DOCSLIB.ORG

Russian Eurobond Statistics

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Russian Eurobond Statistics www.pwc.ru/capital-markets Russian Eurobond statistics from 1 January 2017 to 30 June 2019 Introduction Number of issues and total proceeds* Proceeds, USD mln This analysis contains a selection of $ Average deal size, Eurobonds by Russian issuers from $ USD mln 1 January 2017 to 30 June 2019 and therefore may not be a full list of all Number of issues 46,452 Eurobond deals for this period. The information was compiled from public 81 sources, CBonds and BofA Merrill Lynch 20,608 Global Research. The Eurobond issues are presented by pricing date and separately for financial services and corporate issuers. 13,001 41 Unless otherwise indicated, the analysis 10,354 includes credit ratings by Standard & Poor's. 7,818 6,917 5,162 29 24 17 10 14 2013 2014 2015 2016 2017 2018 6m 2019 573 431 516 448 503 460 494 * excluding sovereign issues 3 Yield curves by Financial services issuers Legend Issuers credit rating* Trend BBB+, BBB, BBB- (USD) 8% 6% % 4% Yield Yield 2% 0% 0 1 2 3 4 5 6 7 8 9 10 11 Duration, years BB+, BB, BB- (USD) 18% 15% 12% % 9% 6% Yield Yield 3% 0% 0 1 2 3 4 5 6 Duration, years B+,B+, B, B, B B--(USD)(USD) 60% 40% % % Yield Yield 20% Yield Yield 0% 0 1 1 2 2 3 43 Duration,Duration, years years 4 Corporate issuers BBB+, BBB, BBB- (USD) 6% 5% 4% % 3% 2% Yield Yield 1% 0% 0 1 2 3 4 5 6 7 8 9 10 11 12 Duration, years BB+, BB, BB- (USD) 6% 4% % 2% Yield Yield 0% 0 1 2 3 4 5 Duration, years B+, B, B- (USD) 10% 8% 6% % 4% Yield Yield 2% 0% 0 1 2 3 4 Duration, years * Source: Сbonds database (c) LLC Cbonds.ru 5 Market Indices Emerging Markets* EMCB - Emerging Markets Corporate Plus Index EMFS - Financial Emerging Markets Corporate Plus Index EMNS - Non-Financial Emerging Markets Corporate Plus Index 8 7 6 5 4 3 Effective Interest Rate, Interest Effective % 2 1 0 Jan-14 Jun-14 Nov-14 Apr-15 Sep-15 Feb-16 Jul-16 Dec-16 May-17 Oct-17 Mar-18 Aug-18 Jan-19 Jun-19 EM1B - AAA-A Emerging Markets Corporate Plus Index EM2B - BBB Emerging Markets Corporate Plus Index EM3B - BB Emerging Markets Corporate Plus Index EM4B - B & Lower Emerging Markets Corporate Plus Index 18 16 14 12 10 8 6 4 Effective Interest Rate, Interest Effective % 2 0 * Source: BofA Merrill Lynch Global Research Jan-14 Jun-14 Nov-14 Apr-15 Sep-15 Feb-16 Jul-16 Dec-16 May-17 Oct-17 Mar-18 Aug-18 Jan-19 Jun-19 6 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 17 16 15 14 13 12 11 10 9 8 7 6 Effective Interest Rate, Interest Effective % 5 4 3 2 ** Source: Сbonds database (c) LLC Cbonds.ru 7 Financial services issuers Listing Issuer Lead Managers Pricing Date Maturity Tenor CCY¹ Size (mln) Coupon Rating Type² Venue³ Renaissance Credit Renaissance Capital Jun-2019 Dec-2024 6 EUR 50 10.000% B LPN ISE Gazprombank, JP Morgan, Societe State Transport Guaranteed Generale, VTB Capital, Sovcombank, Apr-2019 Apr-2025 6 USD 500 5.950% BB (Fitch) ISE notes Leasing Company Renaissance Capital Citigroup, Societe Generale, Credit Bank of Moscow Commerzbank, ING, Credit Bank of Mar-2019 Jun-2024 5 USD 500 7.121% BB- LPN ISE Moscow Citigroup, Societe Generale, Gazprombank, Credit Bank of Moscow Feb-2019 Feb-2024 5 EUR 500 5.150% BB- LPN ISE ING, Credit Bank of Moscow Alfa-Bank Alfa-Bank, JP Morgan Jan-2019 Aug-2022 4 RUB 10,000 9.350% BB+ LPN ISE Floating rate BCS BCS Apr-2018 Apr-2028 10 USD 150 0% B+ ISE notes BK Region, Credit Suisse, JP Morgan, ING, Credit Bank of Moscow Feb-2018 Feb-2023 5 USD 500 5.550% BB- LPN ISE Societe Generale, UniCredit 6M LIBOR USD + Floating rate BCS BCS Feb-2018 Feb-2028 10 USD 100 B+ ISE 0.5% notes 6M LIBOR USD + Floating rate BCS BCS Jan-2018 Jan-2028 10 USD 300 B+ ISE 0.5% notes 6.95% until 30.04.2023, Index + Alfa-Bank Alfa-Bank, UBS Jan-2018 perpetual N/A USD 500 4.572% from B (Fitch) LPN ISE 30.04.2023 to maturity Alfa-Bank UBS Oct-2017 Nov-2022 5 CHF 165 2.875% BB (Fitch) LPN SIX 8.75% to 2023, 5Y Gazprombank, RBI Group, Renaissance Promsvyazbank Jul-2017 perpetual N/A USD 500 USD Swap Rate + BB- LPN ISE Capital 6.807% after Alfa-Bank Alfa Bank, Citigroup Jul-2017 Jul-2021 4 RUB 10,000 8.900% BB+ (Fitch) LPN ISE SimpleFinance Renaissance Capital Jun-2017 Jul-2020 3 USD 30 10.500% unrated no data FWB BCP Securities, Renaissance Capital, UBS, 9.25% to 2022, 5Y Tinkoff Bank BK Region, Pareto Securities, JP Morgan, Jun-2017 perpetual N/A USD 300 UST Yield + 7.592% BB- (Fitch) LPN ISE BCS after Alfa-bank, Gazprombank, JP Morgan, State Transport Guaranteed Renaissance Capital, Societe Generale, May-2017 May-2024 7 USD 500 5.125% Ba2 (Moody’s) ISE notes Leasing Company VTB Capital Citigroup, Credit Suisse, HSBC, JP 8.875% till 2022, Credit Bank of Moscow Morgan, RBI Group, BК Region, Societe Apr-2017 perpetual N/A USD 700 5Y USD Swap Rate BB (Fitch) LPN ISE Generale + 6.942% after Citigroup, HSBC, Credit Suisse, ING, JP 7.5% till Oct 2017, Credit Bank of Moscow Morgan, RBI Group, BК Region, Societe Mar-2017 Oct-2027 11 USD 600 5Y USD Swap Rate BB (Fitch) LPN ISE Generale, UniCredit + 5.416% after Alfa-Bank Alfa-bank, ING, UBS Mar-2017 Apr-2020 3 EUR 400 2.626% BB+ (Fitch) LPN ISE Alfa-Bank Alfa-bank, JP Morgan Feb-2017 Feb-2022 5 RUR 10,000 9.250% BB+ (Fitch) LPN ISE 8 Corporate issuers Listing Issuer Lead Managers Pricing Date Maturity Tenor CCY¹ Size (mln) Coupon Rating Type² Venue³ JP Morgan, Gazprombank, Renaissance Guaranteed Petropavlovsk Jun-2019 Jul-2024 5 USD 125 8.250% B- LSE Capital, VTB Capital CB Guaranteed MMK Citigroup, JP Morgan, Societe Generale Jun-2019 Jun-2024 5 USD 500 4.375% Baa2 Moody's ISE notes Societe Generale, JP Morgan, UniCredit, NLMK May-2019 May-2026 7 USD 500 4.700% Baa2 Moody's LPN ISE ING Russian Railways May-2019 May-2027 8 EUR 500 2.200% Baa2 (Moody's) LPN ISE JP Morgan, UniCredit, VTB Capital ALROSA Gazprombank, JP Morgan, VTB Capital Apr-2019 Apr-2024 5 USD 500 4.650% Baa2 (Moody's) Notes ISE Russian Railways JP Morgan, Sberbank CIB, VTB Capital Mar-2019 Oct-2025 7 RUB 20,000 8.800% Baa2 (Moody's) LPN ISE Bank of America Merrill Lynch, Evraz Gazprombank, ING, JP Morgan, Sberbank Mar-2019 Apr-2024 5 USD 700 5.250% BB+ Notes ISE CIB Citigroup, JP Morgan, Sberbank CIB, EuroChem Mar-2019 Mar-2024 5 USD 700 5.500% BB (Fitch) Notes ISE Societe Generale, UniCredit, VTB Capital Gazprombank, JP Morgan, Banca IMI, Credit Gazprom Agricole CIB, Mizuho Financial Group, Renaissance Capital, SMBC Nikko Capital, Feb-2019 Feb-2026 7 USD 1,250 5.150% BBB- LPN ISE VTB Capital JP Morgan, Mizuho Financial Group, Guaranteed Gazprom Dec-2018 Dec-2028 10 JPY 65,000 1.010% BBB- not listed SMBC Nikko Capital, Gazprombank bonds Gazprombank, VTB Capital, JP Morgan, RusHydro Nov-2018 Jan-2022 3 RUB 15,000 8.975% BBB- LPN ISE Sberbank CIB RusHydro Gazprombank, VTB Capital, JP Morgan Nov-2018 Nov-2021 3 CNY 1,500 6.125% BBB- LPN ISE Gazprom Gazprombank, JP Morgan, UniCredit Nov-2018 Jan-2024 5 EUR 1,000 2.949% BBB- LPN ISE Deutsche Bank, Gazprombank, JP Morgan, Gazprom Mar-2018 Mar-2026 8 EUR 750 2.500% BBB- LPN ISE Renaissance Capital, VTB Capital Gazprombank, Renaissance Capital, UBS, Gazprom Feb-2018 Mar-2023 5 CHF 750 1.450% BBB- (Fitch) LPN SIX VTB Capital Credit Suisse, RBI Group, Societe DME Airport Limited Feb-2018 Feb-2023 5 USD 300 5.075% BBB- (Fitch) LPN ISE Generale, UBS Gazprombank, JP Morgan, VTB Capital, RusHydro Feb-2018 Feb-2021 3 RUB 20,000 7.400% BB+ LPN ISE Sberbank CIB Citigroup, Credit Bank of Moscow, Credit Senior Suisse, Gazprombank, JP Morgan, Natixis, unsecured RUSAL Jan-2018 Feb-2023 5 USD 500 4.850% BB- (Fitch) ISE Renaissance Capital, Sberbank CIB, guaranteed Sovcombank, UniCredit, VTB Capital notes Gazprombank, JP Morgan, Renaissance Guaranteed Polyus Jan-2018 Jan-2024 6 USD 500 4.700% Ba1 (Moody's) LSE Capital, Sberbank CIB, VTB Capital notes Guaranteed Polyus Deutsche Bank, JP Morgan, Sberbank CIB Jan-2018 Jan-2021 3 USD 250 1.000% Ba1 (Moody's) LSE CB 9 Corporate issuers Listing Issuer Lead Managers Pricing Date Maturity Tenor CCY¹ Size (mln) Coupon Rating Type² Venue³ Bank of America Merrill Lynch, Citigroup, JP PhosAgro Morgan, RBI Group, Renaissance Capital, Sberbank CIB, Societe Generale, UBS, Jan-2018 Apr-2023 5 USD 500 3.949% BBB- LPN ISE UniCredit, VTB Capital Credit Agricole CIB, Deutsche Bank, Gazprom Nov-2017 Nov-2024 7 EUR 750 2.250% BBB- (Fitch) LPN ISE Gazprombank, UniCredit, VTB Capital Citigroup, JP Morgan, VTB Capital, Guaranteed Petropavlovsk plc Nov-2017 Nov-2022 5 USD 500 8.125% B- ISE Sberbank CIB notes Russian Railways Barclays, Sberbank CIB, VTB Capital Oct-2017 Oct-2024 7 RUB 15,000 7.900% BBB- (Fitch) LPN ISE Gazprombank, Goldman Sachs, ING, JP Guaranteed SIBUR Sep-2017 Oct-2023 6 USD 500 4.125% BB+ (Fitch) ISE Morgan, Sberbank CIB notes Gazprombank, VTB Capital, JP Morgan, RusHydro Sep-2017 Sep-2022 5 RUB 20,000 8.125% BB+ LPN ISE Sberbank CIB ING, JP Morgan, Societe Generale, NLMK Sep-2017 Sep-2024 7 USD 500 4.000% BBB- LPN ISE UniCredit Russian Railways Credit Suisse, JP Morgan, VTB Capital Sep-2017 Oct-2023 6 CHF 450 2.100% BBB- (Fitch) LPN SIX China International Capital Corporation RUSAL Plc Sep-2017 Sep-2020 3 CNY 500 5.500% BB- (Fitch) Panda bonds SSE (CICC) Deutsche Bank, Gazprombank, JP Morgan, Gazprom Jul-2017 Jul-2022 5 CHF 500 2.250% BBB- (Fitch) LPN SIX VTB Capital Citigroup, Credit Agricole CIB, JP Morgan, EuroChem Jun-2017 Jul-2021 4 USD 500 3.950% BB (Fitch) Notes ISE Sberbank CIB, Societe Generale, UniCredit VEON Holdings Barclays, HSBC,
Load more

Recommended publications
  • Russian M&A Review 2017
    Russian M&A review 2017 March 2018 KPMG in Russia and the CIS kpmg.ru 2 Russian M&A review 2017 Contents page 3 page 6 page 10 page 13 page 28 page 29 KEY M&A 2017 OUTLOOK DRIVERS OVERVIEW IN REVIEW FOR 2018 IN 2017 METHODOLOGY APPENDICES — Oil and gas — Macro trends and medium-term — Financing – forecasts sanctions-related implications — Appetite and capacity for M&A — Debt sales market — Cross-border M&A highlights — Sector highlights © 2018 KPMG. All rights reserved. Russian M&A review 2017 3 Overview Although deal activity increased by 13% in 2017, the value of Russian M&A Deal was 12% lower than the previous activity 13% year, at USD66.9 billion, mainly due to an absence of larger deals. This was in particular reflected in the oil and gas sector, which in 2016 was characterised by three large deals with a combined value exceeding USD28 billion. The good news is that investors have adjusted to the realities of sanctions and lower oil prices, and sought opportunities brought by both the economic recovery and governmental efforts to create a new industrial strategy. 2017 saw a significant rise in the number and value of deals outside the Deal more traditional extractive industries value 37% and utility sectors, which have historically driven Russian M&A. Oil and gas sector is excluded If the oil and gas sector is excluded, then the value of deals rose by 37%, from USD35.5 billion in 2016 to USD48.5 billion in 2017. USD48.5bln USD35.5bln 2016 2017 © 2018 KPMG.
    [Show full text]
  • New Launches Major Clients (CIB) Sberbank CIB Was Recognized As
    Corporate Impact on society Financial results Foreign subsidiary Risk report governance banks New launches On February 1, 2018, the Business Environment platform of knowledge and services for entrepreneurs was launched. This helps to realize the “one-stop shop” principle in the digital space for services to small business (educational, banking and non-banking services, and government services in the digital space). The platform is built on the principle of an aggregator; at the first stage, it will work as a knowledge platform, and is planned to later host services required by entrepreneurs. With the support of the Ministry of Economic Development, the Federal Tax Service, and the Ministry of Communications, we launched Russia’s first online service for business registration and opening of a settlement account. It is now possible to become a sole proprietor without leaving home. Registration proceeds in five simple steps and takes no more than 30 minutes. As a pilot project, the service will be available from February 15 for entrepreneurs in Kaluga, Tula and Tver Oblasts. In March 2018 Sberbank launched an applications store for users of cash registers jointly with the largest operator of fiscal data in Russia, the OFD Platform. This service is available from Sberbank Business Online. The OFD store has useful services for retail and catering outlets, enterprises in the services sector and in other business areas where the processing of fiscal data is required. The services on offer include: • analytical tools (monitoring, control, analysis of sales indicators); • financial statements (reconciliation with the Federal Tax Service, Z-reports); • recommended services (recommendations on prices, locations); • synchronization with the business automation systems and loyalty store programs; • retail insurance services.
    [Show full text]
  • Russia: Investment Banking Review Full Year 2019 Refinitiv Deals Intelligence
    Russia: Investment Banking Review Full Year 2019 Refinitiv Deals Intelligence 1 QUARTERLY HIGHLIGHTS HIGHLIGHTS M&A FEES UP 151% M&A TOP FINANCIAL ADVISOR ECM FEES UP 808% VTB Capital DCM FEES UP 13% ECM TOP BOOK RUNNER Goldman Sachs & Co LOAN FEES DOWN -2% DCM TOP BOOK RUNNER ANY INV. M&A DOWN -5% VTB Capital TARGET M&A DOWN -5% M&A TOP TARGETED INDUSTRY ECM PROCEEDS UP 499% Industrials DCM PROCEEDS UP 12% DCM TOP ISSUING ECM TOP ISSUING Click on any of the above arrows to INDUSTRY INDUSTRY go straight to the analysis. Financials Materials CLICK BELOW TO SIGN UP FOR OUR NEWSLETTERS, PURCHASE CUSTOMIZED DATA OR FOLLOW US ON SOCIAL MEDIA: 2 REPORT SUMMARY INVESTMENT BANKING FEES Investment banking fees in Russia reached an estimated US$347.7 million during 2019, 80% more than the value recorded during 2018 when fees sunk to the lowest level since 2002. The 2019 Russian investment banking fee total is 31% less than the decade average of US$501.2 million annually. Fees generated from completed M&A transactions increased 151% year-on-year to US$87.4 million. Equity capital markets fees totalled US$103.4 million, more than nine-times the value earned during 2018, while debt capital markets underwriting fees increased 13% to US$103.3 million. Syndicated lending fees declined 2% to a seventeen-year low of US$53.9 million. Both equity and debt capital markets underwriting fees each accounted for 30% of the overall Russian investment banking fee pool. Syndicated lending fees accounted for a 15% cut, while M&A advisory fees accounted for 25%, the highest share since 2015.
    [Show full text]
  • Information on IRC – R.O.S.T., the Registrar of the Company and the Acting Ballot Committee of MMC Norilsk Nickel
    Information on IRC – R.O.S.T., the registrar of the Company and the acting Ballot Committee of MMC Norilsk Nickel IRC – R.O.S.T. (former R.O.S.T. Registrar merged with Independent Registrar Company in February 2019) was established in 1996. In 2003–2015, Independent Registrar Company was a member of Computershare Group, a global leader in registrar and transfer agency services. In July 2015, IRC changed its ownership to pass into the control of a group of independent Russian investors. In December 2016, R.O.S.T. Registrar and Independent Registrar Company, both owned by the same group of independent investors, formed IRC – R.O.S.T. Group of Companies. In 2018, Saint Petersburg Central Registrar joined the Group. In February 2019, Independent Registrar Company merged with IRC – R.O.S.T. Ultimate beneficiaries of IRC – R.O.S.T. Group are individuals with a strong background in business management and stock markets. No beneficiary holds a blocking stake in the Group. In accordance with indefinite License No. 045-13976-000001, IRC – R.O.S.T. keeps records of holders of registered securities. Services offered by IRC – R.O.S.T. to its clients include: › Records of shareholders, interestholders, bondholders, holders of mortgage participation certificates, lenders, and joint property owners › Meetings of shareholders, joint owners, lenders, company members, etc. › Electronic voting › Postal and electronic mailing › Corporate consulting › Buyback of securities, including payments for securities repurchased › Proxy solicitation › Call centre services › Depositary and brokerage, including escrow agent services IRC – R.O.S.T. Group invests a lot in development of proprietary high-tech solutions, e.g.
    [Show full text]
  • An Overview of Boards of Directors at Russia's Largest Public Companies
    An Overview Of Boards Of Directors At Russia’s Largest Public Companies Andrei Rakitin Milena Barsukova Arina Mazunova Translated from Russian August 2020 Key Results According to information disclosed by 109 of Russia’s largest public companies: “Classic” board compositions of 11, nine, and seven seats prevail The total number of persons on Boards of the companies under study is not as low as it might seem: 89% of all Directors were elected to only one such Board Female Directors account for 12% and are more often elected to the audit, nomination, and remuneration committees than to the strategy committee Among Directors, there are more “humanitarians” than “techies,” while the share of “techies” among chairs is greater than across the whole sample The average age for Directors is 53, 56 for Chairmen, and 58 for Independent Directors Generation X is the most visible on Boards, and Generation Y Directors will likely quickly increase their presence if the impetuous development of digital technologies continues The share of Independent Directors barely reaches 30%, and there is an obvious lack of independence on key committees such as audit Senior Independent Directors were elected at 17% of the companies, while 89% of Chairs are not independent The average total remuneration paid to the Board of Directors is RUR 69 million, with the difference between the maximum and minimum being 18 times Twenty-four percent of the companies disclosed information on individual payments made to their Directors. According to this, the average total remuneration is approximately RUR 9 million per annum for a Director, RUR 17 million for a Chair, and RUR 11 million for an Independent Director The comparison of 2020 findings with results of a similar study published in 2012 paints an interesting dynamic picture.
    [Show full text]
  • Net Profit) in 1Q’21
    TCS Group Holding PLC reports record quarterly profit for the period (net profit) in 1Q’21 Total revenues grew 21% to RUB 56.8 bn in 1Q’21 (1Q’20: RUB 46.9 bn) Net profit rose 57% to RUB 14.2 bn in 1Q’21 (1Q’20: RUB 9.0 bn) Tinkoff Investments assets under custody exceeded RUB 415 bn Non-credit business lines accounted for 43% of revenues and 24% of net profit Total customers reached 14.8 mn in 1Q’21 (1Q’20: 10.8 mn) LIMASSOL, CYPRUS — 11 May 2021. TCS Group Holding PLC (LI: TCS, MOEX: TCSG) (“Tinkoff”, “We”, the "Group", the “Company”), Russia's leading provider of online financial and lifestyle services via its Tinkoff ecosystem, today announces its consolidated IFRS results for the three months ended 31 March 2021. Oliver Hughes, CEO of Tinkoff Group, commented: “We continued to demonstrate profitable growth in the first quarter of 2021 with net profit reaching a new quarterly record of RUB 14.2 bn, as we charged full steam ahead, acquiring new customers and launching cool new features across our product lines. We continue to strengthen Tinkoff Investments by diversifying our investment offering. I am pleased to welcome Anton Malkov on board as the new Head of the Capital Markets Transactions Management Team at Tinkoff Investments to lead our new DCM and ECM effort with a focus on new-economy companies. In April we announced Tinkoff Group’s acquisition of a majority stake in Beskontakt LLC, the developer of the Koshelek app. A digital wallet and Russia’s only mobile app for aggregating bank cards, loyalty cards and coupons, the Koshelek app has a user base that exceeds 20 million and works with the country’s largest retailers.
    [Show full text]
  • Russia & Cis' Largest Virtual Capital Markets Event
    REGISTER YOUR PLACE TODAY AT WWW.BONDSLOANSRUSSIA.COM RUSSIA & CIS’ LARGEST VIRTUAL CAPITAL MARKETS EVENT 500+ 40+ 250+ 100+ 2,100+ SENIOR WORLD CLASS SOVEREIGN, CORPORATE INVESTORS CONTACTS AVAILABLE TO ATTENDEES SPEAKERS & FI BORROWERS NETWORK WITH ONLINE It’s great to have Bonds & Loans with us in all times - good and bad. Our team has particularly enjoyed the networking opportunities, the program is excellent too, and you’ve proved once again your reputation of the leading capital markets event in Russia. Dmitri Surkov, Global Head of Revenue Management, Fitch Ratings Gold Sponsor: Silver Sponsors: Bronze Sponsors: Corporate Sponsors: www.BondsLoansRussia.com BRINGING GLOBAL FINANCE LEADERS TOGETHER WITH THE RUSSIA & CIS CAPITAL MARKETS COMMUNITY Meet senior decision-makers from Russia & the CIS sovereigns, corporates and banks; share knowledge; debate; network; and move your business forward in the current economic climate without having to travel. 500+ 40+ 250+ SENIOR WORLD CLASS SOVEREIGN, CORPORATE 100+ ATTENDEES SPEAKERS & FI BORROWERS INVESTORS Access top market practitioners from Industry leading speakers will share Hear first-hand how local and international Leverage our concierge across the globe who are active in “on-the-ground” market intelligence industry leaders are navigating Russia & the meeting service the Russia & CIS markets, including: and updates on Russia & the CIS’s CIS’s current economic climate/what they to engage with global senior borrowers, investors, bankers & economic backdrop. Gain actionable expect in
    [Show full text]
  • Credit Spread Arbitrage in Emerging Eurobond Markets
    Credit Spread Arbitrage in Emerging Eurobond Markets Caio Ibsen Rodrigues de Almeida *,a ** Antonio Marcos Duarte, Jr. *** Cristiano Augusto Coelho Fernandes Abstract Simulating the movements of term structures of interest rates plays an important role when optimally allocating portfolios in fixed income markets. These movements allow the generation of scenarios that provide the assets’ sensitivity to the fluctuation of interest rates. The problem becomes even more interesting when the portfolio is international. In this case, there is a need to synchronize the different scenarios for the movements of the interest rate curves in each country. An important factor to consider, in this context, is credit risk. For instance, in the corporate Emerging Eurobond fixed income market there are two main sources of credit risk: sovereign risk and the relative credit among the companies issuers of the eurobonds. This article presents a model to estimate, in a one step procedure, both the term structure of interest rates and the credit spread function of a diversified international portfolio of eurobonds, with different credit ratings. The estimated term structures can be used to analyze credit spread arbitrage opportunities in Eurobond markets. Numerical examples taken from the Argentinean, Brazilian and Mexican Eurobond markets are presented to illustrate the practical use of the methodology. Please address all correspondence to: Antonio Marcos Duarte, Jr., Director Risk Management Unibanco S.A. Av. Eusébio Matoso, 891 / 5 andar 05423-901 São Paulo, SP, Brazil Phone: 55-11-30971668 Fax: 55-11-30974276 a The first author acknowledges the financial support granted by FAPERJ * Pontifícia Universidade Católica do Rio de Janeiro, Brazil.
    [Show full text]
  • List of British Entities That Are No Longer Authorised to Provide Services in Spain As from 1 January 2021
    LIST OF BRITISH ENTITIES THAT ARE NO LONGER AUTHORISED TO PROVIDE SERVICES IN SPAIN AS FROM 1 JANUARY 2021 Below is the list of entities and collective investment schemes that are no longer authorised to provide services in Spain as from 1 January 20211 grouped into five categories: Collective Investment Schemes domiciled in the United Kingdom and marketed in Spain Collective Investment Schemes domiciled in the European Union, managed by UK management companies, and marketed in Spain Entities operating from the United Kingdom under the freedom to provide services regime UK entities operating through a branch in Spain UK entities operating through an agent in Spain ---------------------- The list of entities shown below is for information purposes only and includes a non- exhaustive list of entities that are no longer authorised to provide services in accordance with this document. To ascertain whether or not an entity is authorised, consult the "Registration files” section of the CNMV website. 1 Article 13(3) of Spanish Royal Decree-Law 38/2020: "The authorisation or registration initially granted by the competent UK authority to the entities referred to in subparagraph 1 will remain valid on a provisional basis, until 30 June 2021, in order to carry on the necessary activities for an orderly termination or transfer of the contracts, concluded prior to 1 January 2021, to entities duly authorised to provide financial services in Spain, under the contractual terms and conditions envisaged”. List of entities and collective investment
    [Show full text]
  • An Introduction to Debt Securities
    Clifford Chance LLP An introduction to 10 Upper Bank Street, London, E14 5JJ Switchboard: +44 (0)20 7006 1000 Fax: +44 (0)20 7006 5555 n debt securities o www.cliffordchance.com i n a p m o C s ’ r e r u s a e r A debt security is any instrument which is, or may be Types of debt security T traded more or less freely among investors in the market. Securities are either expressed to be payable to the I Commercial paper g n bearer or state that entitlement is determined by reference Commercial paper is normally created pursuant to a i d to a register of holders. Bearer securities will usually be programme and, when issued in the Euromarket, is n u f “negotiable instruments”. Broadly speaking, this means that commonly called “Euro-commercial paper” (ECP). An ECP d title to the security can be transferred by mere delivery and programme will provide for the issue of ECP notes (usually n a that the transferee is unaffected by any third party claim for a period of one or three months, but can be up to 12 s t against the transferor. In practice, bearer securities are months) from time to time at short notice to one or more e k usually lodged with a depository or custodian for safe- dealers on a non-committed basis at a price agreed at the r a keeping, because of the risk of loss or theft, and are traded time. ECP is usually non-interest bearing and is, therefore, m l through clearing systems such as Euroclear and Clearstream, issued at a discount to face value.
    [Show full text]
  • Annual Information Form
    MARCH 27, 2014 ANNUAL INFORMATION FORM REGARDING THE SECURITIES OF: Melodia Diversified Income Portfolio (A-, T6-, I-, C-, R6-, F- and S6-Class Units) (formerly the Diapason Retirement Portfolio F (Growth)) TRUST FUNDS Melodia Moderate Growth Portfolio (A-, I-, C- and F-Class Units) (formerly the Diapason Balanced Income Portfolio) Income Funds Melodia Diversified Growth Portfolio (A-, I-, C- and F-Class Units) Desjardins Money Market Fund (A-, C- and F-Class Units) (formerly the Diapason Balanced Growth Portfolio) Desjardins Short-Term Income Fund (A-, I-, C- and F-Class Units) Melodia Balanced Growth Portfolio (A-, I-, C- and F-Class Units) Desjardins Canadian Bond Fund (A-, I-, C- and F-Class Units) (formerly the Diapason Growth Portfolio) Desjardins Enhanced Bond Fund (A-, I-, C- and F-Class Units) Melodia Aggressive Growth Portfolio (A-, I-, C- and F-Class Units) Desjardins Global Corporate Bond Fund (A-, I-, C- and F-Class Units) (formerly the Diapason High Growth Portfolio) Desjardins Global Tactical Bond Fund (A-, I-, C- and F-Class Units) Melodia Maximum Growth Portfolio (A-, I-, C- and F-Class Units) Desjardins Emerging Markets Bond Fund (A-, I-, C- and F-Class Units) (formerly the Diapason Maximum Growth Portfolio) Balanced Funds SocieTerra Secure Market Portfolio (A-, I-, C- and F-Class Units)* Desjardins Tactical Balanced Fund (A-, I-, C- and F-Class Units) SocieTerra Balanced Portfolio (A-, I-, C- and F-Class Units)* (formerly the Desjardins Canadian Balanced Fund) SocieTerra Growth Portfolio (A-, I-, C- and F-Class Units)*
    [Show full text]
  • Doubleline Asset Allocation Webcast Recap
    DoubleLine Asset Allocation Webcast Recap About this Webcast Recap On May 5, 2020, Deputy Chief Investment Officer Jeffrey Sherman, CFA held a webcast discussing the DoubleLine Core Fixed Income (DBLFX/DLFNX), DoubleLine Flexible Income (DFLEX/DLINX) and DoubleLine Low Duration Bond (DBLSX/DLSNX) Funds. This recap is not intended to represent a complete transcript of the webcast. It is not intended as solicitation to buy or sell securities. If you are interested in hearing more of Mr. Sherman’s views, please listen to the full version of this webcast on www.doublelinefunds.com on the “Webcasts” tab under “Latest Webcast”. You can use the “Jump To” feature to navigate to each slide. DoubleLine Core Fixed Income Fund Performance Annualized Quarter-End Returns Since Inception March 31, 2020 1Q2020 Year-to-Date 1 Year 3 Years 5 Years (6-1-10 to 3-31-20) I-share (DBLFX) -3.29% -3.29% 1.42% 2.54% 2.35% 4.67% N-share (DLFNX) -3.45% -3.45% 1.17% 2.29% 2.07% 4.41% Bloomberg Barclays U.S. Aggregate Index 3.15% 3.15% 8.93% 4.82% 3.36% 3.75% Gross Expense Ratio: I-share 0.48%; N-share 0.73% DoubleLine Flexible Income Fund Performance Annualized Quarter-End Returns Since Inception March 31, 2020 1Q2020 Year-to-Date 1 Year 3 Years 5 Years (4-7-14 to 3-31-20) I-share (DFLEX) -12.56% -12.56% -9.06% -0.90% 0.63% 1.16% N-share (DLINX) -12.63% -12.63% -9.30% -1.19% 0.36% 0.90% ICE BAML 1-3 Year Eurodollar Index -0.40% -0.40% 2.96% 2.46% 2.02% 1.89% LIBOR USD 3 Month 0.43% 0.43% 2.14% 2.03% 1.46% 1.27% Gross Expense Ratio: I-share 0.76%; N-share 1.01% DoubleLine Low Duration Bond Fund Performance Annualized Since Inception Quarter-End Returns (9-30-11 to 3-31- March 31, 2020 1Q2020 Year-to-Date 1 Year 3 Years 5 Years 20) I-share (DBLSX) -4.40% -4.40% -1.59% 1.10% 1.45% 1.87% N-share (DLSNX) -4.47% -4.47% -1.84% 0.85% 1.20% 1.61% ICE BAML 1-3 Year U.S.
    [Show full text]