways’ perpetual bonds On February 5, 2021 Vice President of State development corporation VEB.RF Alexander Popov told reporters that the corporation had invested around RUB 100 bln of the pension savings in Russian Railways’ perpetual bonds. It was mentioned in the statement that those two issues were the most secured with a floating rate so there was no market risk. It was also said that VRB.RF would also consider similar instruments of other companies. VEB.RF manages pension savings of people who did not choose a private pension fund. Russian Railways earlier sold seven issues of perpetual bonds worth RUB 313 bln. Sistema board doubles exchange bond program to RUB 400 bln On February 8, 2021 it was stated that the board of directors of Russian multi-industry holding Sistema had decided to raise the volume of the company’s exchange bond program to RUB 400 bln from RUB 200 bln. Under the exchange bond program registered in September 2015, the company may offer bonds for up to 10 years. At present, Sistema has RUB 157.2 bln worth of bonds in circulation. STLC to buy back 2021 Eurobonds for USD 1,022 per security On February 8, 2021 it was stated that State Transport Leasing Company (STLC) would buy back Eurobonds maturing in 2021 of a par value of USD 1,000 for USD 1,021.5 per security, the company said in a statement on Monday. The 5-year issue was placed in July 2016 at a yield of 5.95% annually; USD 350 mln of the issue are in circulation. Alfa-Bank raises exchange bond offer to RUB 12 bln On February 9, 2021 it was stated that Alfa-Bank had raised the amount of offering of 3-year exchange bonds to RUB 12 bln from at least RUB 5 bln. The final coupon guidance amounts to 6.2% and corresponds to a 6.3% yield to maturity. The initial coupon guidance stood at 6.25–6.40% annually, which corresponded to a 6.35–6.50% annual yield to maturity. Technical placement is scheduled for February 19. The issue carries semiannual coupons. Alfa-Bank organizes the offering. 1 VIS Finance to offer RUB 2 bln of 3-year bonds in March On February 9, 2021 it was disclosed that VIS Finance, part of Russian infrastructural group of companies VIS, planned to offer RUB 2 bln rubles of 3-year exchange bonds on March 10–20. The issue will carry quarterly coupons. The coupon guidance will be set later. Alfa-Bank, BCS Global Markets, VTB Capital, Gazprombank, Otkritie Financial Corporation (FC) Bank, Russian Agricultural Bank and Sovcombank are the organizers. Cbank sells RUB 9.5 bln out of RUB 48.4 bln coupon bond offer On February 9, 2021 it was stated that Russia’s central bank had placed RUB 9.532 bln of coupon bonds at an auction with a limit of RUB 48.424 bln. The cut-off price stood at 100%, while the weighted average price amounted to 100.0004%. The settlement date is February 10. The first RUB 150 bln issue of coupon bonds was placed in August 2017. Europlan raises bond offer to RUB 11 bln On February 9, 2021 it was disclosed that Russian leasing company Europlan had raised the amount of offering of 3.5-year exchange bonds to RUB 11 bln from at least RUB 5 bln. The final coupon guidance amounts to 7.1% annually. The issue carries quarterly coupons and amortizing repayment. The technical placement is preliminarily scheduled for February 16. Alfa-Bank, brokerage company Region, BCS Global Markets, VTB Capital, Credit Bank of Moscow and Sovcombank are the placement organizers Management of M.Video-Eldorado supports SPO - shareholders to decide On February 9, 2021 CEO of M.Video-Eldorado, Russia’s largest electronic goods and household appliances retailer, Alexander Izosimov said during the company’s strategy day that the management supported the idea of doing a secondary public offering (SPO) of the company’s shares, but it is for the shareholders to decide. The CEO mentioned that the more liquid the shares are, the better it is for the shareholders and for the company, since crystallization of the company’s value and setting the price of the company are a more efficient and direct reflection of what the company is. Financial group Safmar of tycoon Mikhail Gutseriyev owns 73.5% in M.Video–Eldorado through Cyprus-registered Ericaria Holdings Ltd, while Germany’s Media- Saturn-Holding has 15%. Otkritie FC Bank raises 5-year bond offer to RUB 15 bln On February 10, 2021 it was reported that Russia’s Otkritie Financial Corporation (FC) Bank had increased the placement volume of its 5-year exchange bonds to RUB 15 bln from at least RUB 10 bln. The initial coupon guidance was set at 6.25–6.35% annually, it was later narrowed to 6.25–6.3% annually. Finally, the guidance was set at 6.25% annually, which corresponds to a 6.35% annual yield to a 3-year buyback offer. The bonds carry semiannual coupons. The technical placement is preliminarily scheduled for February 12. Otkritie FC Bank, Credit Bank of Moscow, and brokerage company Region will act as organizers. HCF Bank sets RUB 5 bln bond final guidance at 6.85% On February 10, 2021 it was disclosed that Russia’s Home Credit & Finance Bank (HCF Bank) had set the final coupon guidance for RUB 5 bln 5-year exchange bonds at 6.85% annually. The initial first coupon guidance amounted to 6.85–7.00%, which corresponded to a yield of 7.03–7.19% to a 3-year buyback offer. The technical placement is preliminarily scheduled for February 12. BCS Global Markets, Gazprombank, Credit Bank of Moscow, and Russian Agricultural Bank will act as organizers. Samolet cuts guidance for 3-year bond to 9.05–9.2% On February 11, 2021 it was reported that Russian real estate developer Samolet Group had reduced the coupon guidance for RUB 10 bln of 3-year exchange bonds to 9.05–9.2% annually from no more than 9.25% annually. Initially, the coupon guidance was set at 9.25–9.50% annually, which corresponded to a yield to maturity of 9.46–9.73%, and the placement volume amounted to RUB 6 bln. Bids for the bonds are collected on February 11. The technical placement is preliminarily scheduled for February 18. The issue carries semiannual coupons. VTB Capital, Gazprombank, Alfa-Bank, and Sovcombank act as organizers. Promsvyazbank sets final bond guidance at 6.4% On February 11, 2021 it was reported that Russia’s Promsvyazbank set the final coupon guidance for RUB 10–15 bln of 3-year exchange bonds at 6.4% annually. The initial guidance was set at 6.4–6.5% annually, which corresponded to a 6.5–6.61% annual yield to maturity, it was later narrowed to 6.4–6.45% annually. The bank is collecting bids for the bonds on February 11. The issue will carry semiannual coupons. The technical placement is preliminarily scheduled for February 17. Gazprombank, Credit Bank of Moscow, Otkritie Financial Corporation (FC) Bank, Promsvyazbank, brokerage company Region, and Sovcombank will act as organizers. 2 Dividends Sovcombank owners approve paying RUB 5.5 bln in dividends On February 4, 2021 it was stated that the shareholders of Russia’s Sovcombank had approved paying RUB 0.279 per common share, or a total of RUB 5.5 bln in dividends using undistributed profits for previous years. The record date for the dividends is February 14. M.Video-Eldorado to pay at least 100% of IFRS profit in dividends On February 9, 2021 it was stated that Russia’s electronics and household appliances seller M.Video- Eldorado Group plans to earmark at least 100% of net profit calculated under International Financial Reporting Standards (IFRS) for dividends.
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