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A Comparative Analysis of High Yield Investments and Respective Companies in Russian Eurobonds
Euroresearch and Consulting, March 2011, Pages: 79
The aim of this report is to provide the fullest practical information on the high-yield Russian Eurobond instruments. The instruments, while denominated in Euro and US$ currencies provide yearly return up to 11%. The report covers all the instruments, which are available for Eurobond investors. The sectors include: industrials, energy, transport and telecoms and financial services. This report features some newcomers to the bond market, as well as the already familiar top stories that would provide exposure to both positive and negative events. Our top picks include TMK-18, Vimpelcom issues, RusHydro-15 and spreads of Bank of Moscow over VTB issues.
Ruble bond and Eurobond issuer mix has undergone major changes since the credit markets stepped into recovery. High-quality borrowers with investment-grade ratings dominate while new names are added from the dynamic transport and utility sectors to supplement the already well-represented oil and gas and help diversify risks. At the same time, on the back of high liquidity companies borrow for longer periods: up to 7 years on the ruble market for the first-tier corporates and up to 10 years for BB-rated issuers on the Eurobond market. Thus, many borrowers have built their own yield curves giving investors extra opportunities to employ relative value strategies. On the back of the appetite for quality risk, we feel that interest in Russian corporates and banks will overcome the crisis consequences.
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