DOCSLIB.ORG

Credit Bank of Moscow 2018 Annual Report

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Credit Bank of Moscow 2018 Annual Report APPROVED by the General Shareholders’ Meeting of CREDIT BANK OF MOSCOW Minutes No. ______ dated ____.____.2019 CREDIT BANK OF MOSCOW 2018 ANNUAL REPORT Correctness of information was confirmed by the Audit * Pre-approved Panel of CREDIT BANK OF MOSCOW by the Supervisory Board of CREDIT BANK OF MOSCOW Minutes No. 11 dated 16.April.2019 TABLE OF CONTENTS KEY EVENTS ........................................................................................................................................ 3 KEY FINANCIAL PERFORMANCE INDICATORS ...................................................................... 5 MISSION AND VALUES. .................................................................................................................... 6 STRATEGIC REPORT ........................................................................................................................ 7 1. Address of the Chairman of the Supervisory Board ................................................................... 7 2. Address of the Chairman of the Management Board. ................................................................. 9 3. Management Responsibility Statement ..................................................................................... 10 4. Economy and banking sector .................................................................................................... 11 5. Business model. Competitive advantages. Position in the industry. ......................................... 14 6. Strategy ..................................................................................................................................... 21 7. Risk Management. .................................................................................................................... 23 OVERVIEW OF OPERATIONS ....................................................................................................... 40 1. Corporate business .................................................................................................................... 40 2. Retail business .......................................................................................................................... 48 3. Investment banking business .................................................................................................... 53 4. Cash handling ........................................................................................................................... 56 FINANCIAL RESULTS ...................................................................................................................... 57 1. Key financial results ................................................................................................................. 57 2. Balance sheet (RUB bln) .......................................................................................................... 57 3. Key results ................................................................................................................................ 59 4. Income statement analysis ........................................................................................................ 60 5. Structure of assets and liabilities. .............................................................................................. 67 CORPORATE GOVERNANCE SYSTEM ....................................................................................... 76 1. Controlling Shareholder’s Memorandum ............................................................................... 76 2. Corporate governance system .................................................................................................. 77 3. General Shareholders’ Meeting .............................................................................................. 80 5. Chairman of the Management Board and the Management Board ......................................... 107 6. Internal control system ............................................................................................................ 119 FOR SHAREHOLDERS AND INVESTORS. ................................................................................ 123 SUSTAINABLE DEVELOPMENT ................................................................................................. 129 1. Human resources ..................................................................................................................... 129 2. Corporate culture ................................................................................................................... 133 3. Information technologies ........................................................................................................ 134 4. Society .................................................................................................................................... 139 5. Environmental management. .................................................................................................. 140 CONTACTS ....................................................................................................................................... 142 APPENDICES .................................................................................................................................... 143 Appendix 1 ...................................................................................................................................... 143 Statements under IFRS ................................................................................................................... 143 Appendix 2 ...................................................................................................................................... 148 Statements under RAS .................................................................................................................... 148 Appendix 3 ...................................................................................................................................... 149 List of interested party transactions made in the reporting year (2018) ......................................... 149 List of major transactions made in the reporting year (2018) ......................................................... 149 Appendix 4 ...................................................................................................................................... 150 Report on Compliance with Principles and Recommendations of Corporate Governance Code ... 150 2 KEY EVENTS Key events – 2018 Month Event January CBM debuted as Co-Manager of Eurobonds placed on London Stock Exchange for the largest Russian gold mining company Polyus Gold. February ACRA upgraded CREDIT BANK OF MOSCOW’s credit rating to А(RU), “Stable” outlook. CBM placed a senior 5-year USD 500 mln Eurobond issue at the lowest rate ever – 5.55% p.a. March CBM signed a USD 400 million syndicated loan facility, one of the largest in its history. Global Finance magazine named CBM the Best Bank in Russia at its 25th Annual Best Bank Awards. May Expert RA rating agency assigned the ru А- credit rating to CREDIT BANK OF MOSCOW, with a “Stable” outlook. June CBM joined FCI in Russia, adding import factoring and non-recourse export factoring services to its range of financial solutions. CBM won “the Best Banking Corporate Governance Russia 2018” award in the annual competition held among financial sector companies by Capital Finance International. CBM bought back USD 55.8 mln in the aggregate principal amount of its two 5-year Eurobond issues (CBOM23 and CBOM21) in order to provide a degree of liquidity to noteholders. July CBM increased its capital by RUB 5 bln by placing domestic subordinated perpetual bonds, series 15. CBM won the Deposit Insurance Agency’s tender for the assignment of Sovetsky Bank’s assets and liabilities. August CBM became the only Russian company on the Forbes Growth Champions List which includes companies achieving maximum average annual income growth in 2014 – 2017. CBM bought back USD 50.0 mln in the aggregate principal amount of its two subordinated Eurobond issues (CBOM27 and CBOMperp) in order to decrease the Bank’s cost of capital, optimise its capital structure and provide a degree of liquidity to noteholders. October CBM was ranked by Forbes among Russia’s largest private companies as the 2nd largest financial sector player. CBM optimised its capital structure by a partial early redemption of USD 70 mln in the aggregate principal amount of subordinated Eurobonds (CBOM27 and CBOM perp). November CBM won the Technology of the Year nomination in the "Finance and Economy: Digital Solutions for Security" category for having 3 implemented an AntiAPT solution, ensuring early detection of abnormal activities in IT infrastructure. December CREDIT BANK OF MOSCOW’s annual report made it to the top 3 in the nomination “Best Annual Report Among Companies” Worth RUB 40- 200 bln" at the XXI Annual Contest of Annual Reports organised by the Moscow Exchange and RCB media group. CBM won in the "Breakthrough of the Year" nomination of Cbonds Awards 2018. 4 KEY FINANCIAL PERFORMANCE INDICATORS Net income (RUB bln) Net interest income (RUB bln) Net fee and commission income 27.2 (RUB bln) 48.4 20.7 45.3 12.5 40.3 12.3 10.9 11.1 2016 2017 2018 2016 2017 2018 2016 2017 2018 ROE (%) ROA (%) NII/RWA (%) 1.4% 20.2% 1.2% 17.8% 0.8% 4.5% 11.1% 4.4% 4.4% 2016 2017 2018 2016 2017 2018 2016 2017 2018 CIR (%) COR (%) EPS (RUB) 4.6% 0.89 30.1% 0.79 26.8% 24.6% 2.5% 0.46 1,0% 2016 2017 2018 2016 2017
Load more

Recommended publications
  • 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]
  • 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]
  • 25 YEARS of GROWTH in HARMONY with OUR CUSTOMERS Highlights 1
    ANNUAL REPORT 2016 25 YEARS OF GROWTH IN HARMONY WITH OUR CUSTOMERS Highlights 1. Strategic Report 5. For Shareholders and Investors Key Financial Performance Indicators 2. Overview of Operations 6. Sustainable Development Mission and Values 3. Financial Results Contacts 2 / 197 4. Corporate Governance System Appendices www.mkb.ru Annual Report 2016 / Table of Contents Table of Contents Highlights Key Financial Performance Indicators Mission and Values 1. Strategic Report 2. Overview of operations 5. For shareholders and investors Appendices 1.1. Address of the Chairman of the 2.1. Corporate banking 6. Sustainable development Appendix 1. Supervisory Board IFRS Statements 2.2. Retail banking 6.1. Human Resources 1.2. Address of the Chairman of the Appendix 2. Management Board 2.3. Cash handling 6.2. Corporate Culture RAS Statements and Social Responsibility 1.3. Management Responsibility 3. Financial results Appendix 3. Statement 6.3. Information technologies List of interested party transactions 3.1. Income statement analysis made in the reporting year (2016) 1.4. Economy and banking sector 6.4. Society 3.2. Key Results List of major transactions made in 1.5. Business model. 6.5. Environmental Management the reporting year (2016) Competitive advantages. 3.3. Income statement analysis Position in the industry. Contacts List of transactions requiring 3.4. Structure of assets and liabilities approval under the Charter made in 1.6. Strategy under IFRS the reporting year (2016) 1.7. Risk Management 4. Corporate governance system Appendix 4. Report on Compliance with the Principles and Recommendations of the Corporate Governance Code. Highlights 1. Strategic Report 5.
    [Show full text]
  • Politics Company News SECURITIES MARKET NEWS LETTER Weekly
    SSEECCUURRIIITTIIIEESS MMAARRKKEETT NNEEWWSSLLEETTTTEERR weekly Presented by: VTB Bank, Custody August 02, 2018 Issue No. 2018/28 Politics VEB ex-CEO Gorkov appointed deputy economy minister On July 27, 2018 it was reported that Sergei Gorkov, former CEO of Russia’s state-owned Vnesheconombank (VEB), had been appointed deputy economic development minister. Company News Moscow Arbitration Court cancels bankruptcy case against FESCO On July 30, 2018 the Moscow Arbitration Court cancelled a bankruptcy case against the parent company of Far-Eastern Shipping Company, or FESCO. The case was initiated by company Arsagera. At the previous hearing of the case, FESCO pled for its cancellation citing a law on special bankruptcy proceedings for the company as a natural transportation monopoly. Samolet Group plans USD 250 mln IPO on Moscow Exchange On July 31, 2018 it was reported that Russian real estate developer Samolet Group of Companies was considering an up to USD 250 mln initial public offering (IPO) on the Moscow Exchange. The company has hired JP Morgan Chase & Co and Russia’s VTB Capital to organize an IPO in October-December. Samolet Group’s shareholders approved an IPO on July 30. CEO and co-owner Igor Yevtushevsky confirmed that the company was considering options to raise funds including an IPO. VEON holders choose 3 new members on board of directors On July 31, 2018 shareholders of Amsterdam-headquartered VEON, the sole owner of Russian mobile operator VimpelCom, elected three new members of the board of directors. The new members are Guillaume Bacuvier, Osama Bedier, and Robert Jan van de Kraats. The eight previously serving directors on the board are Ursula Burns, Mikhail Fridman, Gennady Gazin, Gunnar Holt, Andrei Gusev, Julian Horn- Smith, Guy Laurence, and Alexander Pertsovsky.
    [Show full text]
  • Company News SECURITIES MARKET NEWS LETTER Weekly
    SSEECCUURRIIITTIIIEESS MMAARRKKEETT NNEEWWSSLLEETTTTEERR weekly Presented by: VTB Bank, Custody February 7, 2019 Issue No. 2019/05 Company News En+ Group says finishes 1st stage of securities swap with Glencore On February 1, 2019 it was reported that En+ Group fulfilled the first stage of a securities exchange with Swiss trader Glencore. As a result, En+ Group bought a 2% stake in aluminum producer RUSAL from an affiliate of Glencore and raised its stake to 50.12%. A transfer of a 6.75% RUSAL stake to En+Group must be made automatically no later than February 2020. In April 2018, the U.S. imposed sanctions against 38 Russian tycoons, government officials and companies, including Oleg Deripaska and companies he controlled - En+ Group, RUSAL, and power producer EuroSibEnergo. In January, Deripaska transferred control over the companies, and his representatives were removed from their board of directors, and the Treasury lifted the sanctions on January 27. As a result, Deripaska owns 44.95% of En+ Group and has the right to vote with a 35% stake, VTB holds 21.68% of the shares and has the right to vote with a 7.35% stake, Citi is a nominal owner of 10.55%, which trader Glencore received in exchange for 8.75% in RUSAL; Citi owns 4.54%, but the right to vote belongs to institutional and retail investors. They also own 4.88%, and can manage a 9.42% combined stake. The members of Deripaska’s family hold 6.75%, charity fund Volnoye Delo 3.22%, other minority shareholders 3.42%. Independent managers have the right to manage the stakes.
    [Show full text]
  • An Overview of Boards of Directors at Russia's Largest
    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 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 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]
  • Than 400000 Points-Of-Sale
    2009 PREPAID PROCESSING BUSINESS WITH FLEXIBLE MICRO TOP-UP For Mobile Communication Brand Stores Payment Terminal Networks Retail Chains Cash Desks Banks The largest electronic payment system More than 400,000 points-of-sale More than $6.5 billion 2008 financial turnover Contents Our directors say 1 About the company 2 Awards 3 Key figures 4 Glossary 6 Current trends in the financial markets 7 Technology 8 CyberPlat® business scheme 10 Operators list 11 International operators and operations 15 CyberPlat® – the global payment system 16 Payment for Public Utility Services 17 Cash Acceptance chains 18 Social mission of the CyberPlat® system 19 Be a Regional Representative for CyberPlat®! 20 Become a CyberPlat® Dealer in 5 minutes! 22 Why is it profitable for your business 23 How to accept payments in a shop 24 New service «Change to the phone» 26 Payment for the period of using software 28 CyberPlat® Offer to Banks 30 CyberPlat® supports various hardware 40 Terminals (cash-in self-service kiosks) 41 POS terminals 42 Preprocessing 43 CyberPlat® is failure free! 44 Open source code 45 Secure document workflow 46 CyberPlat® system strength and features 47 Contact Information 48 Our directors say | Page 1 Andrey Gribov, General Director of CyberPlat OJSC: Russia entered the 21st century, a century of the knowledge-based economy – and the CyberPlat® system emerged as a consequence of increased needs of modern people and businesses in the third millennium. A rapid growth in the number of new services and their availability for the growing population necessitate a development of new payment instruments. Banks first appeared as storages for big sums of money, so it’s not surprising that the banks have strong walls, armoured doors, and employ highly professional and therefore highly-paid personnel along with state-of-the-art technologies to keep the money safe.
    [Show full text]
  • Moscow Exchange Investor Presentation
    April 2021 Investor presentation History of MOEX: the path of ongoing progress Foreign equities 174 commenced trading on MOEX New dividend policy Corporates granted with a minimum payout Inaugural direct access to ratio of 55% Sustainability MOEX completes its IPO; the FX Market Repo with CCP launched Report Launch of RUSFAR – Euroclear and Clearstream Money Market interest gain access to Trading in government rate benchmark corporate bonds in addition bonds moves to to government bonds T+1 settlement Equity trading moves to SPO of MOEX Shareholder electronic T+2 settlement Marketplace (Finuslugi.ru) voting becomes available MOEX share price, RUB price, share MOEX Launch of the launch Unified Collateral Pool New dividend policy: Launch of target payout = FCF, GCC repo Corporates admitted to min payout = 60% OTC bond platform of net profit 55 deposits with CCP launched Eurobonds start Grain trading trading on MOEX commences on MOEX Feb Apr Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 2011 Launch of Central Merger of MICEX 2006 1995 1992 2013 Securities and RTS: National Clearing Russian Trading Moscow Interbank IPO of Moscow Depository Moscow Exchange (MOEX) Centre (NCC) System (RTS) Currency Exchange Exchange (MOEX) (CSD) established established established (MICEX) established 2001 1996 1993 1992 + Derivatives + Money Market + Bonds + FX Share price
    [Show full text]
  • Company News SECURITIES MARKET NEWS LETTER Weekly
    SSEECCUURRIIITTIIIEESS MMAARRKKEETT NNEEWWSSLLEETTTTEERR weekly Presented by: VTB Bank, Custody November 7, 2019 Issue No. 2019/42 Company News AlfaStrakhovanie raises charter capital 70% to RUB 12.5 bln On October 31, 2019 it was reported that Russian insurer AlfaStrakhovanie Group raised the charter capital by 70% to RUB 12.5 bln by changing a face value of its shares. The capital was increased at the expense of the undistributed profit of the company. Russian Railways raises RUB 44.074 bln from private share offering On November 5, 2019 it was stated that Russian Railways increased its charter capital by RUB 44.074 bln by selling common shares privately to its sole shareholder. The shares were paid in cash. In August, Russian Railways said that the government planned to boost its charter capital by RUB 84.07 bln including RUB 44.073905 bln from selling 44.07 mln common shares. Credit Bank of Moscow offers 2.75 bln new shares at RUB 5.35 per share On November 6, 2019 Credit Bank of Moscow sold 2.75 bln new shares at RUB 5.35 per security. The bank had collected bids since October 29 through November 5. Rossium of Roman Avdeyev, which holds 56.07% in the bank, was expected to bid for RUB 1.542 bln shares to keep its current stake in the bank. The bank said earlier it plans to allot up to USD 150 mln raised through the offer for the buyback of USD 600 mln 2027 Eurobonds and USD 700 mln perpetual Eurobonds. Citigroup, Societe Generale, and Sova Capital will act as organizers.
    [Show full text]
  • Transparency in Corporate Reporting
    TRANSPARENCY IN CORPORATE REPORTING Assessing Russia’s Largest Companies “Transparency International-Russia” Report ASSESSING RUSSIA’S LARGEST COMPANIES “TRANSPARENCY INTERNATIONAL— RUSSIA” REPORT This report was produced by Transparency International Russia as part of a project led by the Transparency International Secretariat with fund- ing from the Siemens Integrity Initiative. The Transparency in Corporate Reporting assessment conducted in Russia uses the same methodol- ogy as the Transparency in Corporate Reporting: Assessing the World’s Largest Companies which is produced periodically by the Transparency International Secretariat. The latest edition of the global report, pub- lished in 2014, included Siemens as one of the 124 companies that were assessed. Project coordinator Anastasiya Ivolga Project team Anton Pominov, Ekaterina Sukhareva, Ilya Shumanov, Maria Maria Shigreva Project interns Alisa Velmiskina and Svetlana Ivanova © Bureau Verstak, design, 2017 Printed in Tara-Tut print shop (Moscow) TABLE OF CONTENTS Introduction 9 The Overall Results 10 Recommendations 12 Methodology 20 1. Anti-corruption documents 26 2. Organizational Transparency 38 3. Country-by-country reporting 44 Annexes 1. List of evaluated information 50 2. Data per companies 52 — 2 CENTER “TRANSPARENCY INTERNATIONAL R” TRANSPARENCY ACP — ANTI-CORRUPTION PROGRAMS SCALE FROM 0–10, WHERE 0 IS THE LEAST TRANSPARENT, OT — ORGANIZATIONAL TRANSPARENCY 10 IS THE MOST TRANSPARENT. THE INDEX IS BASED ON THE IN CORPORATE REPORTING СВС — COUNTRY-BY-COUNTRY REPORTING
    [Show full text]
  • Market News Legislation Company News SECURITIES MARKET NEWS LETTER Weekly
    SSEECCUURRIIITTIIIEESS MMAARRKKEETT NNEEWWSSLLEETTTTEERR weekly Presented by: VTB Bank, Custody May 27, 2021 Issue No. 2021/19 Market News Moscow Exchange plans to launch morning stocks trade in October–December On May 20, 2021 it was reported that the Moscow Exchange plans to launch morning sessions starting at 7:00 a.m. on the stock market in October–December. Boris Blokhin, department director, told reporters that at the first stage, Russian stocks from the Moscow Exchange index and the most liquid foreign stocks will be admitted to trade. At the second stage scheduled for January, the Moscow Exchange will give admission to unit investment funds. Legislation Putin signs law to denounce double taxation deal with Netherlands On May 26, 2021 it was disclosed that President Vladimir Putin had signed a law on denunciation of an agreement on avoidance of double taxation with the Netherlands. The validity of the agreement will be terminated from January 1, 2022 if Russia notifies of its denunciation until June 30, 2021. In March 2020, Putin suggested imposing a 15% tax on dividend yields withdrawn to the accounts in foreign jurisdictions, which needs adjustments to the agreements on avoidance of double taxation with other countries. Russia will cancel such agreements unilaterally if consensus is not reached. The Finance Ministry sent notifications to Cyprus first, and then to Luxembourg, Malta, and the Netherlands. Accords with Cyprus, Luxembourg, and Malta have already been revised. Russia’s Finance Ministry had several rounds of negotiations with the Netherlands, but they broke down. Company News Safmar Financial Investments cuts stake in RussNeft to 1.5% On May 20, 2021 it was disclosed that Safmar Financial Investments, a unit of investment holding Safmar, had reduced its stake in Russian oil company RussNeft to 1.5% from 11.107% on May 18.
    [Show 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
    [Show full text]