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Custody Newsletter № 2021/10 123.21 Kb, 18 March SSEECCUURRIIITTIIIEESS MMAARRKKEETT NNEEWWSSLLEETTTTEERR weekly Presented by: VTB Bank, Custody March 18, 2021 Issue No. 2021/10 Market News Central bank places RUB 1.4 bln coupon bonds on March 16 On March 17, 2021 it was reported that Russia’s central bank had sold RUB 1.4 bln out of RUB 223.41 bln coupon bonds. The cut-off price amounted to 100% of a face value and the weighted average price stood at 100.0001%. Demand totaled RUB 1.401 bln. The settlement date was March 17. Finance Ministry places RUB 60.2 bln of OFZ bonds On March 18, 2021 it was stated that Russia’s Finance Ministry had placed RUB 60.222 bln of OFZ government bonds at two auctions on March 17. At the first auction, the ministry fully placed RUB 20 bln of OFZ 26235 government bonds with a fixed coupon maturing in March 2031. The cut-off price amounted to 93.123% of a face value and the weighted average price to 93.2265%. The cut-off yield stood at 6.98% and the weighted average yield at 6.96%. Demand totaled RUB 35.33 bln. At the second auction, the ministry fully placed RUB 30 bln of OFZ 26234 government bonds with a fixed coupon maturing in July 2025. The cut-off price amounted to 93.351% of a face value and the weighted average price to 93.3794%. The cut-off yield stood at 6.37% and the weighted average yield at 6.36%. Demand totaled RUB 39.42 bln. At the third auction, the ministry fully placed RUB 10.222 bln of OFZ 52003 government bonds maturing in July 2030. The cut-off price amounted to 98.96% of a face value and the weighted average price to 99.1347%. The cut- off yield stood at 2.64% and the weighted average yield at 2.62%. Demand totaled RUB 22.405 bln. Company News ALROSA’s supervisory board adjusts dividend and financial policies On March 11, 2021 it was stated that the supervisory board of Russian diamond mining giant ALROSA had supported the management board’s suggestions and had changed the company’s dividend and financial policies to improve financial stability and sustainability of business development. Under the previous dividend policy, the company paid 100% of free cash flow in dividends if the ratio of net debt to earnings before interest, taxes, depreciation, and amortization (EBITDA) ranges between 0–0.5x and 70–100% of free cash flow if the ratio ranges between 0.5 and 1x. The management board suggested expanding the dividend payment range of 70–100% of free cash flow with a ratio of net debt to EBITDA at 0–1x, and keeping the dividend payment at 50–70% of free cash flow for the ratio of 1–1.5x. According to the statement this decision will allow the company to improve targeting of its net leverage amid fluctuating demand, ensure stability of cash returns to shareholders, and improve flexibility in managing the debt portfolio. Amendments to the financial policy of the company expand the target minimum liquidity reserve, which comprises cash and committed credit facilities, to RUB 70 bln from RUB 35 bln. The change should allow the company to maintain operational resilience and optimal utilization rates, to ensure stable funding of long-term business development projects, and to have sufficient liquidity reserves to maintain the market balance. 1 Safmar unit sells 24 mln M.Video-Eldorado shares for RUB 17.6 bln On March 12, 2021 it was stated that a unit of Russian financial group Safmar, uniting assets of the Gutseriyev family, had sold 24.279 mln shares of electronic goods retailer M.Video-Eldorado at RUB 725 apiece under a secondary public offering (SPO). The company thus managed to attract a total of RUB 17.6 bln. M.Video-Eldorado group will increase the free float to 24% as a result of the SPO, and Safmar’s stake will decrease to around 60%, it also said. BofA Securities, J.P. Morgan, UBS Investment Bank, and VTB Capital act as the organizers of the SPO. Safmar owns 73.5% in M.Video–Eldorado through Ericaria Holdings Ltd, while Germany’s Media-Saturn-Holding has 15%. Central bank annuls license of Moscow-based bank Aljba Alliance On March 12, 2021 it was stated that the Russia’s central bank annulled a banking license of Moscow-based bank Aljba Alliance, ranked 282nd by assets as of February 1. The reason for the license cancellation was an application on voluntary liquidation of the organization sent by the bank’s sole shareholder. The bank is a member of the deposit insurance system. Yatec to offer RUB 5 bln bonds in early April On March 12, 2021 it was reported that Russia’s Yakutsk Fuel and Energy Company (Yatec) plans to offer RUB 5 bln of 4-year exchange bonds in early April. The first coupon guidance will be determined later. The bonds will carry semiannual coupons. Otkritie Financial Corporation (FC) Bank, Alfa-Bank, BCS Global Markets, VTB Capital, and Sovcombank will act as organizers. MTS to offer RUB 4.5 bln 3-year social bonds in late March On March 12, 2021 it was reported that Major Russian mobile operator MTS plans to offer RUB 4.5 bln of three-year social exchange bonds in late March to finance provision of 4,995 socially important facilities in eight regions with the Internet. The coupon will be announced later. MTS Bank, Sberbank CIB, and VTB Capital will organize the deal. Yandex said in talks to buy Svyaznoy CEO’s bank Acropol On March 12, 2021 it was reported that Russian Internet company Yandex is doing due diligence of bank Acropol of Yevgeny Davydovich, general director of group Svyaznoy, and could sign an acquisition deal soon. A Yandex spokesperson said that the company is interested in obtaining a banking license and is considering all possible variants. Two sources said the Internet company studied different banks, but picked Acropol. A source said Yandex is not buying a bank as is, but a banking license and the company has no plans to open branches or lend cash. Established in 1994, Acropol offers a whole range of banking services. Developer PIK says Promsvyazbank raises stake in it to 6.8% On March 12, 2021 it was stated that Promsvyazbank had raised the stake in developer PIK to 6.77% from 3.37% at an undisclosed price. Promsvyazbank owned 22.26 mln voting shares in the developer before the deal and 44.72 mln voting shares after the deal. Sberbank to raise Fortenova stake to 44% after Mercator consolidation On March 12, 2021 it was stated that the share of Russia's biggest lender Sberbank in Croatian agricultural company and retailer Fortenova Group would rise to 44% after it consolidates its stake in Slovenian retailer Mercator. Sberbank acquired the rights for 40% of net assets of Fortenova Group in 2019 during Agrokor’s debt restructuring. Mercator was not part of the deal but the Croatian group is returning it to its corporate structure. The shareholders also approved passing the stake in Mercator to the Fortenova Group from Agrokor. The group was allowed to raise borrowing from HPS Partners and VTB for up to EUR 390 mln to refinance the debt of Mercator. Russia’s GV Gold prepares IPO on Moscow Exchange On March 15, 2021 it was stated that GV Gold, one of Russia’s top 10 gold producers, plans to float shares on the Moscow Exchange in an initial public offering (IPO). The shares will be included in the level 1 securities list. The offer will include shares of the core shareholders - Sergei Dokuchayev, Natalya Opaleva, Valerian Tikhonov, Sergei Vasilyev, BlackRock Global Funds, and BlackRock Gold and General Fund. GV Gold will not sell shares and will not receive any money from the placement. Goldman Sachs International, SberCIB, UBS Investment Bank, and VTB Capital will act as joint global coordinators and joint bookrunners of the IPO, while Raiffeisen Bank International and Sova Capital will act as co-bookrunners. It was disclosed by reporters that GV Gold might raise up to USD 500 mln from the IPO, and that the company was evaluated at USD 1.5–1.8 bln. A financial source told reporters that the GV Gold plans to finish the IPO in the next three weeks. 2 Kirovsky Zavod sets RUB 2 bln bond final guide at 9.5% On March 15, 2021 it was reported that machine-builder Kirovsky Zavod has set the final coupon guidance for RUB 2 bln of 5-year bonds at 9.5%. The initial coupon guidance amounted to 9–9.5%, corresponding to a yield of 9.31–9.84% to a 3-year buyback offer. The technical placement of the bonds was preliminarily scheduled for March 18. Bank Rossiya and investment company ITinvest are the placement organizers. TMK closes acquisition of USD 86.54 in Chelyabinsk Pipe Plant from Komarov On March 16, 2021 it was stated that Russian oil and gas pipe maker TMK had closed an acquisition of an 86.54% stake in Chelyabinsk Pipe Plant (ChelPipe) from the plant’s core owner Andrei Komarov. TMK will make a buyback offer to the owners of 13.46% in ChelPipe in accordance with the Russian legislation. The deal covers production, sales, servicing assets and all other assets connected to operations of the main pipe division of ChelPipe, while the plant’s oil servicing division Rimera was not a part of the deal. On March 9, TMk said in a statement that it had bought the stake in ChelPipe for RUB 84.199 bln.
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