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Market News SECURITIES MARKET NEWS LETTER Weekly SSEECCUURRIIITTIIIEESS MMAARRKKEETT NNEEWWSSLLEETTTTEERR weekly Presented by: VTB Bank, Custody August 5, 2021 Issue No. 2021/29 Market News Moscow Exchange to allow trade in all U.S. S&P 500 shares On July 29, 2021 Director of the Shares Market Department of The Moscow Exchange Boris Blokhin stated that the bourse plans to extend the number of traded foreign stocks to over 1,000 in 2022, including all the securities of the U.S. S&P 500 index. Blokhin said that they are aggressive enough in their plans to add foreign securities. There are 173 foreign shares and depositary receipts now, and it is planned to add 30 new soon. From September, it is expected to expand access to foreign stocks significantly to reach the figure of over 500 until the end of the year, and to over 1,000 in 2022. Blokhin added that currently the exchane focuses on the U.S. stocks, and will allow trade of the entire list of the S&P 500 index with 505 shares. Later they will explore several other jurisdictions, first of all, Europe and Asia. Blokhin also said that trading in foreign stocks already accounts for 4% of the bourse’s stock market turnover. Central bank sells RUB 4.4 bln of coupon bonds out of RUB 120 bln offer On August 3, 2021 it was disclosed that Russia’s central bank had sold RUB 4.394 bln of coupon bonds during the day out of a RUB 120.241 bln limit. Demand totaled RUB 4.409 bln. The cut-off price amounted to 100% of a face value and the weighted average to 100.0001%. The settlement date was August 4. Finance Ministry places RUB 75.278 bln OFZ bonds On August 4, 2021 it was stated that Russia’s Finance Ministry had placed RUB 75.278 bln of OFZ government bonds at two auctions during the day. At the first auction, the ministry placed RUB 55.429 bln of OFZ 26239 government bonds with a fixed coupon maturing in July 2031. The cut-off price amounted to 99.2515% and the weighted average price to 99.4652%. The cut-off yield amounted to 7.12% and the weighted average yield stood at 7.09%. Demand totaled RUB 103.332 bln. At the second auction, the ministry placed RUB 19.849 bln of OFZ 26238 bonds with a fixed coupon maturing in May 2041. The cut-off price amounted to 99.0877% and the weighted average price stood at 99.3499%. The cut-off yield amounted to 7.31% and the weighted average yield amounted to 7.29%. Demand totaled RUB 41.703 bln. Amount of private investors on Moscow Exchange rises by 446,000 in July On August 4, 2021 it was stated that the amount of individuals with broker accounts on the Moscow Exchange had grew by 446,000 people in July to 13.2 mln people, and about 1.9 mln of them conducted deals in the month. Private investors invested RUB 34 bln into Russian shares on the Moscow Exchange, RUB 43 bln into bonds, and RUB 8.3 bln into exchange unit investment funds and ETF funds. Corporate bonds accounted for 83.3% of investment in the sector, while state bonds accounted for 11.2% and Eurobonds for 5.5%. The share of private investors in the stock trade stood at 36.3%, in the bond market at 15.2%, in the futures market at 42.6%, and on the foreign currency spot market at 12.1%, the bourse said. 1 Company News Sistema acquires Russian helicopter company AltaiAvia On July 29, 2021 it was stated that Sistema Telecom Assets, a subsidiary of Russian multi-industry holding Sistema, had acquired 100% in helicopter company AltaiAvia that provides air transportation services in the republic of Altai. The details of the deal were not provided. AltaiAvia owns 11 helicopters and the infrastructure, including an airfield for light aircraft, a hangar for parking and servicing of aircraft, a landing pad for small helicopters, and a hotel for personnel. The company is in close proximity to the touristic routes of the Altai Mountains and other assets of Sistema – the airport of Gorno-Altaisk and eco-hotel Cosmos Collection Altay Resort. The acquisition of AltaiAvia, the only airline in the Altai Mountains with its own fleet and on-land infrastructure, will allow Sistema to enter the promising market of small aviation, and meets its strategy for development of the aviation and touristic cluster in the region. M.Video to offer RUB 5 bln exchange bonds On August 2, 2021 it was reported that Russian electronics retailer M.Video plans to accept bids for at least RUB 5 bln of 3-year exchange bonds on August 6. The yield guidance amounts to no more than 175 basis points to 3-year government OFZ bonds. The issue carries quarterly coupons. Technical placement is scheduled for the week starting August 9. Alfa-Bank, Gazprombank, Credit Bank of Moscow, Russian Agricultural Bank, SberCIB and Sovcombank are the organizers. Antitrust allows Mosenergo to buy 100% in Rusenergosbyt On August 2, 2021 it was stated that the Federal Antimonopoly Service had approved a request of power utility Mosenergo, a unit of Gazprom Energoholding, to buy 100% in Rusenergosbyt, the main power supplier of Russian Railways, under some conditions. Under the deal, Mosenergo now has to provide accurate and high-quality plans of purchases of power on the wholesale market, and to report to the antimonopoly watchdog on a quarterly basis. The condition was set as Mosenergo produces power for the wholesale market, while Rusenergosbyt buys and sells power. The conditions also stipulate that Mosenergo’s plans should not differ greatly from the figures defined by the conditions. The measure should allow the companies to avoid an increase of prices on the wholesale market due to higher demand that is not backed by physical power consumption. The plans should be based on hourly consumption calculated on the results of the competitive outtake of daily pricing bids in the European part of Russia and in the Urals Federal District. Russian Agricultural Bank sets 1st coupon of USD 100 mln bond at 1.4% On August 2, 2021 it was stated that Russian Agricultural Bank had set the first coupon’s rate for USD 100 mln 3-year exchange bond at 1.4% annually. The issue carries monthly coupons. The technical placement took place on August 3. VimpelCom to hold EGM to elect new board of directors on September 30 On August 2, 2021 it was stated that the board of directors of Russian mobile operator VimpelCom, working as Beeline, had decided to hold an extraordinary general meeting (EGM) of shareholders on September 30 to elect a new membership of the board. The shareholder register for the meeting will close on August 10. Completed voting ballots will be accepted by post through September 28. A list of the candidates to be elected to the board of directors has a new name of Michael Schulz, group chief people officer at VEON, VimpelCom’s sole owner. Lenta closes purchase of Billa supermarkets for EUR 225 mln On August 3, 2021 it was stated that retailer Lenta had closed an acquisition of Russian supermarkets Billa for about EUR 225 mln. The price reflects some adjustments at the moment of finishing the transaction related to the cash, debt and working capital of Billa Russia. Lenta earlier set the deal at EUR 215 mln. The combined shopping space of 161 Billa supermarkets amounts to 138,051 square meters with the bulk of them in Moscow and the Moscow Region. Lenta plans to integrate Billa’s supermarkets and employees in 12 months, while the Billa brand will cease to exist following the integration. After the deal, Lenta will become the second largest retailer in Moscow and the Moscow Region by the number of stores. G-Group to accept bids for RUB 3 bln 3-year bond on August 11 On August 3, 2021 it was reported that Russia’s Tatarstan republic-based real estate developer G-Group plans to accept bids for RUB 3 bln of 3-year exchange bonds on August 11. The first coupon guidance is set at below 11.5%, which corresponds to a yield of 12.01% annually. The issue will carry quarterly coupons and amortization in parts. The technical placement date will be announced later. Alfa-Bank, Otkritie Financial Corporation (FC) Bank, Sovcombank, BCS Global Markets, ITI Capital and Septem Capital are the organizers. 2 Central bank starts taking bids for Otkritie Bank sale On August 3, 2021 it was stated that the central bank had started taking bids from strategic investors for an organized auction for Otkritie Financial Corporation (FC) Bank. It was also mentioned that at the same time, the Bank of Russia was considering an alternative way of selling the bank’s shares to a strategic investor, this is why the Bank of Russia starts studying interest of potential investors in acquisition of the bank’s shares. Bids collection is to understand the interest, depending on which the authority may spin off Otkritie FC Bank’s insurance business or its pension business before the sale. The way of the sale will be defined after analysis of the bids, the authority said. According to the materials of the regulator, it may sell at least 50% plus one share in Otkritie FC Bank, and if interest is high, the auction may happen until the end of 2021. The central bank may sell the stake to a strategic investor, or in parts through different procedures.
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