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Market News Company News SECURITIES MARKET SSEECCUURRIIITTIIIEESS MMAARRKKEETT NNEEWWSSLLEETTTTEERR weekly Presented by: VTB Bank, Custody January 28, 2021 Issue No. 2021/03 Market News Finance Ministry places RUB 9.94 bln OFZ bonds On January 27, 2021 it was stated that Russia’s Finance Ministry had placed RUB 9.942 bln of OFZ 52003 government bonds maturing in July 2030 at an auction without limit. The cut-off price amounted to 100.51% of a face value and the weighted average price to 100.5883%. The cut-off yield stood at 2.45% and the weighted average yield at 2.44%. Demand for the bonds totaled RUB 33.848 bln. Saint-Petersburg Exchange trade volume sets record of USD 2.54 bln On January 26, 2021 it was disclosed by reporters that the daily trade volume of the Saint-Petersburg Exchange had set a record of USD 2.54 bln on January 25. The previous record stood at USD 2.21 bln and it was set on November 9, 2020. The number of active client accounts on Monday amounted to 223,000, the number of deals to 2.22 mln. The leaders by volume were Tesla, Apple, Alibaba, Moderna, Bed Bath & Beyond, Virgin Galactic Holdings, Macy's, Microsoft, Advanced Micro Devices, Amazon and Boeing. S&P affirms ratings of foreign, Russian top oil and gas companies On January 28, 2021 International rating agency S&P Global Ratings stated that it had afformed ratings of nine oil and gas companies from the Europe, Middle East, and Africa (EMEA) region, including Russian top companies Gazprom, Novatek, Rosneft, Lukoil, and Gazprom Neft. The agency also affirmed ratings of Italy’s Eni, Norway’s Equinor, Spain’s Repsol, and Kazakhstan’s KazMunayGas. The agency revised the sectorial risk for the sector of exploration, production, and for the integrated industry, and it affirmed long- term and short-term issuer credit ratings of the mentioned oil and gas companies in the EMEA region, S&P said. Company News Russia’s VEB.RF sells RUB 4.8 bln of short-term bonds on January 20 and 22 On January 22, 2021 Russian state corporation VEB.RF said in a statement on its website that it had sold RUB 4.788 bln of short-term exchange bonds to companies on January 20 and January 22. The corporation sold RUB 500 ml of 14-day bonds at 4.12% and RUB 4.288 bln of 28-day bonds at 4.14%. Gazprombank and brokerage company Region were the organizers. Onexim Group consolidates 100% in Renaissance Credit Bank On January 22, 2021 the Central Bank of Russia said in a statement that Russian tycoon Mikhail Prokhorov’s Onexim Group had consolidated 100% in Renaissance Credit Bank. As of January 31, 2019, Onexim Group held 86% in the bank, while Igor Kesayev’s Mercury Group had 7.5% and 6.5% was held by Yevgeny Yurchenko, co-owner of United Aircraft Corporation (UAC). Promsvyazbank to offer RUB 15 bln exchange bonds in February On January 25, 2021 it was stated that Russia’s Promsvyazbank plans to collect bids for RUB 15 bln 3-year exchange bonds in the first half of February. The bonds will have semiannual coupons. Gazprombank, Credit Bank of Moscow, Otkritie Financial Corporation (FC) Bank, Promsvyazbank, brokerage company Region, and Sovcombank will act as organizers. Rostelecom says appoints Krylov as vice president of strategy On January 21, 2021 Russian state-controlled telecom operator Rostelecom’s press service announced about a new appointment. Sergei Krylov had been appointed for a new position of vice president of strategy 1 to monitor strategic development of the group. Krylov will report directly to the company’s president. The operator’s president Mikhail Oseyevsky said that Rostelecom has an ambitious goal to renovate and upgrade business strategies to strengthen the leading position on the market of digital and IT services. He added that Sergei’s experience and his profound knowledge of different branches will be successfully applied to Rostelecom. Krylov has been working in business and consulting for more than 18 years. Prosperity Capital acquires 5.34% in realty developer Etalon On January 26, 2021 it was stated that Russian Investment fund Prosperity Capital Management had acquired a 5.34% stake in Russian realty developer Etalon. The fund acquired 15.7 mln Global Depositary Receipts (GDRs) of Etalon Group to top the threshold of 5% of voting shares. As a result of the deal, Prosperity Capital Management’s shareholding in the company has amounted to 5.34%. Yatec to start paying at least 30% of profit in dividends from 2021 On January 21, 2021 CEO of Yakut Fuel and Energy Company (Yatec), part of Russia’s A-Property of businessman Albert Avdolyan, Andrei Korobov stated that the board of directors of Yatec had approved a new dividend policy under which the company will pay at least 30% of the net profit in dividends starting from 2021. Yatec will pay dividends twice a year, or for January–June of each year and for a full year. Yatec is a natural gas producer that accounts for more than 80% of gas produced in the republic of Yakutia. The company is now considering construction of a liquefied natural gas (LNG) plant with the capacity of 13 mln tonnes on the shore of the Sea of Okhotsk. Avodlyan acquired control over the company in late 2019, and a direct stake of A-Property in Yatec amounts to 73.2%, while TrustUnion Asset Management has 25%. Sistema says not to cut controlling stake in mobile operator MTS On January 26, 2021 Investor Relations Director of Russian multi-industry holding Sistema Nikolai Minashin said that the company has no plans to decrease its 55.64% share in mobile operator MTS. He mentioned that MTS business is underestimated and is on the verge of high growth rates. Minashin added that there is no irrational behavior on the part of other players, this is why the prospects of the key telecom business are sound and the prospects of development of additional services also raise the value of the asset in our eyes as of the core shareholder. He also said that MTS ensures a significant part of Sistema’s revenue and earnings before interest, taxes, depreciation, and amortization (EBITDA), and it is a strategically important business for the holding. According to Minashin, one of the key investment upsides of MTS is its stable foreseeable dividend payments, and for Sistema it’s a crucial source to continue to service Sistema’s debt and use the money for new investment. Rostelecom gets 25% in transport systems developer GLONASS BDD On January 26, 2021 a spokesperson of Russian state-controlled telecom operator Rostelecom told reporters that the operator had become the fourth participant in GLONASS BDD, a developer of smart transport systems, by receiving 25% in the asset. Rostelecom will be able to apply its experience to projects of photo and video recording with the use of new technological approaches and domestic equipment. GLONASS BDD was set up by state industrial corporation Rostec; GLONASS, operator of state automated information system ERA-GLONASS; and firm Sotka Vysotok to implement promising domestic developments in photo and video recording. Gazprombank gets 49.5% in Rosatom’s VetroOGK-2 company On January 27, 2021 Russia’s Gazprombank and nuclear power corporation Rosatom’s VetroOGK-2 said in a joint statement that Gazprombank had received a 49.5% stake in VetroOGK-2 created to build wind power plants with a combined capacity of 340 megawatts in the country. The statement said that the bank would provide RUB 40 bln for 12 years to VetroOGK-2. Government puts forward several officials to Sberbank supervisory board On January 27, 2021 the government said in a statement that it had offered Deputy Prime Minister Dmitry Chernyshenko, Finance Minister Anton Siluanov, presidential aide Maxim Oreshkin, and advisor to the central bank’s chairwoman Sergei Ignatyev as candidates to the supervisory board of Russia’s top bank Sberbank. Deputy Finance Minister Vladimir Kolychev, who is a member of the supervisory board, hasn’t been put forward as a candidate. Siluanov is the current chairman of the board. Samolet to collect bids for RUB 6 bln bonds in mid-February On January 27, 2021 it was stated that Russian real estate developer Samolet Group plans to collect bids for RUB 6 bln 3-year exchange bonds sometime in mid-February. The coupon guidance will be announced later. VTB Capital, Gazprombank, Alfa-Bank, and Sovcombank will act as organizers. 2 VTB says to offer subordinated bonds in foreign currencies on February 1–7 On January 27, 2021 it was stated that Russia’s second-biggest lender VTB Bank would offer subordinated bonds, denominated in foreign currencies, between February 1 and February 7. Taking into account the bank client’s preferences, the bonds will be denominated in the U.S. dollars and euros, and all the settlements will be performed in rubles at the central bank’s rate as of the date of an operation. The securities will be offered on the Moscow Exchange. Four issues of the bonds with both fixed and floating coupons in the U.S. dollars and euros will be offered simultaneously. The rates were set at 5% annually for the USD bonds and 3.75% annually for the EUR bonds with a fixed coupon. The floating rate will be linked to the SOFR for the USD bonds and to the EURIBOR for the EUR bonds. The issues are perpetual and carry a call option in 5.5 years, and later every five years. A secondary placement of the bonds on the Moscow Exchange will begin on the first day of the offering that will last until March 25.
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