25 april 2018 - veles-capital.ru › uploadedfiles › analytics › 25-04-2018 › vcbn… ·...

37
DAILY BONDS REVIEW 25 April 2018 +7 (495) 258-19-88 [email protected] Given analytic materials of Veles Capital can only be used in information purposes. The company does not guarantee completeness of given information and its reliability, as well as it is not responsible for any straight or consequential loss resulting from a non-purpose use. Given document cannot be considered as the reason for buying or selling either, one or another shares. All rights on this bill belong to Veles Capital. Reproduction and/or spreading of the analytic materials Veles Capital cannot take place without a company’s authorization. © Veles Capital 2018 Foreign market Another package of strong stats from the US gave the way to the 10Y Treasuries towards the 3% level. Despite the base assets’ rates growth, the Russian Eurobonds traded positive showing accelerating dynamics vs the other EM states. The sovereign issues grew 0.3-0.4 pps of the face values. Domestic market OFZ segment closed yesterday showing positive results with the support of the energy carriers’ market and strengthening of ruble. Money market Large tax payments did not frighten off the participants of the CBR’ auction. No comments Pharmacy Chain 36.6 has confirmed the features of the market bonds program of 001P series for RUB 20 bn. The notes might be placed within the frames of the program for 10Y maturity, time constraints of the program form 10 years as well. Alfa-bank completed the placement of market bonds of 001P-02 series having placed 70.66% of the issue for USD 12.01 mn with the face value of the issue forming USD 17 mn. The time constrains of the issue formed 3.5Y. Bonds are linked to the Rise Of The Robots VT 7 (SGMDROB7 Index), which is calculated by Societe Generale. Market results Debt and money markets day week month OFZ 26214 6.74 -8 -23 -85 OFZ 26215 6.86 -6 -16 -159 Russia 2023 4.16 -3 -7 -197 UST 10 3.00 2 17 18 UST 30 3.18 4 16 11 Germany 10 0.63 -1 12 -99 Italy 10 1.76 -3 1 96 Spain 10 1.29 -1 8 -30 MOSPRIME O/N, % 7.22 -4 -9 -13 MOSPRIME 1 week, % 7.29 -2 -1 -10 LIBOR O/N, % - 1.70 - 0 1 LIBOR 1 month, % - 1.90 - 0 3 Close Change, b.p. Source: market data; estimation: Veles Capital Commodity and currency markets day week month Brent, USD/bbl 73.45 -1.52 2.23 5.14 RUR/USD, ЦБ 61.52 -0.57 0.00 7.37 RUR/EUR, ЦБ 75.26 -0.35 -1.10 6.41 Close Change,% Source: market data; estimation: Veles Capital Ruble liquidity figures 0 1 000 2 000 3 000 4 000 5 000 6 000 03.06.18 03.20.18 04.02.18 04.12.18 04.24.18 Total volume Correspondent Accounts Bank deposits with BOR Liquid ruble Eurobond yield change 7,19 7,50 7,02 7,0 8,0 9,0 10,0 11,0 12,0 -6 -5 -4 -3 -2 -1 0 1 2 FSK 19 RZD 23 RZD 19 RSHB 18 VIP 19 Changes 1d, bps YTM, % - right

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Page 1: 25 April 2018 - veles-capital.ru › uploadedfiles › Analytics › 25-04-2018 › VCBn… · Bonds are linked to the Rise Of The Robots VT 7 (SGMDROB7 Index), which is calculated

DAILY BONDS REVIEW 25 April 2018

+7 (495) 258-19-88 [email protected]

Given analytic materials of Veles Capital can only be used in information purposes. The company does not guarantee completeness of given information and its reliability, as well as it is not responsible for any straight or consequential loss resulting from a non-purpose use. Given document cannot be considered as the reason for buying or selling either, one or

another shares.

All rights on this bill belong to Veles Capital. Reproduction and/or spreading of the analytic materials Veles Capital cannot take place without a company’s authorization. © Veles Capital 2018

Daily Bonds Review

Foreign market

Another package of strong stats from the US gave the way to the 10Y Treasuries towards the 3% level. Despite the base assets’ rates growth, the Russian Eurobonds traded positive showing accelerating dynamics vs the other EM states. The sovereign issues grew 0.3-0.4 pps of the face values.

Domestic market

OFZ segment closed yesterday showing positive results with the support of the energy carriers’ market and strengthening of ruble.

Money market

Large tax payments did not frighten off the participants of the CBR’ auction.

No comments

Pharmacy Chain 36.6 has confirmed the features of the market bonds program of 001P series for RUB 20 bn. The notes might be placed within the frames of the program for 10Y maturity, time constraints of the program form 10 years as well.

Alfa-bank completed the placement of market bonds of 001P-02 series having placed 70.66% of the issue for USD 12.01 mn with the face value of the issue forming USD 17 mn. The time constrains of the issue formed 3.5Y. Bonds are linked to the Rise Of The Robots VT 7 (SGMDROB7 Index), which is calculated by Societe Generale.

Market results

Debt and money markets

day week month

OFZ 26214 ▼ 6.74 -8 -23 -85

OFZ 26215 ▼ 6.86 -6 -16 -159

Russia 2023 ▼ 4.16 -3 -7 -197

UST 10 ▲ 3.00 2 17 18

UST 30 ▲ 3.18 4 16 11

Germany 10 ▼ 0.63 -1 12 -99

Italy 10 ▼ 1.76 -3 1 96

Spain 10 ▼ 1.29 -1 8 -30

MOSPRIME O/N, % ▼ 7.22 -4 -9 -13

MOSPRIME 1 week, % ▼ 7.29 -2 -1 -10

LIBOR O/N, % - 1.70 - 0 1

LIBOR 1 month, % - 1.90 - 0 3

CloseChange, b.p.

Source: market data; estimation: Veles Capital Commodity and currency markets

day week month

Brent, USD/bbl ▼ 73.45 -1.52 2.23 5.14

RUR/USD, ЦБ ▼ 61.52 -0.57 0.00 7.37

RUR/EUR, ЦБ ▼ 75.26 -0.35 -1.10 6.41

CloseChange,%

Source: market data; estimation: Veles Capital

Ruble liquidity figures

0

1 000

2 000

3 000

4 000

5 000

6 000

03.06.18 03.20.18 04.02.18 04.12.18 04.24.18

Total volume Correspondent Accounts Bank depos its with BOR

Liquid ruble Eurobond yield change

7,197,50

7,02

7,0

8,0

9,0

10,0

11,0

12,0

-6

-5

-4

-3

-2

-1

0

1

2

FS

K 1

9

RZ

D 2

3

RZ

D 1

9

RS

HB

18

VIP

19

Changes 1d, bps YTM, % - right

Page 2: 25 April 2018 - veles-capital.ru › uploadedfiles › Analytics › 25-04-2018 › VCBn… · Bonds are linked to the Rise Of The Robots VT 7 (SGMDROB7 Index), which is calculated

D a i l y b o n d s r e v i e w

25 April 2018 Page 2

Foreign market

Market situation. Another package of strong stats from the US (this time it was the volume of new construction selling for March accompanied by the consumer confidence) gave the way to the 10Y Treasuries towards the 3% level. Given was the maximum value from 2014 and broke the psychologically important limit. Later on, the benchmark has corrected below the given level closing with 2.99% (+2 bps) in yield.

Despite the base assets’ rates growth, the Russian Eurobonds traded positive showing accelerating dynamics vs the other EM states. The sovereign issues grew 0.3-0.4 pps of the face values. Buying prevailed in the corporate bonds. The notes of Polyus continued their rally having added nearly 1.5% to cost.

Forecast. This morning the combination of factors seems unfavorable for the EM debt notes. Treasuries’ yields continued upping while the oil quotes corrected downwards. Given made a negative impact on the Russian state Eurobonds.

Another pa ckage of str ong stats fr om the US gave the way to the 10Y Treasuries t owards the 3% level. De spite the ba se assets’ rates growt h, the Russian E urobonds traded positive showing accelerating dyna mics vs the other EM states . The sovereign issues grew 0.3 -0.4 pps of the face value s.

Ivan Manaenko, Julianna Lukyanova [email protected]

Page 3: 25 April 2018 - veles-capital.ru › uploadedfiles › Analytics › 25-04-2018 › VCBn… · Bonds are linked to the Rise Of The Robots VT 7 (SGMDROB7 Index), which is calculated

D a i l y b o n d s r e v i e w

25 April 2018 Page 3

Domestic market

Market situation. OFZ segment closed yesterday showing positive results with the support of the energy carriers’ market and strengthening of ruble. The Russian OFZ anticipated the other debt grounds of the EM segment on Tuesday. Progressing growth of the UST rates did not manage to affect the buyers’ optimism. The best results for the day indicated the long-term issues, which plunged 4 bps in yield. The quotes of the other OFZ grew within the range of 0.1-0.25 pps of the face value. The 26212 series showed accelerating dynamics having lost 10 bps in yield at once (YTM 7.24%). From the liquidity viewpoint, the trade appeared to be saturated. The daytime turnover reached nearly RUB 40 bn, having exceeded the recently average value. The most active trade indicated the long-term and mid-term “classic” OFZ. Participants’ interest in the notes with coupon linked to RUONIA rate was incomparably lesser (approximately 5% of the total number of deals). The floaters’ dynamics was insignificant. Linkers went negative at the back of the news on the soon-coming additional placement; however, the turnover was poor in both issues.

Forecast. Finance Ministry is to conduct the usual two auctions on primary placement of the OFZ today. The volume of the sum offer formed RUB 30.1 bn and even being higher than a week ago; the estimate still is lesser than this year’s average estimate (RUB 36 bn). As for the structure, this time the authority chose the combination of notes with constant coupon and indexed face value (OFZ-IN). The mid-term issue 26223 will be placed at the first auction for RUB 15 bn. Then the new long linker 52002 for RUB 15.06 bn will be offered second. Both series showed negative dynamics right after the news on the placement features came out. This morning the background looks likely negative at large for the local bonds.

OFZ segme nt close d yesterday showing positive results with the support of the e nergy carriers’ market and strengthening of rubl e.

Ivan Manaenko, Julianna Lukyanova [email protected]

Page 4: 25 April 2018 - veles-capital.ru › uploadedfiles › Analytics › 25-04-2018 › VCBn… · Bonds are linked to the Rise Of The Robots VT 7 (SGMDROB7 Index), which is calculated

D a i l y b o n d s r e v i e w

25 April 2018 Page 4

Money Markets

On the threshold of the tax payments tomorrow, the Bank of Russia has cut its limit at the weekly deposit auction to RUB 2.5 trillion (RUB 2.9 trillion a week ago). Nevertheless, the upcoming payments did not confuse the credit organizations, and the volume of the offer formed RUB 2.7 trillion (the offer volume and the volume of assets placed respectively has formed RUB 2.58 trillion). The placement volume rise at the deposits in the CBR was accompanied by the decline of the MosPrime o/n rate decline below the key level of the CBR rate.

By the end of the day, ruble stayed positive vs dollar along with the majority of currencies of the EM grounds. Yet the domestic currency did not manage to firm its positions below 61.5. The domestic currency gained the principal support from the oil prices that stayed close to USD 75 per barrel. Nevertheless, the global strengthening of dollar within the recent days still is an obstacle to the domestic currency in its winning back the oil price growth. Tuesday morning, the dollar index exceeded the level of 91 points and set the new high from January of the current year. Later on, the part of the players indicated profit vs the US currency, however, by the end of the workday the dollar index was once again close to the important level of 91 points and started trading above it on Wednesday morning.

Ivan Manaenko, Yury Kravchenko [email protected]

Page 5: 25 April 2018 - veles-capital.ru › uploadedfiles › Analytics › 25-04-2018 › VCBn… · Bonds are linked to the Rise Of The Robots VT 7 (SGMDROB7 Index), which is calculated

D a i l y b o n d s r e v i e w

25 April 2018 Page 5

Ruble bonds trade results Turnover leaders Trades leaders

Issue Price, %

Price.

chg,

p.p.

Trade

Volume,

mln RUR

Num of

TradesYield,%

Dur.,

years

OFZ 26212 99.51 0.41 1,341.80 - 7.24 7.09

OFZ 26217 102.30 0.23 1,113.10 - 6.83 2.97

OFZ 26207 106.79 0.27 863.21 - 7.22 6.44

OFZ 26214 99.53 0.08 453.75 - 6.75 1.94

OFZ 26208 100.91 0.00 241.94 - 6.47 0.83

OFZ 26218 110.77 0.28 184.76 - 7.36 8.49

OFZ 52001 (CPI) 99.27 -0.23 180.13 - 2.66 4.99

VEB-Leasing 08 102.77 - 154.82 7 8.26 1.43

OFZ 52002 (CPI) 96.69 -0.70 78.26 - 2.91 8.70

OFZ 26205 102.64 0.15 64.29 - 6.72 2.72

Lenta 03 101.49 -0.05 61.34 18 7.37 0.35

OFZ 26215 101.11 0.23 60.08 - 6.86 4.48

VEB 06 101.90 -0.55 50.95 1 7.67 2.28

OFZ 26209 103.19 0.30 50.50 - 6.83 3.65

AIZhK 17 103.50 - 40.46 1 7.38 1.89

OFZ 26210 100.43 0.08 37.22 - 6.62 1.54

Lipetsk Obl 35008 100.60 0.01 15.04 6 7.25 1.35

OFZ 26211 101.05 0.25 12.27 - 6.85 4.07

RZD 17 100.24 0.12 10.56 11 6.46 0.23

RZD 28 102.38 0.18 10.24 1 6.98 1.82

VEB-Leasing 12 100.15 - 10.02 2 7.83 0.28

Mechel 16 89.59 0.81 5.95 67 12.90 2.51

Mechel 14 100.08 0.22 2.22 24 12.44 1.02

OFZ 46020 94.90 0.04 1.95 - 7.57 9.95

Credit Bank of Moscow 12 99.94 0.58 1.68 41 12.69 0.33

Issue Price, %

Price.

chg,

p.p.

Trade

Volume,

mln RUR

Num of

TradesYield,%

Dur.,

years

Mechel 16 89.59 0.81 5.95 67 12.90 2.51

Credit Bank of Moscow 12 99.94 0.58 1.68 41 12.69 0.33

Mechel 13 100.10 0.12 1.23 40 12.41 1.02

Hakasiya 35003 100.39 0.15 0.38 39 8.38 1.41

Credit Bank of Moscow БО-07100.40 -0.05 0.49 29 9.71 0.49

Mechel 14 100.08 0.22 2.22 24 12.44 1.02

Gazpromneft 04 94.43 0.31 0.38 23 6.27 0.96

Kostromskaya Obl 34007 100.14 -0.06 0.93 22 7.58 0.42

TGK2 БО-02 100.04 -0.05 0.74 19 12.27 0.47

Lenta 03 101.49 -0.05 61.34 18 7.37 0.35

Mechel 19 96.51 - 1.30 18 5.47 1.47

Credit Bank of Moscow БО-06100.31 0.01 1.34 17 9.73 0.50

Oktritie 05 11.92 -0.25 0.02 17 2,321.61 0.54

Karelia 34016 100.07 - 0.27 16 7.38 0.38

RZD 23 101.65 0.03 1.45 14 5.14 0.25

Mechel 17 96.81 - 0.83 13 5.18 1.46

O1 Properties 01 98.55 0.48 0.15 12 18.17 0.27

RZD 17 100.24 0.12 10.56 11 6.46 0.23

Smolensk Obl 34001 100.41 0.02 0.26 11 8.01 0.37

RusHydro 07 94.29 32.76 0.03 10 1.34 4.77

RZD 12 93.93 -1.29 0.03 9 6.19 1.06

RSHB 08 100.27 -0.01 0.33 8 6.49 0.06

RSHB 16 99.05 0.04 0.05 8 7.79 0.94

VEB-Leasing 08 102.77 - 154.82 7 8.26 1.43

MTS 08 100.28 0.20 0.04 7 7.07 0.52

Top leaders Down leaders

Issue Price, %

Price.

chg,

p.p.

Trade

Volume,

mln RUR

Num of

TradesYield,%

Dur.,

years

RusHydro 07 94.29 32.76 0.03 10 1.34 4.77

Renaissance Credit БО-05 100.90 6.80 0.09 3 7.41 0.27

RusHydro 08 72.99 4.18 0.00 1 6.93 4.77

Oktritie 02 14.63 2.87 0.00 1 967.34 0.66

RUSAL 08 99.82 1.85 0.01 5 9.41 0.93

Bashneft 06 101.90 1.15 0.21 4 7.35 4.03

Bashneft 08 101.69 0.99 0.01 1 7.40 4.03

Gazpromneft 10 100.94 0.94 0.00 1 7.34 2.50

RSHB 10 101.68 0.90 0.04 4 7.39 1.65

Mechel 16 89.59 0.81 5.95 67 12.90 2.51

RSHB 09 100.80 0.72 0.02 2 9.65 0.06

Credit Bank of Moscow 12 99.94 0.58 1.68 41 12.69 0.33

Alliance Oil 04 89.89 0.52 0.04 3 168.43 0.12

O1 Properties 01 98.55 0.48 0.15 12 18.17 0.27

OFZ 26212 99.51 0.41 1,341.80 - 7.24 7.09

OFZ 46014 100.50 0.36 1.26 - 5.58 0.35

OFZ 46022 94.70 0.31 0.04 - 6.98 4.14

Gazpromneft 04 94.43 0.31 0.38 23 6.27 0.96

OFZ 26209 103.19 0.30 50.50 - 6.83 3.65

OFZ 26218 110.77 0.28 184.76 - 7.36 8.49

OKEY БО-04 101.00 0.27 0.02 2 6.76 0.46

OFZ 26207 106.79 0.27 863.21 - 7.22 6.44

OFZ 26211 101.05 0.25 12.27 - 6.85 4.07

VEB-Leasing 13 100.11 0.24 0.00 1 7.98 0.28

OFZ 26215 101.11 0.23 60.08 - 6.86 4.48

Issue Price, %

Price.

chg,

p.p.

Trade

Volume,

mln RUR

Num of

TradesYield,%

Dur.,

years

RusHydro 01 63.12 -41.88 0.00 1 30.87 2.55

OFZ 46011 116.00 -11.86 0.00 - 6.36 4.27

Vostochny Express Bank 0275.62 -4.38 0.76 3 186.71 0.29

RZD 12 93.93 -1.29 0.03 9 6.19 1.06

Volgogradskaya Obl 35003100.07 -0.90 0.04 6 6.89 0.14

Rosneft 08 99.00 -0.90 0.00 1 7.69 4.16

OFZ 52002 (CPI) 96.69 -0.70 78.26 - 2.91 8.70

Vympelcom 04 99.01 -0.69 0.00 1 7.71 1.78

VEB 06 101.90 -0.55 50.95 1 7.67 2.28

Samarskaya Obl 35009 100.51 -0.49 0.00 2 7.76 0.84

BINBANK БО-04 99.51 -0.48 0.05 2 10.39 0.30

VEB 09 103.17 -0.38 0.07 4 7.80 2.61

Lenta 01 101.70 -0.31 0.02 1 7.01 0.36

GTLK БО-02 100.55 -0.25 0.01 4 8.36 0.40

Oktritie 05 11.92 -0.25 0.02 17 2,321.61 0.54

OFZ 52001 (CPI) 99.27 -0.23 180.13 - 2.66 4.99

OFZ 46019 96.18 -0.18 0.54 - 6.49 0.90

BINBANK БО-02 101.27 -0.17 1.47 5 8.99 0.42

Credit Bank of Moscow БО-11100.00 -0.16 0.00 1 9.34 1.15

Rosneft 10 100.00 -0.16 0.01 1 7.98 0.12

Tele2 01 100.50 -0.12 0.02 1 7.65 0.14

Rusfinance Bank 13 100.60 -0.10 0.14 2 7.29 0.23

Nizegorodskaya Obl 34009100.83 -0.07 0.00 3 7.26 1.17

Kostromskaya Obl 34007 100.14 -0.06 0.93 22 7.58 0.42

TGK2 БО-02 100.04 -0.05 0.74 19 12.27 0.47

Page 6: 25 April 2018 - veles-capital.ru › uploadedfiles › Analytics › 25-04-2018 › VCBn… · Bonds are linked to the Rise Of The Robots VT 7 (SGMDROB7 Index), which is calculated

D a i l y b o n d s r e v i e w

25 April 2018 Page 6

State and municipal bonds market atlas

OFZ 25081OFZ 26204 OFZ 26205OFZ 26205

OFZ 26207

OFZ 26208OFZ 26209

OFZ 26210OFZ 26211 OFZ 26212

OFZ 26214OFZ 26215OFZ 26215

OFZ 26217

OFZ 26218

OFZ 46012

OFZ 46014OFZ 46018

OFZ 46019 OFZ 46020OFZ 46021 OFZ 46022

OFZ 46023

OFZ Yield Curve

5,00

5,50

6,00

6,50

7,00

7,50

8,00

8,50

9,00

0,0 2,0 4,0 6,0 8,0 10,0duration, years

Yie

ld,

%

IssueCoup.,

%

Next Put/Call

date**Maturity date Price, %

Price.

chg, p.p.

Trade Volume,

thd RUR Yield,%

Duration,

yearsOFZ spread

Liquidity

raiting

OFZ 25081 6.20 - 31.01.2018 ▲ 99.18 0.03 49,749 8.05 0.49 65 81OFZ 26204 7.50 - 15.03.2018 ▲ 99.79 0.08 43,807 7.99 0.60 44 73OFZ 26205 7.60 - 14.04.2021 ▲ 99.36 1.36 1,852 7.95 3.23 - 64OFZ 26205 7.60 - 14.04.2021 - - - - 7.95 3.23 - -OFZ 26207 8.15 - 03.02.2027 ▲ 103.15 1.15 203,667 7.83 6.61 - 81OFZ 26208 7.50 - 27.02.2019 ▲ 99.39 1.39 72,520 8.07 1.47 15 79OFZ 26209 7.60 - 20.07.2022 ▲ 98.93 0.93 865,431 8.02 4.22 - 81OFZ 26210 6.80 - 11.12.2019 ▲ 97.89 0.39 51,616 7.94 2.20 - 47OFZ 26211 7.00 - 25.01.2023 ▲ 96.92 1.92 3,774 7.85 4.47 - 47OFZ 26212 7.05 - 19.01.2028 ▲ 95.25 0.55 122,644 7.87 7.23 - 80OFZ 26214 6.40 - 27.05.2020 ▲ 96.25 0.25 356,659 8.06 2.59 2 85OFZ 26215 7.00 - 16.08.2023 ▲ 96.08 1.08 61,269 7.98 4.85 - 80OFZ 26215 7.00 - 16.08.2023 - - - - 7.98 4.85 - -OFZ 26217 7.50 - 18.08.2021 ▲ 98.65 0.65 220,961 8.05 3.45 - 85OFZ 26218 8.50 - 17.09.2031 ▲ 106.45 1.00 103,838 7.89 8.45 - 80OFZ 46005 - - 09.01.2019 - 94.48 - 5 - - 37 16OFZ 46010 10.00 - 17.05.2028 - - - - - - - -OFZ 46011 10.00 - 20.08.2025 - - - - - - - 1OFZ 46012 3.28 - 05.09.2029 - - - - 6.02 7.50 - 7OFZ 46014 7.00 - 29.08.2018 ▲ 99.18 0.18 134 8.20 0.79 49 24OFZ 46018 6.50 - 24.11.2021 ▲ 96.04 0.59 10,015 8.07 3.03 1 27OFZ 46019 2.01 - 20.03.2019 - 93.60 - 1 8.18 1.11 34 19OFZ 46020 6.90 - 06.02.2036 ▲ 89.82 0.77 422 8.14 9.74 - 34OFZ 46021 5.00 - 08.08.2018 ▲ 98.59 0.00 212 8.03 0.50 62 29OFZ 46022 6.00 - 19.07.2023 ▲ 90.03 0.00 351 8.04 4.71 - 21OFZ 46023 8.16 - 23.07.2026 - - - - 7.75 3.58 - 16OFZ 48001 6.40 - 31.10.2018 - 99.25 - 5 3.19 0.71 - 17OFZ 52001 (CPI) 2.50 - 16.08.2023 ▲ 97.00 0.10 744 3.07 5.58 - 84

OFZ

* - liquidity rating is calculated daily based on data for 60 days; **C-Call, P-Put Source: market data, Estimation: Veles Capital

Page 7: 25 April 2018 - veles-capital.ru › uploadedfiles › Analytics › 25-04-2018 › VCBn… · Bonds are linked to the Rise Of The Robots VT 7 (SGMDROB7 Index), which is calculated

D a i l y b o n d s r e v i e w

25 April 2018 Page 7

Sub-federal and municipal bonds

Bashkortostan 34008

Belgorodskaya Obl 34006

Volgograd 34006

Vologodskaya Obl 34003

Voronezskaya Obl 34005

Voronezskaya Obl 34006

Tverskaya Obl 34008

Kostromskaya Obl 34007

Krasnodar Kr 34004

Krasnoyarsk Kr 34006Krasnoyarsk Kr 34007

Lipetsk Obl 35008Volgogradskaya Obl 35003

Volgogradskaya Obl 35004

Samarskaya Obl 35008 Samarskaya Obl 35009

Stavropol Kr 34001

Stavropol Kr 34002

Mordovia 34001

Sakha Resp 35005

Nizegorodskaya Obl 34008

Nizegorodskaya Obl 34009

Novosibirsk 34005

Novosibirsk 35006

Novosibirsk Obl 34015

Orenburg Reg 34001

Orenburg Reg 35001

Karelia 34015

Karelia 34016 Hakasiya 35003Ryazan Obl 34002

Sverdlovsk Obl 34002

Smolensk Obl 34001

Tomsk Obl 34045

Udmurt Resp 34006

Udmurt Resp 35001

Yaroslavskaya Obl 34012

Moscow Yield Curve

4,00

5,00

6,00

7,00

8,00

9,00

10,00

0,0 0,5 1,0 1,5 2,0 2,5 3,0duration, years

Yie

ld,

%

IssueCoup.,

%

Next Put/Call

date**Maturity date Price, %

Price.

chg, p.p.

Trade Volume,

thd RUR Yield,%

Duration,

yearsOFZ spread

Liquidity

raiting

Bashkortostan 34008 7.75 - 18.09.2020 - 100.19 - - 7.97 1.79 - 11Belgorodskaya Obl 340066.00 - 08.08.2017 ▼ 100.02 -0.01 892 5.23 0.02 7,251 24Volgograd 34006 9.37 - 23.08.2017 ▼ 100.08 -0.11 39 8.18 0.06 405 20Vologodskaya Obl 34003 9.75 - 05.12.2017 ▼ 100.25 -0.41 12 9.29 0.34 223 20Voronezskaya Obl 34005 5.85 - 17.12.2017 ▲ 99.72 0.81 80 6.74 0.37 - 25Voronezskaya Obl 34006 7.53 - 23.10.2018 ▼ 99.11 -0.85 5,285 8.93 0.70 129 24Tverskaya Obl 34008 9.70 - 18.12.2017 ▲ 100.50 0.01 1 8.61 0.37 145 19Kostromskaya Obl 34007 8.25 - 28.09.2018 ▲ 99.27 0.08 112 8.97 0.82 125 22Krasnodar Kr 34004 8.85 - 09.11.2017 ▼ 100.13 -0.02 1,332 8.65 0.27 189 16Krasnoyarsk Kr 34006 8.00 - 19.10.2017 - 99.99 - 213 8.12 0.22 171 19Krasnoyarsk Kr 34007 7.95 - 19.09.2018 - 99.60 - - 8.08 0.54 60 7Lipetsk Obl 35008 7.39 - 17.04.2020 - - - - 8.41 1.63 46 10Volgogradskaya Obl 350037.27 - 14.06.2018 - 99.53 - 116 8.60 0.44 129 17Volgogradskaya Obl 350047.55 - 01.11.2018 ▼ 99.87 -0.01 24 7.83 0.58 31 17Samarskaya Obl 35008 9.00 - 13.12.2017 - 100.20 - - 8.38 0.36 125 13Samarskaya Obl 35009 8.15 - 31.07.2020 - 100.00 - 1,394 8.40 1.07 58 16Stavropol Kr 34001 8.20 - 12.12.2017 - - - - 6.47 0.36 - 16Stavropol Kr 34002 8.09 - 04.11.2020 ▲ 100.00 0.50 70 8.34 1.29 45 13Mordovia 34001 9.25 - 22.10.2018 ▼ 100.33 -1.95 52 9.27 1.17 141 21Sakha Resp 35005 8.45 - 24.04.2018 ▼ 100.00 -0.19 1 8.71 0.51 128 6Nizegorodskaya Obl 340089.45 - 29.08.2017 - 100.08 - - 7.43 0.08 305 20Nizegorodskaya Obl 340097.87 - 26.08.2020 ▼ 98.80 -0.10 98 8.73 1.77 76 18Novosibirsk 34005 6.94 - 06.09.2017 - 100.14 - - 7.19 0.10 248 16Novosibirsk 35006 8.50 - 22.07.2020 ▼ 100.15 -0.33 2 8.53 1.56 59 6Novosibirsk Obl 34015 7.79 - 30.10.2018 - 99.95 - - 8.10 0.72 44 12Orenburg Reg 34001 9.20 - 14.12.2017 - - - - 7.07 0.24 47 10Orenburg Reg 35001 8.50 - 19.06.2019 - 100.20 - - 8.77 1.30 88 4Karelia 34015 8.75 - 22.10.2017 ▼ 101.00 -0.02 63 4.34 0.22 - 14Karelia 34016 7.49 - 29.01.2019 ▲ 98.73 0.01 765 8.95 1.07 112 23Hakasiya 35003 8.40 - 27.10.2020 - 99.55 - 5,958 8.97 1.59 103 26Ryazan Obl 34002 9.50 - 14.12.2017 ▼ 100.26 -0.13 4,791 9.05 0.36 192 28Sverdlovsk Obl 34002 7.95 - 04.12.2017 - - - - 5.40 0.34 - 11Smolensk Obl 34001 8.90 - 20.10.2018 - 100.46 - - 8.63 0.93 86 18Tomsk Obl 34045 8.60 - 19.12.2017 ▲ 100.29 0.20 37 8.04 0.38 87 18Udmurt Resp 34006 6.90 - 05.12.2017 - 99.34 - - 7.66 0.35 58 14Udmurt Resp 35001 7.45 - 01.10.2020 ▲ 98.67 0.10 19,677 8.68 1.27 80 7Chuvashia 34010 7.00 - 07.06.2018 - - - - - 0.46 - 13Yaroslavskaya Obl 340127.35 - 13.07.2018 - 99.48 - 4 8.41 0.65 82 14

Municipal bonds

* - liquidity rating is calculated daily based on data for 60 days; **C-Call, P-Put Source: market data, Estimation: Veles Capital

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25 April 2018 Page 8

Corporate bonds market atlas

Oil and gas

Bashneft 04

Bashneft 06

Bashneft 07

Bashneft 08

Bashneft 09

Gazprom Capital 04Gazpromneft 04

Gazpromneft 10

Gazpromneft 12

Rosneft 04

Rosneft 05

Rosneft 06Rosneft 07

Rosneft 08

Rosneft 09

Rosneft 10

Transneft 01

Transneft 03

OFZ Yield Curve

5,00

5,50

6,00

6,50

7,00

7,50

8,00

8,50

9,00

0,0 0,5 1,0 1,5 2,0 2,5 3,0duration, years

Yie

ld,

%

IssueCoup.,

%

Next Put/Call

date**Maturity date Price, %

Price.

chg, p.p.

Trade Volume,

thd RUR Yield,%

Duration,

yearsOFZ spread

Liquidity

raiting

Bashneft 04 0.10 15.02.2018 P 04.02.2022 - 95.00 - - 8.61 0.53 115 9Bashneft 06 8.65 12.02.2018 P 31.01.2023 - 100.20 - - 8.20 0.50 79 14Bashneft 07 8.85 10.02.2020 P 31.01.2023 ▼ 101.00 -0.20 42,858 8.58 2.22 56 3Bashneft 08 8.65 12.02.2018 P 31.01.2023 - - - - 8.24 0.50 83 10Bashneft 09 8.85 10.02.2020 P 31.01.2023 ▼ 101.00 -0.20 3,016 8.58 2.22 56 1Gazprom Capital 04 7.55 - 15.02.2018 - 99.79 - - 8.10 0.52 65 3Gazpromneft 04 8.20 16.04.2018 P 09.04.2019 - 100.14 - - 8.10 0.67 49 11Gazpromneft 09 - - 26.01.2021 - - - - - - - -Gazpromneft 10 8.90 05.02.2018 P 26.01.2021 - 100.35 - - 8.39 0.50 - 14Gazpromneft 11 - - 25.01.2022 - - - - - - - -Gazpromneft 12 8.50 05.12.2017 P 23.11.2022 ▼ 100.00 -0.17 501 8.62 0.33 160 16Alliance Oil 03 0.01 - 21.07.2020 - - - - - - - 0Alliance Oil 04 11.25 08.06.2018 P 01.06.2021 - 89.47 - - 52.83 0.35 4,575 17Alliance Oil 06 11.25 13.06.2018 P 04.06.2021 - 87.16 - 17 63.35 0.35 5,625 10Rosneft 04 8.60 27.10.2017 P 17.10.2022 ▲ 100.09 0.04 9,208 8.26 0.23 176 15Rosneft 05 8.60 27.10.2017 P 17.10.2022 ▲ 100.00 0.10 1 8.68 0.23 218 18Rosneft 06 7.95 11.06.2018 P 30.05.2023 ▲ 99.80 0.80 1 8.35 0.82 63 11Rosneft 07 8.00 22.03.2018 P 10.03.2023 - - - - 8.26 0.60 71 17Rosneft 08 8.00 22.03.2018 P 10.03.2023 - - - - 8.66 0.60 111 13Rosneft 09 7.95 11.06.2018 P 30.05.2023 - 99.80 - - 8.48 0.82 76 6Rosneft 10 7.95 11.06.2018 P 30.05.2023 - - - - 8.15 0.82 43 14Transneft 01 0.01 16.05.2018 P 13.05.2019 - - - - 7.53 0.78 - 3Transneft 02 11.00 05.10.2017 P 01.10.2019 - - - - - - - 3Transneft 03 12.05 - 18.09.2019 - 106.60 - - 8.40 1.84 43 15

Oil & Gas

* - liquidity rating is calculated daily based on data for 60 days; **C-Call, P-Put Source: market data, Estimation: Veles Capital

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25 April 2018 Page 9

Power industry

RusHydro 01

RusHydro 02

RusHydro 07

RusHydro 08

FGC UES 06FGC UES 07

FGC UES 08FGC UES 09

FGC UES 10

FGC UES 11

FGC UES 13

FGC UES 15

FGC UES 18

FGC UES 19

FGC UES 21

FGC UES 24FGC UES 25

OFZ Yield Curve

5,00

5,50

6,00

6,50

7,00

7,50

8,00

8,50

9,00

0,0 1,0 2,0 3,0 4,0 5,0 6,0duration, years

Yie

ld,

%

IssueCoup.,

%

Next Put/Call

date**Maturity date Price, %

Price.

chg, p.p.

Trade Volume,

thd RUR Yield,%

Duration,

yearsOFZ spread

Liquidity

raiting

Volzhskaya TGK 01 (ранее ТГК-5, 01)9.50 - 06.10.2017 - - - - - - - 10Volzhskaya TGK 01 (ранее ТГК-6, 01)9.50 - 24.08.2017 - - - - - - - 11Volzhskaya TGK 01 (ранее ТГК-9, 01)8.10 - 07.08.2017 - - - - - 0.02 - 12Kuzbassenergo 01 - - 14.06.2021 - - - - - - - -Kuzbassenergo 02 - - 15.04.2021 - - - - - - - -RusHydro 01 9.50 - 12.04.2021 - - - - 8.43 3.13 37 1RusHydro 02 9.50 - 12.04.2021 - - - - 8.63 3.13 57 1RusHydro 07 8.50 13.02.2018 P 02.02.2023 ▲ 100.25 0.05 2 8.15 0.50 73 14RusHydro 08 8.50 13.02.2018 P 02.02.2023 - 100.23 - - 7.91 0.50 48 15TGK1 03 5.90 - 14.12.2021 - - - - - - - -TGK2 БО-02 12.00 - 26.04.2019 ▼ 93.36 -0.28 1,879 20.83 0.89 1,308 25FGC UES 06 8.25 - 15.09.2020 - 100.25 - 100 8.32 2.74 27 2FGC UES 07 7.50 - 16.10.2020 - - - - 8.38 2.85 33 0FGC UES 08 8.25 - 15.09.2020 - - - - 8.13 2.74 8 1FGC UES 09 7.99 24.10.2017 P 16.10.2020 - - - - 8.07 0.23 155 1FGC UES 10 7.75 - 15.09.2020 - - - - 7.02 2.77 - 22FGC UES 11 7.99 24.10.2017 P 16.10.2020 - - - - 6.25 0.23 - 11FGC UES 12 8.10 - 19.04.2019 - - - - - - - 10FGC UES 13 8.50 - 22.06.2021 - - - - 8.36 3.37 29 4FGC UES 15 8.75 24.10.2018 P 12.10.2023 - - - - 7.81 1.15 - 25FGC UES 18 8.50 07.06.2019 P 27.11.2023 - 100.20 - - 8.55 1.72 - 13FGC UES 19 7.95 18.07.2018 P 06.07.2023 - 100.00 - - 5.45 0.94 - 15FGC UES 21 7.40 16.04.2024 P 06.10.2027 - 97.82 - - 8.72 5.24 61 9FGC UES 22 7.90 03.08.2022 P 21.07.2027 - 93.15 - - 22.06 0.48 1,468 19FGC UES 23 5.10 - 27.04.2048 - - - - - - - 1FGC UES 24 8.00 24.01.2020 P 07.01.2028 ▲ 99.47 0.02 2,337,600 8.41 2.28 39 34FGC UES 25 9.00 01.10.2019 P 14.09.2027 - - - - 8.45 1.96 46 2FGC UES 26 5.30 09.07.2047 P 30.06.2048 - - - - - - - 1FGC UES 27 5.30 09.07.2047 P 30.06.2048 - - - - - - - 1FGC UES 28 5.10 - 27.04.2048 - - - - - - - 2

Utilities

* - liquidity rating is calculated daily based on data for 60 days; **C-Call, P-Put Source: market data, Estimation: Veles Capital

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25 April 2018 Page 10

Telecommunications

Rostelecom 17

Rostelecom 18

Rostelecom 19

Vympelcom 01

Vympelcom 02

Vympelcom 04

MegaFon 06

MegaFon 07

MTS 07

MTS БО-01

Tele2 01Tele2 02

Tele2 03

Tele2 04

Tele2 07

OFZ Yield Curve

5,00

5,50

6,00

6,50

7,00

7,50

8,00

8,50

9,00

9,50

10,00

0,0 0,5 1,0 1,5 2,0 2,5 3,0 3,5 4,0 4,5 5,0duration, years

Yie

ld,

%

IssueCoup.,

%

Next Put/Call

date**Maturity date Price, %

Price.

chg, p.p.

Trade Volume,

thd RUR Yield,%

Duration,

yearsOFZ spread

Liquidity

raiting

Rostelecom 11 11.70 - 24.07.2019 - - - - - - - -Rostelecom 15 8.20 - 24.01.2018 - - - - - 0.48 110 2Rostelecom 16 10.50 - 07.06.2018 - - - - - - - 0Rostelecom 17 10.50 - 02.11.2017 - 100.00 - - 8.01 0.25 133 3Rostelecom 18 8.20 - 24.01.2018 ▲ 100.04 0.04 2,402 8.27 0.48 88 6Rostelecom 19 10.50 - 06.03.2018 ▲ 100.94 0.09 2 7.77 0.33 73 16Vympelcom 01 7.00 13.03.2020 P 08.03.2022 - - - - 7.56 2.37 - 7Vympelcom 02 7.00 19.03.2020 P 14.03.2022 - - - - 7.12 2.38 - 1Vympelcom 04 7.00 13.03.2020 P 08.03.2022 - 95.50 - 10 9.17 2.36 115 13MegaFon 05 - - 29.09.2022 - - - - - - - -MegaFon 06 8.00 13.03.2018 P 01.03.2023 - 99.91 - - 8.30 0.58 78 4MegaFon 07 8.00 13.03.2018 P 01.03.2023 - 99.70 - - 8.50 0.58 98 11MTS 03 10.00 - 12.06.2018 - - - - - - - 1MTS 07 8.70 - 07.11.2017 ▼ 99.95 -0.01 53,638 9.00 0.27 224 26MTS 08 9.25 09.11.2017 P 03.11.2020 - - - - - 0.27 - 10MTS БО-01 8.25 02.04.2018 P 22.03.2023 - 99.50 - 29,989 9.23 0.64 165 9Tele2 01 11.25 19.06.2018 P 11.06.2021 - 101.40 - - 9.74 0.84 200 8Tele2 02 11.30 18.06.2019 P 11.06.2021 ▲ 103.15 0.15 2,687 9.63 1.72 167 18Tele2 03 11.30 18.06.2019 P 11.06.2021 - 102.50 - - 10.00 1.72 204 12Tele2 04 10.70 06.08.2020 P 31.01.2022 - 103.00 - - 9.65 2.53 162 11Tele2 05 10.70 - 31.01.2022 - - - - - - - 0Tele2 07 9.95 - 05.04.2022 ▼ 101.21 -0.23 9,428 9.85 3.75 176 20

TMT

* - liquidity rating is calculated daily based on data for 60 days; **C-Call, P-Put Source: market data, Estimation: Veles Capital

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D a i l y b o n d s r e v i e w

25 April 2018 Page 11

Transport

RZD 12

RZD 17RZD 23

RZD 28

TransKontainer 04

OFZ Yield Curve

4,00

4,50

5,00

5,50

6,00

6,50

7,00

7,50

8,00

8,50

9,00

0,0 0,5 1,0 1,5 2,0 2,5 3,0duration, years

Yie

ld,

%

IssueCoup.,

%

Next Put/Call

date**Maturity date Price, %

Price.

chg, p.p.

Trade Volume,

thd RUR Yield,%

Duration,

yearsOFZ spread

Liquidity

raiting

FESCO БО-02 12.25 - 28.11.2017 - - - - - - - -RZD 12 0.10 - 16.05.2019 - 92.87 - 1 4.33 1.79 - 12RZD 17 11.60 17.01.2018 P 16.07.2018 ▼ 101.60 -0.18 561 8.11 0.46 76 44RZD 18 8.45 - 15.07.2019 - 99.55 - - 8.89 - - 12RZD 19 8.15 18.07.2018 P 08.07.2024 - - - - - - - 1RZD 23 11.75 02.08.2018 P 16.01.2025 ▼ 103.61 -0.01 326 8.02 0.96 23 17RZD 28 8.20 03.04.2020 P 21.03.2028 - 99.59 - - 8.41 2.39 39 19RZD 32 6.20 13.07.2022 P 25.06.2032 ▲ 91.23 0.04 192 30.29 0.45 2,296 30RZD БО-09 5.10 - 08.06.2028 - - - - - - - 2RZD БО-12 5.40 - 18.08.2033 - - - - - - - 2RZD БО-13 5.40 - 19.09.2033 - - - - - - - 2RZD БО-18 5.40 - 29.04.2043 - - - - - - - 2TRANSAERO БО-03 - - 25.10.2018 - 1.57 - 4 ####### 1.23 279,833 20TransKontainer 04 8.35 - 26.01.2018 - 99.76 - - 8.21 0.49 81 7

Transport

* - liquidity rating is calculated daily based on data for 60 days; **C-Call, P-Put Source: market data, Estimation: Veles Capital

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D a i l y b o n d s r e v i e w

25 April 2018 Page 12

Trade

Lenta 01

Lenta 02

Lenta 03

OKEY 02

OKEY БО-04

OFZ Yield Curve

5,00

6,00

7,00

8,00

9,00

10,00

11,00

0,0 0,2 0,4 0,6 0,8 1,0 1,2 1,4 1,6 1,8 2,0duration, years

Yie

ld,

%

IssueCoup.,

%

Next Put/Call

date**Maturity date Price, %

Price.

chg, p.p.

Trade Volume,

thd RUR Yield,%

Duration,

yearsOFZ spread

Liquidity

raiting

Lenta 01 11.75 06.09.2018 P 03.03.2020 - - - - 8.00 1.01 19 0Lenta 02 11.00 07.03.2019 P 03.03.2020 - - - - 9.83 1.44 191 0Lenta 03 11.75 30.08.2018 P 25.02.2020 - - - - 8.53 0.99 73 12OKEY 02 11.60 - 12.12.2017 ▼ 101.62 -0.60 26 7.09 0.36 - 15OKEY БО-04 8.90 - 09.10.2018 ▲ 98.72 3.64 10 10.30 1.13 245 12

Retail & food production

* - liquidity rating is calculated daily based on data for 60 days; **C-Call, P-Put Source: market data, Estimation: Veles Capital

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D a i l y b o n d s r e v i e w

25 April 2018 Page 13

Machinery

Russian Helicopters 02

Irkut БО-04

Power Machines 02

OFZ Yield Curve

5,00

6,00

7,00

8,00

9,00

10,00

11,00

0,0 0,5 1,0 1,5 2,0 2,5 3,0 3,5 4,0duration, years

Yie

ld,

%

IssueCoup.,

%

Next Put/Call

date**Maturity date Price, %

Price.

chg, p.p.

Trade Volume,

thd RUR Yield,%

Duration,

yearsOFZ spread

Liquidity

raiting

Russian Helicopters 01 8.25 - 20.04.2018 - - - - - - - 9Russian Helicopters 02 8.25 - 20.04.2018 - - - - 8.41 0.70 77 3HMS 03 - - 30.01.2018 - - - - - - - -Irkut БО-04 9.00 14.11.2018 P 06.11.2023 ▲ 100.10 0.10 2 9.09 1.22 122 11UAC 01 8.00 - 17.03.2020 - - - - - - - 5Power Machines 02 9.30 08.10.2020 P 28.09.2023 ▼ 98.00 -0.80 1 10.29 2.73 225 14Oboronprom 01 8.00 - 24.04.2020 - - - - - - - -

Industrials

* - liquidity rating is calculated daily based on data for 60 days; **C-Call, P-Put Source: market data, Estimation: Veles Capital

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25 April 2018 Page 14

Metallurgy

Mechel 15

Mechel 17Mechel 18Mechel 19

NLMK БО-13

Pravourmiyskoe 01

Metalloinvest 02Metalloinvest 03

Metalloinvest 05

Metalloinvest 06

RUSAL 07

RUSAL 08

OFZ Yield Curve

4,00

5,00

6,00

7,00

8,00

9,00

10,00

0,0 1,0 2,0 3,0 4,0 5,0 6,0duration, years

Yie

ld,

%

IssueCoup.,

%

Next Put/Call

date**Maturity date Price, %

Price.

chg, p.p.

Trade Volume,

thd RUR Yield,%

Duration,

yearsOFZ spread

Liquidity

raiting

Evraz 01 - - 13.03.2020 - - - - - - - -Evraz 02 - - 19.10.2020 - - - - - - - -Evraz 03 - - 13.03.2020 - - - - - - - -Evraz 04 - - 19.10.2020 - - - - - - - -Evraz 05 - - 27.05.2021 - - - - - - - -Evraz 07 - - 25.05.2021 - - - - - - - -Mechel 04 11.75 - 15.07.2021 - - - - 1.24 2.02 - 1Mechel 05 - - 09.10.2018 - - - - - - - -Mechel 13 14.00 - 25.02.2020 ▲ 98.99 0.01 346 16.68 0.49 928 21Mechel 14 14.00 - 25.02.2020 ▼ 98.75 -0.24 592 17.23 0.49 982 30Mechel 15 8.00 - 09.02.2021 - - - - 8.16 3.03 10 0Mechel 16 8.00 - 09.02.2021 - - - - - - - 0Mechel 17 12.13 - 27.05.2021 - 94.71 - 688 9.45 1.69 149 19Mechel 18 12.13 - 27.05.2021 - 94.79 - 1,964 9.39 1.69 144 23Mechel 19 12.13 - 01.06.2021 - 94.71 - 471 9.37 1.71 141 24MMK 18 - - 22.11.2022 - - - - - - - -MMK 19 - - 13.07.2023 - - - - - - - -NLMK 07 - - 05.09.2022 - - - - - - - -NLMK 08 - - 25.11.2022 - - - - - - - -NLMK БО-11 - - 20.07.2023 - - - - - - - -NLMK БО-12 - - 25.07.2023 - - - - - - - -NLMK БО-13 8.05 11.10.2017 P 02.10.2023 - 99.95 - - 8.37 0.19 - 1Pravourmiyskoe 01 9.00 - 26.12.2019 - 100.00 - 30 9.18 2.11 118 7Evraz 01 - - 10.10.2019 - - - - - - - -Evraz 02 - - 10.10.2019 - - - - - - - -Metalloinvest 01 0.01 - 07.03.2022 - - - - - - - 0Metalloinvest 02 8.90 07.02.2018 P 27.01.2023 - 100.35 - - 8.35 0.49 95 10Metalloinvest 03 8.90 07.02.2018 P 27.01.2023 - 100.35 - - 8.35 0.49 95 12Metalloinvest 05 0.01 - 07.03.2022 - 71.95 - - 7.07 4.60 - 7Metalloinvest 06 0.01 - 10.03.2022 - - - - 4.41 4.61 - 1RUSAL 07 12.00 - 22.02.2018 - 101.96 - - 7.96 0.53 49 23RUSAL 08 9.00 10.04.2019 P 05.04.2021 - - - - 9.32 1.56 139 15

Metal & Mining

* - liquidity rating is calculated daily based on data for 60 days; **C-Call, P-Put Source: market data, Estimation: Veles Capital

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D a i l y b o n d s r e v i e w

25 April 2018 Page 15

Metallurgy

SUEK 01

SUEK 05

Uranium One 02

OFZ Yield Curve

5,00

6,00

7,00

8,00

9,00

10,00

11,00

0,0 0,5 1,0 1,5 2,0 2,5 3,0 3,5 4,0duration, years

Yie

ld,

%

IssueCoup.,

%

Next Put/Call

date**Maturity date Price, %

Price.

chg, p.p.

Trade Volume,

thd RUR Yield,%

Duration,

yearsOFZ spread

Liquidity

raiting

SUEK 01 8.25 04.07.2018 P 26.06.2020 - 98.50 - - 10.25 0.89 250 10SUEK 05 8.25 20.08.2019 P 10.08.2023 - 93.86 - - 10.75 1.84 277 11Uranium One 01 - - 24.11.2021 - - - - - - - 1Uranium One 02 10.25 19.08.2020 P 11.08.2023 - 100.00 - - 10.31 2.57 227 10

Metal & Mining

* - liquidity rating is calculated daily based on data for 60 days; **C-Call, P-Put Source: market data, Estimation: Veles Capital

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D a i l y b o n d s r e v i e w

25 April 2018 Page 16

Other

Acron 04

EuroChem 02

EuroChem 03

Russian Post 02

Russian Post 03

Russian Post 04

OFZ Yield Curve

5,00

5,50

6,00

6,50

7,00

7,50

8,00

8,50

9,00

9,50

10,00

0,0 0,5 1,0 1,5 2,0 2,5 3,0duration, years

Yie

ld,

%

IssueCoup.,

%

Next Put/Call

date**Maturity date Price, %

Price.

chg, p.p.

Trade Volume,

thd RUR Yield,%

Duration,

yearsOFZ spread

Liquidity

raiting

Acron 04 10.20 21.05.2020 P 18.05.2021 - 104.10 - - 7.36 2.48 - 16Acron 05 10.20 21.05.2020 P 18.05.2021 - - - - - 2.47 - 12EuroChem 02 12.40 - 26.06.2018 - 104.20 - - 7.62 0.87 - 14EuroChem 03 8.25 - 14.11.2018 - 99.79 - 3 8.59 1.23 71 2

EDC 01 8.40 - 20.06.2018 - - - - - - - -

Profmedia БО-03 0.01 - 23.08.2018 - - - - - - - -Profmedia БО-04 0.01 - 23.08.2018 - - - - - - - -

TPGC 01 12.75 - 13.09.2018 - - - - 12.61 1.03 480 1

Russian Post 02 9.50 23.10.2018 P 18.10.2019 ▼ 100.51 -0.69 1 9.23 1.15 138 8Russian Post 03 9.45 23.04.2019 P 18.10.2019 - - - - 8.00 1.59 6 3Russian Post 04 9.35 - 18.10.2019 - - - - 8.37 2.00 38 6

Transport

Chemistry & Fertilizers

Other

TMT

Other

* - liquidity rating is calculated daily based on data for 60 days; **C-Call, P-Put Source: market data, Estimation: Veles Capital

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25 April 2018 Page 17

Food industry

AgroComplex БО-01

OFZ Yield Curve5,00

100005,00

200005,00

300005,00

400005,00

500005,00

600005,00

0,0 0,1 0,2 0,3 0,4 0,5 0,6 0,7 0,8 0,9 1,0duration, years

Yie

ld,

%

IssueCoup.,

%

Next Put/Call

date**Maturity date Price, %

Price.

chg, p.p.

Trade Volume,

thd RUR Yield,%

Duration,

yearsOFZ spread

Liquidity

raiting

Baltijskij Bereg 01 - - 22.12.2017 - - - - - - - -

AgroComplex БО-01 0.10 15.12.2017 P 08.12.2022 ▼ 4.33 -0.21 5 ####### 0.36 ######### 17Novoplastunovskoe 01 - - 04.10.2019 - - - - - - - -

Razgulay Group БО-01 11.30 - 03.10.2018 - - - - - - - -

Retail & food production

Other

Retail & food production

* - liquidity rating is calculated daily based on data for 60 days; **C-Call, P-Put Source: market data, Estimation: Veles Capital

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25 April 2018 Page 18

Construction and property

O1 Properties 01

LenSpetsSMU 02

OFZ Yield Curve

5,00

6,00

7,00

8,00

9,00

10,00

11,00

12,00

13,00

0,0 0,2 0,4 0,6 0,8 1,0 1,2 1,4 1,6 1,8 2,0duration, years

Yie

ld,

%

IssueCoup.,

%

Next Put/Call

date**Maturity date Price, %

Price.

chg, p.p.

Trade Volume,

thd RUR Yield,%

Duration,

yearsOFZ spread

Liquidity

raiting

LSR 03 0.10 - 08.09.2017 - - - - - - - 0LSR 04 0.10 - 20.10.2017 - - - - - - - 0O1 Properties 01 12.00 - 02.08.2018 ▲ 100.00 2.99 600,104 12.36 0.92 459 19LenSpetsSMU 02 12.90 - 12.12.2017 ▲ 100.90 0.32 103 9.42 0.24 282 20Glavnaya Doroga 03 4.40 - 30.10.2028 - 68.05 - 1 281.46 0.28 27,015 5Glavnaya Doroga 07 4.40 - 30.10.2029 - - - - - 0.29 - -WHSD 01 10.44 - 13.05.2031 - - - - - - - 0WHSD 02 10.44 - 13.05.2031 - - - - - - - 0WHSD 03 9.84 - 06.02.2032 - - - - - 13.86 172 6WHSD 04 9.84 - 06.02.2032 - - - - - 13.86 178 0WHSD 05 9.84 - 06.02.2032 - - - - - 13.86 179 0NWCC 03 7.60 09.10.2020 C 26.09.2031 - - - - - - - 0NWCC 04 7.60 09.10.2020 C 26.09.2031 - - - - - 0.20 - 0

Construction & Development

* - liquidity rating is calculated daily based on data for 60 days; **C-Call, P-Put Source: market data, Estimation: Veles Capital

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25 April 2018 Page 19

Mortgage companies

AIZhK 08AIZhK 10AIZhK 11

AIZhK 16

AIZhK 17

AIZhK 19

AIZhK 20

AIZhK 21

AIZhK 25OFZ Yield Curve

5,00

5,50

6,00

6,50

7,00

7,50

8,00

8,50

9,00

9,50

10,00

0,0 1,0 2,0 3,0 4,0 5,0 6,0 7,0duration, years

Yie

ld,

%

IssueCoup.,

%

Next Put/Call

date**Maturity date Price, %

Price.

chg, p.p.

Trade Volume,

thd RUR Yield,%

Duration,

yearsOFZ spread

Liquidity

raiting

AIZhK 08 7.63 - 15.06.2018 - 99.60 - - 8.34 0.84 61 10AIZhK 10 8.20 - 15.09.2020 - 99.99 - - 8.29 1.22 42 3AIZhK 11 8.05 15.09.2017 C 15.11.2018 - - - - 8.45 1.21 58 11AIZhK 13 12.25 - 15.04.2018 - - - - 0.08 0.21 - 12AIZhK 14 11.75 - 15.05.2023 - - - - - 0.29 - 12AIZhK 15 12.50 - 15.09.2028 - 108.78 - 530,160 - 0.12 - 24AIZhK 16 8.25 - 15.09.2021 - 99.85 - - 8.33 1.50 40 11AIZhK 17 9.05 - 15.04.2022 - 101.90 - - 8.17 2.47 14 11AIZhK 18 10.30 17.04.2018 P 15.07.2023 - - - - - - - 1AIZhK 19 9.50 15.11.2017 C 15.11.2024 - - - - 8.41 1.84 43 5AIZhK 20 8.60 - 15.12.2027 - - - - 8.67 6.42 55 0AIZhK 21 8.80 - 15.02.2020 - 101.10 - - 9.09 1.85 111 1AIZhK 22 9.25 17.10.2017 P 15.07.2024 - - - - - - - 1AIZhK 25 9.25 03.04.2018 P 01.10.2026 - - - - 8.13 0.65 53 16AIZhK 1А 9.50 - 15.03.2040 - - - - - - - -

DeltaCredit Bank 12-ИП 8.00 - 30.08.2018 - - - - - - - 0

AIZhK А 11.50 - 20.02.2041 - - - - - - - -GPB-Ipoteka 01 8.00 - 29.12.2036 - - - - - - - -AIZhK 1А 6.94 - 15.02.2039 - - - - - - - -

Mortgage companies

Banks and Financial Companies

Mortgage companies

* - liquidity rating is calculated daily based on data for 60 days; **C-Call, P-Put Source: market data, Estimation: Veles Capital

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25 April 2018 Page 20

Financial companies

VEB-Leasing 12VEB-Leasing 13

INVESTPRO 01

Oktritie 02

Oktritie 04Oktritie 05

RUSNANO 03

VEB-Leasing 03

VEB-Leasing 08

VEB-Leasing 09VEB-Leasing 10VEB-Leasing 11

GTLK 01GTLK 02

GTLK БО-01GTLK БО-02

Europlan 03

RESO Garantia 02

RESO Garantia 03

Rosgosstrah 02

OFZ Yield Curve

5,00

6,00

7,00

8,00

9,00

10,00

11,00

12,00

13,00

14,00

0,0 0,5 1,0 1,5 2,0 2,5 3,0duration, years

Yie

ld,

%

IssueCoup.,

%

Next Put/Call

date**Maturity date Price, %

Price.

chg, p.p.

Trade Volume,

thd RUR Yield,%

Duration,

yearsOFZ spread

Liquidity

raiting

VEB-Leasing 12 8.25 - 06.11.2018 - 98.68 - - 9.62 0.74 196 11VEB-Leasing 13 8.25 - 06.11.2018 ▲ 99.12 0.44 34 9.67 0.74 200 13VEB-Leasing БО-01 8.65 25.01.2019 P 16.01.2024 - - - - - - - 0VTB Capital 01 0.10 - 09.08.2022 - - - - - - - -VTB Capital 11 0.10 - 27.05.2022 - - - - - - - -VTB Capital 13 0.10 - 14.09.2023 - - - - - - - -INVESTPRO 01 13.00 - 31.12.2018 ▼ 100.10 -0.08 19 13.29 0.93 551 17IFC SOUZ 02 10.00 27.06.2018 P 09.12.2027 - 99.50 - - 10.56 - - 1Oktritie 02 11.25 26.06.2018 P 10.12.2026 ▼ 99.66 -0.25 82 11.97 0.86 423 17Oktritie 04 10.50 25.09.2017 P 20.12.2017 ▼ 99.83 -0.17 40 13.30 0.14 801 11Oktritie 05 12.00 14.05.2018 P 25.04.2028 ▼ 99.64 -0.41 6,421 13.09 0.72 544 27

Prime Finance 01 10.59 16.01.2018 13.07.2021 - - - - - 0.46 - 7

RTC 02 - - 08.07.2027 - - - - - - - -RUSNANO 01 8.90 - 20.12.2017 - - - - - 0.39 189 1RUSNANO 02 8.90 - 20.12.2017 - 99.20 - - 11.25 - - 1RUSNANO 03 8.90 - 20.12.2017 ▲ 100.00 0.11 503 9.05 0.39 186 12RUSNANO 04 6.90 - 10.04.2019 - - - - 2.90 1.64 - 13RUSNANO 05 6.90 - 10.04.2019 - 95.55 - 2 3.60 1.64 - 12Finstandart 01 7.50 31.05.2018 P 22.05.2020 - - - - - 2.78 - 1VTB Leasing 09 10.75 - 02.08.2017 - - - - - 0.01 - 11VEB-Leasing 01 10.10 04.01.2018 02.07.2020 - - - - - - - -VEB-Leasing 03 10.10 11.04.2018 P 02.04.2021 - - - - 9.50 0.66 190 6VEB-Leasing 04 10.10 11.04.2018 P 02.04.2021 - - - - - - - 11VEB-Leasing 05 10.10 11.04.2018 P 02.04.2021 - 96.51 - 10 16.25 0.65 865 9VEB-Leasing 08 10.10 25.10.2019 P 19.10.2021 - - - - 10.05 2.00 206 6VEB-Leasing 09 10.10 28.10.2019 P 20.10.2021 - - - - 9.54 2.00 155 1VEB-Leasing 10 8.50 - 01.03.2018 - - - - 9.70 0.40 247 6VEB-Leasing 11 8.50 - 01.03.2018 ▼ 99.52 -0.05 1,280 9.91 0.40 269 9GTLK 01 15.00 - 23.01.2018 ▼ 102.79 -0.63 15 9.11 0.48 173 25GTLK 02 15.00 - 26.01.2018 ▼ 102.84 -0.06 1,078 9.11 0.49 171 21GTLK БО-01 9.50 - 18.09.2018 ▲ 100.21 0.12 1,226 9.52 0.73 187 31GTLK БО-02 9.50 - 20.09.2018 ▲ 100.25 0.25 804 9.47 0.73 181 26Europlan 03 11.50 - 31.10.2017 - - - - 9.89 0.25 324 1Uralsib LC БО-10 10.25 - 21.03.2019 - - - - - - - -RESO Garantia 01 0.01 - 22.08.2022 - - - - - - - -RESO Garantia 02 12.00 22.09.2017 P 13.09.2022 - - - - 7.63 0.13 238 7RESO Garantia 03 11.75 03.04.2019 P 24.03.2023 - - - - 9.96 1.50 203 9Rosgosstrah 02 9.10 - 02.11.2017 ▲ 100.20 0.36 1 8.37 0.25 169 11

Banks and Financial Companies

Mortgage companies

Banks and Financial Companies

* - liquidity rating is calculated daily based on data for 60 days; **C-Call, P-Put Source: market data, Estimation: Veles Capital

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25 April 2018 Page 21

Banks

GPB БО-07

GPB БО-08

VEB 06

VEB 08VEB 09

VEB 10VEB 18 VEB 19VEB 21VEB БО-14

GPB 11

Eurasian Development Bank 06

Eurasian Development Bank 07

RSHB 04RSHB 05

RSHB 06

RSHB 07RSHB 08

RSHB 09

RSHB 10RSHB 11RSHB 12

RSHB 14RSHB 15

RSHB 16

RSHB 17RSHB 18

RSHB 20

RSHB 21

Sviaz-Bank 03

OFZ Yield Curve

5,00

5,50

6,00

6,50

7,00

7,50

8,00

8,50

9,00

9,50

10,00

0,0 0,5 1,0 1,5 2,0 2,5 3,0 3,5 4,0duration, years

Yie

ld,

%

IssueCoup.,

%

Next Put/Call

date**Maturity date Price, %

Price.

chg, p.p.

Trade Volume,

thd RUR Yield,%

Duration,

yearsOFZ spread

Liquidity

raiting

GPB БО-07 9.20 22.04.2019 22.10.2023 - - - - 8.58 0.22 210 6GPB БО-08 9.18 29.06.2021 P 23.05.2024 - - - - 5.94 0.31 - 2VEB 06 7.90 19.10.2017 P 13.10.2020 - 99.89 - - 8.51 0.21 215 3VEB 08 9.70 - 13.10.2020 - 102.48 - - 8.94 2.76 89 14VEB 09 11.40 25.09.2017 P 18.03.2021 ▼ 100.35 -0.02 30,125 8.83 0.14 349 26VEB 10 9.85 26.03.2020 P 21.09.2021 - - - - 8.96 2.32 94 1VEB 18 9.80 08.10.2019 P 17.09.2032 ▲ 102.05 0.25 5 8.92 1.96 94 14VEB 19 9.75 12.04.2021 P 23.09.2032 - - - - 8.97 3.11 90 6VEB 21 10.00 07.03.2019 P 17.02.2032 - 101.43 - - 8.82 1.46 90 19VEB БО-14 8.10 - 27.09.2018 - 99.47 - 30,220 8.86 1.11 102 14GPB 10 10.75 - 12.10.2017 - - - - - - - 1GPB 11 9.25 16.04.2018 P 10.10.2019 - - - - 7.05 0.20 84 10GPB 12 9.50 16.04.2018 P 06.10.2022 - - - - - - - 7Eurasian Development Bank 059.50 22.07.2019 P 15.07.2020 - - - - - 1.83 - 1Eurasian Development Bank 069.50 02.04.2018 P 23.09.2020 - - - - 8.03 0.63 45 0Eurasian Development Bank 079.35 01.10.2018 P 23.09.2020 - - - - 7.63 1.09 - 0Eurasian Development Bank 088.00 16.10.2017 P 07.10.2020 - - - - - - - 0Russian Bank for Development 019.25 26.03.2018 P 17.03.2022 - - - - 4.04 0.62 - 6Russian Bank for Development 029.75 19.02.2018 P 11.08.2022 - - - - - - - 0RSHB 04 9.55 - 27.09.2017 - 99.12 - - 8.94 0.16 335 16RSHB 05 10.75 30.11.2017 P 27.11.2018 - 100.70 - - 8.79 0.33 178 9RSHB 06 9.90 - 09.02.2018 - 101.03 - - 8.04 0.50 - 10RSHB 07 8.70 - 05.06.2018 - 100.33 - - 8.55 0.82 83 13RSHB 08 10.90 21.05.2018 P 14.11.2019 ▲ 101.84 0.49 5 8.59 0.77 91 12RSHB 09 10.90 21.05.2018 P 14.11.2019 - - - - 8.78 0.77 110 12RSHB 10 11.95 04.08.2017 P 29.01.2020 - 99.83 - - 8.58 2.18 - 23RSHB 11 11.95 07.08.2017 P 30.01.2020 - 99.99 - - 8.50 2.18 - 9RSHB 12 9.90 10.01.2018 P 01.07.2021 - 100.20 - - 8.46 0.43 117 13RSHB 13 9.90 10.01.2018 P 02.07.2021 - - - - - 0.43 - 6RSHB 14 9.90 10.01.2018 P 29.06.2021 - - - - 8.82 0.42 154 10RSHB 15 11.00 02.11.2017 P 26.10.2021 - 100.55 - 1 8.79 0.25 214 17RSHB 16 11.25 11.04.2018 P 04.04.2022 ▼ 101.50 -0.10 8,362 9.11 0.66 150 16RSHB 17 8.50 18.10.2018 P 11.10.2022 - - - - 8.57 1.15 72 13RSHB 18 9.35 22.04.2019 P 13.10.2022 - - - - 8.43 1.58 48 11RSHB 20 11.10 19.04.2018 P 11.04.2023 ▼ 101.04 -1.16 9 9.73 0.68 211 17RSHB 21 10.00 26.07.2018 P 18.07.2023 - 101.20 - - 9.10 0.95 132 12Sviaz-Bank 03 9.75 18.06.2018 P 09.12.2021 - 100.33 - - 9.69 0.85 196 7Sviaz-Bank 05 10.00 16.04.2018 P 07.04.2022 - - - - 3.75 0.67 - 0

Banks and Financial Companies

* - liquidity rating is calculated daily based on data for 60 days; **C-Call, P-Put Source: market data, Estimation: Veles Capital

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25 April 2018 Page 22

Banks

UniCredit Bank БО-21

Absolut Bank БО-03

DeltaCredit Bank 09-ИПDeltaCredit Bank 10-ИП

DeltaCredit Bank БО-05

Rusfinance Bank 13

Rusfinance Bank 15

OFZ Yield Curve

5,00

5,50

6,00

6,50

7,00

7,50

8,00

8,50

9,00

0,0 0,5 1,0 1,5 2,0 2,5 3,0duration, years

Yie

ld,

%

IssueCoup.,

%

Next Put/Call

date**Maturity date Price, %

Price.

chg, p.p.

Trade Volume,

thd RUR Yield,%

Duration,

yearsOFZ spread

Liquidity

raiting

UniCredit Bank БО-21 9.00 - 17.05.2019 - - - - 8.31 1.67 36 1Absolut Bank БО-03 11.00 - 28.05.2018 - - - - 6.01 0.80 - 6DeltaCredit Bank 09-ИП 11.60 - 05.12.2017 - - - - 8.55 0.35 148 3DeltaCredit Bank 10-ИП 8.65 - 04.07.2018 - - - - 8.64 0.90 88 1DeltaCredit Bank БО-05 9.85 23.04.2020 P 21.10.2023 ▲ 102.80 0.14 77,100 8.85 2.40 83 7Raiffeisen Bank БО-01 0.01 31.10.2017 P 29.10.2018 - - - - - 0.25 - 5Rusfinance Bank 13 9.90 - 18.07.2018 - 100.80 - - 8.64 0.94 86 10Rusfinance Bank 15 10.90 10.10.2017 P 02.10.2018 - 100.35 - 50 8.85 0.17 301 2Rusfinance Bank БО-07 8.90 - 24.04.2018 - - - - - 0.71 - 1

Banks and Financial Companies

* - liquidity rating is calculated daily based on data for 60 days; **C-Call, P-Put Source: market data, Estimation: Veles Capital

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25 April 2018 Page 23

Banks

Credit Bank of Moscow БО-06

Credit Bank of Moscow БО-10 Credit Bank of Moscow БО-11

Zenit 08

Zenit 10

Petrocommerce Bank 09

Vostochny Express Bank БО-07

Credit Bank of Moscow 11Credit Bank of Moscow 12

Credit Bank of Moscow БО-07Promsvyazbank 13

BINBANK БО-03

OFZ Yield Curve

5,00

6,00

7,00

8,00

9,00

10,00

11,00

12,00

13,00

14,00

0,0 0,5 1,0 1,5 2,0 2,5 3,0duration, years

Yie

ld,

%

IssueCoup.,

%

Next Put/Call

date**Maturity date Price, %

Price.

chg, p.p.

Trade Volume,

thd RUR Yield,%

Duration,

yearsOFZ spread

Liquidity

raiting

Credit Bank of Moscow БО-0610.15 - 24.10.2018 ▼ 100.65 -0.25 100,650 9.78 1.16 193 21Credit Bank of Moscow БО-1011.00 15.01.2018 P 10.07.2019 ▲ 100.73 0.08 105,368 9.46 0.44 214 22Credit Bank of Moscow БО-119.15 - 10.07.2019 ▼ 99.99 -0.01 3,499,676 9.36 1.81 139 27Zenit 08 10.75 - 23.08.2017 ▲ 100.10 0.10 2 9.03 0.06 490 19Zenit 10 10.25 - 30.05.2018 ▲ 100.13 0.13 4 10.30 0.80 259 20Petrocommerce Bank 09 10.05 31.10.2017 P 11.11.2023 ▼ 99.32 -0.01 24,792 13.28 0.24 670 14Uralsib Bank 05 - - 25.08.2017 - - - - - - - -Bank FK Otritie 12 10.70 - 28.08.2017 ▼ 99.66 -0.05 70,180 15.72 0.07 1,138 26Vostochny Express Bank 0213.60 - 09.08.2018 - 65.00 - - 66.24 0.90 5,848 6Vostochny Express Bank БО-0711.70 - 17.07.2018 - - - - 12.03 0.93 426 1Credit Bank of Moscow 1112.25 - 05.06.2018 - - - - 10.05 0.82 234 7Credit Bank of Moscow 1212.25 - 22.08.2018 ▼ 102.18 -0.13 808 10.26 0.97 247 26Credit Bank of Moscow БО-0710.30 - 30.10.2018 ▲ 101.44 0.40 72 9.23 1.17 137 16Promsvyazbank 13 12.25 - 01.02.2018 - - - - 9.34 0.48 196 11BINBANK БО-03 11.15 19.07.2018 P 16.07.2025 ▲ 98.63 0.13 43 13.10 0.93 533 11

Banks and Financial Companies

* - liquidity rating is calculated daily based on data for 60 days; **C-Call, P-Put Source: market data, Estimation: Veles Capital

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D a i l y b o n d s r e v i e w

25 April 2018 Page 24

Banks

BINBANK БО-04

National Standard Bank БО-02

BINBANK БО-02

Renaissance Credit БО-05Loсko-Bank БО-05

Sovcombank 02 Transcapitalbank БО-02

UBRD BO-5

Russian International Bank БО-

01

OFZ Yield Curve

5,00

6,00

7,00

8,00

9,00

10,00

11,00

12,00

13,00

14,00

15,00

0,0 0,5 1,0 1,5 2,0 2,5 3,0duration, years

Yie

ld,

%

IssueCoup.,

%

Next Put/Call

date**Maturity date Price, %

Price.

chg, p.p.

Trade Volume,

thd RUR Yield,%

Duration,

yearsOFZ spread

Liquidity

raiting

BINBANK БО-04 12.00 14.02.2018 P 07.02.2020 ▲ 99.19 0.26 37 14.09 0.50 668 21KB MIA БО-02 9.90 23.03.2018 P 07.03.2025 - - - - - - - 7Sovcombank БО-01 11.50 15.08.2017 P 07.02.2019 - 100.00 - - 3.25 0.02 5,493 2National Standard Bank БО-0210.00 23.01.2018 P 18.07.2018 - 99.70 - - 9.99 0.47 263 6Soyuz Bank 06 10.50 19.04.2018 P 11.10.2018 - - - - - - - -BINBANK БО-02 12.00 27.09.2018 P 24.09.2025 ▲ 98.79 0.03 1,277 13.56 1.06 574 27Vneshprombank БО-03 - - 22.06.2018 - - - - - - - -Renaissance Credit БО-0510.85 04.08.2017 P 30.07.2018 ▲ 99.99 0.02 1 9.40 0.97 - 17Loсko-Bank БО-05 9.75 19.01.2018 P 11.07.2023 - 99.99 - - 9.73 0.46 238 7Sovcombank 02 9.00 25.12.2017 P 24.06.2021 - - - - 9.15 0.39 195 2Svyaznoy Bank БО-01 - - 08.06.2018 - - - - - - - -Tatfondbank БО-11 13.00 12.09.2017 07.09.2021 - - - - - - - -Transcapitalbank 03 13.00 - 06.06.2018 - - - - - - - -Transcapitalbank БО-02 9.00 07.06.2019 P 30.05.2023 - - - - 9.19 1.72 123 -UBRD BO-5 12.00 18.10.2017 P 10.04.2020 - 99.50 - - 14.72 0.20 - 12KMB Otkritie 01 (бывш. Банк Открытие, 01)11.50 - 13.12.2017 - 99.90 - - 12.04 - - 6Derzhava Bank БО-01 10.25 12.10.2017 P 10.07.2023 - - - - - - - 1Oil Alliance Bank 01 11.00 - 27.04.2022 - - - - - - - -Russian International Bank БО-0112.00 21.05.2018 P 14.11.2021 - - - - 12.30 0.76 462 6Russlavbank 01 - - 30.07.2018 - - - - - - - -FPB Bank 01 - - 02.10.2018 - - - - - - - -Expobank 03 12.50 - 12.07.2019 - - - - - - - 0

Banks and Financial Companies

* - liquidity rating is calculated daily based on data for 60 days; **C-Call, P-Put Source: market data, Estimation: Veles Capital

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D a i l y b o n d s r e v i e w

25 April 2018 Page 25

Sovereign and corporate eurobonds. Maturity in 3 years. Rating over BBB+

International Investment

Bank 4.1% 27oct2019, RON

Lukoi l 2019 (LPN)

Lukoi l 2020 Russia Curve

3,00

3,20

3,40

3,60

3,80

4,00

4,20

4,40

4,60

4,80

5,00

1,0 1,2 1,4 1,6 1,8 2,0 2,2 2,4 2,6 2,8 3,0duration, years

Yiel

d, %

IssueCurren

cy

Coupon

,%

Next Coupon

date

Maturity

date

Next Put/

Call date*Price, %

Price. chg,

b.p.

Maturity,

yearsYield,%

Issue

volume

International Investment Bank 1.593% 25sep2020, EUREUR 1.593 25.09.2018 25.09.2020 - - - - 2.38 1.32 60International Investment Bank 4.1% 27oct2019, RONRON 3.4 27.09.2018 27.09.2019 - - - - 1.39 3.96 300International Investment Bank FRN 25sep2020, RONRON 3.55 25.06.2018 25.09.2020 - - - - 2.40 0.28 300

Lukoi l 2019 (LPN) USD 7.25 05.05.2018 05.11.2019 - ▲ 104.525 0.135 1.43 4.23 600Lukoi l 2020 USD 6.125 09.05.2018 09.11.2020 - ▲ 104.362 0.250 2.34 4.35 1,000

Banks and Financial Companies

Oil & Gas

*C-Call P-Put

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D a i l y b o n d s r e v i e w

25 April 2018 Page 26

Sovereign and corporate eurobonds. Maturity in 3 years. Rating below BBB+

Alfa-Bank 2.626% 28apr2020,

EUR

X5 9.25% 18apr2020, RUR

Oktri tie 4.5% 11nov2019, USD

BCS 1% 2mar2027, USD

BCS FRN 27dec2020, RUB

Vympelcom 2019

Gazprom 2020 (LPN28)

EuroChem 3.8% 12apr2020,

USD

Promsvyazbank 5.25%

19oct2019, USD

RZD 3.45% 6oct2020, USD

FGC UES 2019, RUB (LPN)

Russ ia 2019

Russ ia 2020

EDC 2020

ALROSA 2020

AFK Sis temа 2019 (LPN)

Vympelcom 2018 (LPN)

Vympelcom 2021 (LPN)

Gazprom 2019 (LPN20)

Gazprom 2021 (LPN25)

Evraz 2020

MTS 2020 (LPN)NOVATEK 2021 (LPN)

NLMK 2019 (LPN)

RZD 2019, RUB (LPN)

ТМК 2020 (LPN)

Metal loinvest 2020

Rosneft 2020 (LPN)

Transneft 2018 (LPN)

Russia Curve

2,00

3,00

4,00

5,00

6,00

7,00

8,00

0,0 0,5 1,0 1,5 2,0 2,5 3,0 3,5 4,0duration, years

Yiel

d, %

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D a i l y b o n d s r e v i e w

25 April 2018 Page 27

IssueCurren

cy

Coupon

,%

Next Coupon

date

Maturity

date

Next Put/

Call date*Price, %

Price. chg,

b.p.

Maturity,

yearsYield,%

Issue

volume

Alfa-Bank 2.626% 28apr2020, EUR EUR 2.626 28.04.2018 28.04.2020 - ▲ 100.476 0.392 1.93 2.49 400

MirLand Development 6.5% 30sep2019, ILS ILS 6.5 - 30.09.2019 - - - - - - 144MirLand Development 7.21% 31may2020, NIS ILS 7.21 - 31.05.2020 - - - - - - 382

Petrobras 2019, EUR EUR 3.25 - 01.04.2019 - - - - - - 1,300

X5 9.25% 18apr2020, RUR RUB 9.25 18.10.2018 18.04.2020 - ▼ 102.926 -0.039 1.86 7.76 20,000

Oktri tie 4.5% 11nov2019, USD USD 4.5 11.05.2018 11.11.2019 - ▼ 99.267 -0.013 1.49 5.07 400BCS 1% 2mar2027, USD USD 2.7238 02.09.2018 02.03.2027 02.03.2019 P - - - 0.85 5.40 200BCS 12.5% 10oct2019, RUR RUB 12.5 10.10.2018 10.10.2019 - - - - 1.38 10.49 500BCS 13% 24may2024, RUR RUB 13 24.05.2018 24.05.2019 - - - - - - 1,000BCS 5.75% 1dec2023, USD RUB 12 16.08.2018 16.08.2020 16.08.2018 C - - - 0.31 12.22 700BCS FRN 27dec2020, RUB RUB 0 - 29.01.2021 - - - - 2.77 2.65 300

Vympelcom 2019 USD 5.2 13.08.2018 13.02.2019 - ▼ 100.503 -0.018 0.80 4.51 600

Gazprom 2020 (LPN28) USD 3.85 06.08.2018 06.02.2020 - ▲ 99.620 0.176 1.73 4.07 800Gazprom 3.375% 30nov2018, CHF CHF 3.375 30.11.2018 30.11.2018 - ▲ 101.570 0.163 0.60 0.73 500

EuroChem 3.8% 12apr2020, USD USD 3.8 12.10.2018 12.04.2020 - ▲ 97.124 0.490 1.91 5.41 500

Promsvyazbank 5.25% 19oct2019, USD USD 5.25 19.10.2018 19.10.2019 - ▲ 98.662 0.001 1.45 6.33 250

RZD 2021, CHF (LPN) CHF 2.73 26.02.2019 26.02.2021 - ▼ 105.130 -0.133 2.77 0.89 150RZD 3.45% 6oct2020, USD USD 3.45 06.10.2018 06.10.2020 - ▲ 97.715 0.174 2.37 4.45 500

Severstа l 0% 16feb2022, USD (Conv.) USD 0 - 16.02.2022 16.02.2020 P ▲ 99.992 1.052 3.82 0.00 250

Tatfondbank 8.5% 12nov2019, USD USD 8.5 12.05.2018 12.11.2019 - - - - 0.79 714.45 60

FGC UES 2019, RUB (LPN) RUB 8.446 13.09.2018 13.03.2019 - ▲ 101.147 0.039 0.86 7.21 17,500

Russ ia 2018 USD 11 24.07.2018 24.07.2018 - ▼ 101.930 -0.015 0.25 0.96 3,466Russ ia 2019 USD 3.5 16.07.2018 16.01.2019 - ▲ 100.012 0.012 0.72 3.50 1,500Russ ia 2020 USD 5 29.04.2018 29.04.2020 - ▲ 102.317 0.065 1.90 3.75 3,500

EDC 2020 USD 4.875 17.10.2018 17.04.2020 - ▲ 99.565 0.076 1.91 5.12 600

ALROSA 2020 USD 7.75 03.05.2018 03.11.2020 - ▲ 107.749 0.148 2.28 4.51 1,000

AFK Sis temа 2019 (LPN) USD 6.95 17.05.2018 17.05.2019 - ▲ 100.661 0.892 1.01 6.49 500Vympelcom 2018 (LPN) USD 9.125 30.04.2018 30.04.2018 - ▲ 100.241 0.024 0.02 7.18 1,000Vympelcom 2021 (LPN) USD 7.748 02.08.2018 02.02.2021 - ▲ 107.276 0.069 2.53 4.93 1,000

Gazprom 2019 (LPN20) USD 9.25 23.10.2018 23.04.2019 - ▲ 104.941 0.104 0.98 4.10 2,250Gazprom 2019-2, CHF (LPN34) CHF 2.85 25.10.2018 25.10.2019 - ▲ 102.954 0.116 1.48 0.86 500Gazprom 2020 (SEN) USD 7.201 - 01.02.2020 - - - - - - 1,250Gazprom 2020, EUR (LPN30) EUR 3.389 20.03.2019 20.03.2020 - ▲ 103.544 0.135 1.87 1.49 1,000Gazprom 2021 (LPN25) USD 5.999 23.07.2018 23.01.2021 - ▲ 103.846 0.223 2.55 4.52 600

Evraz 2018-2 USD 6.75 - 27.04.2018 - - - - - - 850Evraz 2020 USD 6.5 22.10.2018 22.04.2020 - ▲ 101.409 0.376 1.91 5.81 1,000

MTS 2020 (LPN) USD 8.625 22.06.2018 22.06.2020 - ▲ 107.977 0.202 1.98 4.76 750

NOVATEK 2021 (LPN) USD 6.604 03.08.2018 03.02.2021 - ▲ 104.360 0.331 2.56 4.94 650

NLMK 2019 (LPN) USD 4.95 26.09.2018 26.09.2019 - ▲ 101.064 0.299 1.39 4.18 500

RZD 2019, RUB (LPN) RUB 8.3 02.10.2018 02.04.2019 - ▲ 101.236 0.019 0.92 7.02 37,500

ТМК 2020 (LPN) USD 6.75 03.10.2018 03.04.2020 - ▲ 99.205 0.323 1.85 7.32 500Metal loinvest 2020 USD 5.625 17.10.2018 17.04.2020 - ▲ 100.413 0.241 1.90 5.44 1,000

Al l iance Oi l 2015 USD 11.5 11.09.2018 11.03.2019 - ▼ 86.425 -0.507 0.75 33.33 350Rosneft 2020 (LPN) USD 7.25 02.08.2018 02.02.2020 - ▲ 104.120 0.084 1.68 4.80 500Transneft 2018 (LPN) USD 8.7 07.08.2018 07.08.2018 - ▼ 101.360 -0.022 0.29 3.89 1,050

Banks and Financial Companies

Construction & Development

Oil & Gas

Retail & food production

Banks and Financial Companies

TMT

Oil & Gas

Chemistry & Fertilizers

Banks and Financial Companies

Transport

Metal & Mining

Banks and Financial Companies

Utilities

Government sector

Other

Metal & Mining

TMT

Oil & Gas

Metal & Mining

TMT

Oil & Gas

Oil & Gas

Metal & Mining

Transport

Metal & Mining

*C-Call P-Put

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D a i l y b o n d s r e v i e w

25 April 2018 Page 28

Sovereign and corporate eurobonds. Maturity in 3 to 5 years.

Alfa-Bank 2.875% 9nov2022,

CHF

Borets 6.5% 7apr2022, USD

DME Airport 5.075%

15feb2023, USD

DME Airport 5.875%

11nov2021, USD

Global Ports 6.872%

25jan2022, USD

Alfa-Bank 8.9% 20jul2021,

RUB

Alfa-Bank 9.25% 16feb2022,

RUR

Vympelcom 2023

Vympelcom 7.25%

26apr2023, USD

Nori lsk Nickel 3.849%

8apr2022, USDNori lsk Nickel 4.1%

11apr2023, USD

Nori lsk Nickel 6.625%

14oct2022, USD

GTLK 5.95% 19jul2021, USDEvraz 5.375% 20mar2023, USDEvraz 6.75% 31jan2022, USD

EuroChem 3.95% 5jul2021,

USD

Koks 7.5% 4may2022, USD

Credit Bank of Moscow

5.55% 14feb2023, USD

Credit Bank of Moscow

5.875% 7nov2021, USD

Credit Bank of Moscow 7.5%

5oct2027, USD

NOVATEK 2022 (LPN)

Polyus 4.699% 28mar2022,

USD

Polyus 5.25% 7feb2023, USD

Rosneft 2022 (LPN)

RusHydro 8.125% 28sep2022,

RUB

Severstа l 3.85% 27aug2021,

USD

Fosagro 3.949% 24apr2023,

USDFosagro 3.95% 3nov2021,

USD

Russ ia 2022

Gazprom 2022-2 (LPN)Gazpromneft 2022 (LPN)Lukoi l 2023

Severstа l 2022 (LPN)

Russia Curve

3,00

4,00

5,00

6,00

7,00

8,00

9,00

2,0 3,0 4,0 5,0 6,0 7,0 8,0duration, years

Yiel

d, %

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25 April 2018 Page 29

IssueCurren

cy

Coupon

,%

Next Coupon

date

Maturity

date

Next Put/

Call date*Price, %

Price. chg,

b.p.

Maturity,

yearsYield,%

Issue

volume

Alfa-Bank 2.875% 9nov2022, CHF CHF 2.875 09.11.2018 09.11.2022 - ▲ 96.871 0.130 4.27 3.63 165

Borets 6.5% 7apr2022, USD USD 6.5 07.10.2018 07.04.2022 - ▲ 101.017 0.139 3.54 6.31 330

DME Airport 5.075% 15feb2023, USD USD 5.075 15.08.2018 15.02.2023 - ▲ 98.065 0.279 4.29 5.56 300DME Airport 5.875% 11nov2021, USD USD 5.875 11.05.2018 11.11.2021 - ▲ 100.790 0.146 3.18 5.69 350Global Ports 6.872% 25jan2022, USD USD 6.872 25.07.2018 25.01.2022 - ▲ 101.209 0.133 3.33 6.56 350

ING Bank 0% 5may2021, RUR (1827D) RUB 0 - 05.05.2021 - - - - - - 29O1 Properties 8.25% 27sep2021, USD USD 8.25 27.09.2018 27.09.2021 - ▲ 75.927 0.423 2.97 18.43 350Alfa-Bank 8.9% 20jul2021, RUB RUB 8.9 20.07.2018 20.07.2021 - ▲ 102.467 0.046 2.83 8.17 10,000Alfa-Bank 9.25% 16feb2022, RUR RUB 9.25 16.08.2018 16.02.2022 - ▲ 103.872 0.059 3.26 8.19 10,000BCS 6% 1nov2022, USD USD 6 - 01.11.2022 - - - - - - 10BCS 7% 20apr2023, USD USD 7 20.10.2018 20.04.2023 - - - - - - 10

Vympelcom 2023 USD 5.95 13.08.2018 13.02.2023 - ▲ 102.007 0.056 4.21 5.55 1,000Vympelcom 7.25% 26apr2023, USD USD 7.25 26.10.2018 26.04.2023 26.01.2023 C ▲ 105.304 0.246 4.17 6.15 700

Gazprom 1.45% 6mar2023, CHF CHF 1.45 06.03.2019 06.03.2023 - ▲ 98.559 0.107 4.73 1.76 750Gazprom 2.25% 19jul2022, CHF CHF 2.25 19.07.2018 19.07.2022 - ▲ 102.695 0.164 4.03 1.58 500Gazprom 2.75% 30nov2021, CHF CHF 2.75 30.11.2018 30.11.2021 - ▼ 104.696 -0.004 3.45 1.40 500

Nori l sk Nickel 3.849% 8apr2022, USD USD 3.849 08.10.2018 08.04.2022 - ▲ 95.622 0.843 3.70 5.14 500Nori l sk Nickel 4.1% 11apr2023, USD USD 4.1 11.10.2018 11.04.2023 - ▲ 95.851 0.965 4.53 5.12 1,000Nori l sk Nickel 6.625% 14oct2022, USD USD 6.625 14.10.2018 14.10.2022 - ▲ 105.776 0.688 3.96 5.21 1,000

GTLK 5.95% 19jul2021, USD USD 5.95 19.07.2018 19.07.2021 - ▲ 100.132 0.354 2.95 5.97 500

Evraz 5.375% 20mar2023, USD USD 5.375 20.09.2018 20.03.2023 - ▲ 97.367 0.895 4.35 6.12 750Evraz 6.75% 31jan2022, USD USD 6.75 31.07.2018 31.01.2022 - ▲ 102.169 0.731 3.35 6.19 500

EuroChem 3.95% 5jul2021, USD USD 3.95 05.07.2018 05.07.2021 - ▲ 96.225 0.454 3.00 5.36 500

Koks 7.5% 4may2022, USD USD 7.5 04.05.2018 04.05.2022 - ▲ 101.606 0.685 3.44 7.17 500

Credit Bank of Moscow 5.55% 14feb2023, USD USD 5.55 14.08.2018 14.02.2023 - ▲ 93.066 0.181 4.22 7.32 500Credit Bank of Moscow 5.875% 7nov2021, USD USD 5.875 07.05.2018 07.11.2021 - ▲ 97.218 0.086 3.16 6.86 500Credit Bank of Moscow 7.5% 5oct2027, USD USD 7.5 05.10.2018 05.10.2027 05.10.2022 C ▲ 85.338 0.492 7.03 6.30 600

NOVATEK 2022 (LPN) USD 4.422 13.06.2018 13.12.2022 - ▲ 97.986 0.300 4.18 4.94 1,000

Petropavlovsk 8.125% 14nov2022, USD USD 8.125 14.05.2018 14.11.2022 14.08.2022 C ▲ 92.148 0.084 3.73 10.59 500Polyus 4.699% 28mar2022, USD USD 4.699 28.09.2018 28.03.2022 - ▲ 94.159 1.497 3.61 6.53 500Polyus 5.25% 7feb2023, USD USD 5.25 07.08.2018 07.02.2023 - ▲ 94.633 1.590 4.24 6.70 800

RZD 2023 (LPN), EUR EUR 4.6 06.03.2019 06.03.2023 - ▲ 110.531 0.465 4.47 2.29 500

Rosneft 2022 (LPN) USD 4.199 06.09.2018 06.03.2022 - ▲ 97.878 0.409 3.59 4.86 2,000

Rusal 4.85% 1feb2023, USD USD 4.85 01.08.2018 01.02.2023 - - - - - - 500Rusal 5.125% 2feb2022, USD USD 5.125 02.08.2018 02.02.2022 - - - - - - 600

RusHydro 8.125% 28sep2022, RUB RUB 8.125 28.09.2018 28.09.2022 - ▼ 102.141 -0.010 3.80 7.69 20,000

Severstа l 3.85% 27aug2021, USD USD 3.85 27.08.2018 27.08.2021 - ▲ 97.183 0.349 3.15 4.83 500

Fosagro 3.949% 24apr2023, USD USD 3.949 24.10.2018 24.04.2023 - ▲ 94.054 1.058 4.57 5.39 500Fosagro 3.95% 3nov2021, USD USD 3.95 03.05.2018 03.11.2021 - ▲ 96.028 1.198 3.26 5.27 500

Russ ia 2022 USD 4.5 04.10.2018 04.04.2022 - ▲ 101.404 0.168 3.66 4.14 2,000

Gazprom 2022-2 (LPN) USD 4.95 19.07.2018 19.07.2022 - ▲ 101.157 0.303 3.83 4.67 1,000Gazpromneft 2022 (LPN) USD 4.375 19.09.2018 19.09.2022 - ▲ 98.388 0.476 4.04 4.85 1,500Lukoi l 2023 USD 4.563 24.10.2018 24.04.2023 - ▲ 99.077 0.815 4.53 4.83 1,500

RZD 2021, EUR (LPN) EUR 3.3744 20.05.2018 20.05.2021 - ▲ 104.406 0.222 2.89 1.88 1,000

Severstа l 2022 (LPN) USD 5.9 17.10.2018 17.10.2022 - ▲ 103.129 0.465 4.01 5.18 750

Banks and Financial Companies

Oil & Gas

Transport

Banks and Financial Companies

TMT

Oil & Gas

Metal & Mining

Banks and Financial Companies

Metal & Mining

Chemistry & Fertilizers

Metal & Mining

Banks and Financial Companies

Oil & Gas

Metal & Mining

Transport

Oil & Gas

Metal & Mining

Utilities

Metal & Mining

Chemistry & Fertilizers

Government sector

Oil & Gas

Transport

Metal & Mining

*C-Call P-Put

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D a i l y b o n d s r e v i e w

25 April 2018 Page 30

Sovereign and corporate eurobonds. Maturity in 5 years.

Global Ports 6.5%

22sep2023, USD

Gazprom 2.25% 22nov2024,

EUR

Gazprom 2.5% 21mar2026,

EUR

Gazprom 2028 (LPN29)

Gazprom 3.125% 17nov2023,

EUR

Gazprom 4.25% 6apr2024,

GBP

Gazprom 4.95% 23mar2027,

USDGazpromneft 2023 (LPN)

GTLK 5.125% 31may2024, USD

Lukoi l 4.75% 2nov2026, USDMTS 2023 (LPN)NLMK 4% 21sep2024, USD

NLMK 4.5% 15jun2023, USD

Polyus 4.7% 29jan2024, USD

RZD 4.375% 1mar2024, USD

RZD 7.9% 19oct2024, RUBRZD 8.99% 3mar2024, RURRZD 9.2% 7oct2023, RUR

Russ ia 4.25% 23jun2027, USD

Russ ia 4.375% 21mar2029,

USDRuss ia 4.75% 27may2026,

USD

Russ ia 5.25% 23jun2047, USD

SIBUR 4.125% 5oct2023, USD

Sovkomflot 5.375%

16jun2023, USD

Metal loinvest 4.85%

2may2024, USD

Russ ia 2030

Russ ia 2042

Russ ia 2023

Russ ia 2028

Russ ia 2043

Gazprom 2025, EUR (LPN31)

Gazprom 2034 (LPN2)Gazprom 2037 (LPN12)

RZD 2031, GBP (LPN)

Russia Curve

2,00

3,00

4,00

5,00

6,00

7,00

8,00

3,0 5,0 7,0 9,0 11,0 13,0 15,0duration, years

Yiel

d, %

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25 April 2018 Page 31

IssueCurren

cy

Coupon

,%

Next Coupon

date

Maturity

date

Next Put/

Call date*Price, %

Price. chg,

b.p.

Maturity,

yearsYield,%

Issue

volume

Global Ports 6.5% 22sep2023, USD USD 6.5 22.09.2018 22.09.2023 - ▲ 100.832 0.364 4.63 6.40 350

MirLand Development 1% 31dec2023, ILS ILS 1 31.12.2018 31.12.2023 - - - - - - 180

BCS 0% 15nov2027, USD (3652D) USD 0 - 15.11.2027 - - - - - - 10BCS 0% 15nov2027, USD (3652D) USD 0 - 15.11.2027 - - - - - - 10BCS 0% 28oct2027, USD (3655D) USD 0 - 28.10.2027 - - - - - - 10BCS 0% 9nov2027, RUB (3652D) RUB 0 - 09.11.2027 - - - - - - 600BCS 0% 9nov2027, USD (3652D) USD 0 - 09.11.2027 - - - - - - 10BCS 1% 26nov2027, RUB RUB 0 26.05.2018 26.11.2027 - - - - - - 1,000BCS FRN 23aug2027, RUB RUB 0 - 23.08.2027 - - - - 9.34 - 1,000

Gazprom 2.25% 22nov2024, EUR EUR 2.25 22.11.2018 22.11.2024 - ▲ 98.789 0.495 6.14 2.45 750Gazprom 2.5% 21mar2026, EUR EUR 2.5 21.03.2019 21.03.2026 - ▲ 98.863 0.434 7.26 2.66 750Gazprom 2028 (LPN29) USD 4.95 06.08.2018 06.02.2028 - ▲ 98.566 0.638 7.78 5.20 900Gazprom 3.125% 17nov2023, EUR EUR 3.125 17.11.2018 17.11.2023 - ▲ 104.369 0.414 5.14 2.28 1,000Gazprom 4.25% 6apr2024, GBP GBP 4.25 06.10.2018 06.04.2024 - ▲ 103.218 0.309 5.33 3.67 850Gazprom 4.95% 23mar2027, USD USD 4.95 23.09.2018 23.03.2027 - ▲ 98.633 0.684 7.27 5.21 750Gazpromneft 2023 (LPN) USD 6 27.05.2018 27.11.2023 - ▲ 104.433 0.439 4.75 5.13 1,500

GTLK 5.125% 31may2024, USD USD 5.125 31.05.2018 31.05.2024 - ▲ 94.790 0.354 5.18 6.24 500

Lukoi l 4.75% 2nov2026, USD USD 4.75 02.05.2018 02.11.2026 - ▲ 98.284 0.927 6.94 5.06 1,000

MTS 2023 (LPN) USD 5 30.05.2018 30.05.2023 - ▲ 99.298 0.761 4.47 5.23 500

NLMK 4% 21sep2024, USD USD 4 21.09.2018 21.09.2024 - ▲ 93.322 0.805 5.67 5.31 500NLMK 4.5% 15jun2023, USD USD 4.5 15.06.2018 15.06.2023 - ▲ 97.749 0.471 4.57 5.08 700Polyus 4.7% 29jan2024, USD USD 4.7 29.07.2018 29.01.2024 - ▲ 91.970 1.550 5.02 6.84 500

RZD 2.1% 2oct2023, CHF CHF 2.1 02.10.2018 02.10.2023 - ▲ 102.094 0.114 5.15 1.69 450RZD 4.375% 1mar2024, USD USD 4.375 01.09.2018 01.03.2024 - ▲ 98.012 1.301 5.19 4.84 500RZD 7.9% 19oct2024, RUB RUB 7.9 19.10.2018 19.10.2024 - ▲ 101.345 0.085 5.21 7.77 15,000RZD 8.99% 3mar2024, RUR RUB 8.99 03.09.2018 03.03.2024 - ▲ 106.507 0.200 4.67 7.73 15,000RZD 9.2% 7oct2023, RUR RUB 9.2 07.10.2018 07.10.2023 - ▲ 107.502 0.198 4.44 7.63 15,000

Russ ia 4.25% 23jun2027, USD USD 4.25 23.06.2018 23.06.2027 - ▲ 97.345 0.407 7.56 4.67 2,405Russ ia 4.375% 21mar2029, USD USD 4.375 21.09.2018 21.03.2029 - ▲ 96.780 0.408 8.72 4.82 1,500Russ ia 4.75% 27may2026, USD USD 4.75 27.05.2018 27.05.2026 - ▲ 101.400 0.347 6.70 4.59 3,000Russ ia 5.25% 23jun2047, USD USD 5.25 23.06.2018 23.06.2047 - ▲ 97.197 0.325 14.78 5.52 7,000

Rusal 5.3% 3may2023, USD USD 5.3 03.05.2018 03.05.2023 - - - - - - 500

SIBUR 4.125% 5oct2023, USD USD 4.125 05.10.2018 05.10.2023 - ▲ 94.980 0.568 4.91 5.26 500

Sovkomflot 5.375% 16jun2023, USD USD 5.375 16.06.2018 16.06.2023 - ▲ 98.956 0.198 4.48 5.70 900

Metal loinvest 4.85% 2may2024, USD USD 4.85 02.05.2018 02.05.2024 - ▲ 93.892 0.718 5.14 6.17 800

Russ ia 2030 USD 7.5 30.09.2018 31.03.2030 - ▲ 111.852 0.014 3.43 3.32 21,218Russ ia 2042 USD 5.625 04.10.2018 04.04.2042 - ▲ 105.018 0.461 13.67 5.32 3,000Russ ia 2023 USD 4.875 16.09.2018 16.09.2023 - ▲ 103.393 0.135 4.80 4.20 3,000Russ ia 2028 USD 12.75 24.06.2018 24.06.2028 - ▲ 161.955 0.410 6.73 4.91 2,500Russ ia 2043 USD 5.875 16.09.2018 16.09.2043 - ▲ 108.351 0.438 13.89 5.34 1,500

Gazprom 2025, EUR (LPN31) EUR 4.364 21.03.2019 21.03.2025 - ▲ 111.321 0.543 6.14 2.55 500Gazprom 2034 (LPN2) USD 8.625 28.04.2018 28.04.2034 - ▲ 126.526 0.764 9.46 6.09 1,200Gazprom 2037 (LPN12) USD 7.288 16.08.2018 16.08.2037 - ▲ 115.250 0.970 11.14 6.01 1,250

RZD 2031, GBP (LPN) GBP 7.487 25.09.2018 25.03.2031 - ▲ 124.063 1.392 8.95 5.00 650

RTM, 2009 USD 15 16.05.2018 16.11.2049 - - - - - - 55

Transport

Construction & Development

Banks and Financial Companies

Oil & Gas

Banks and Financial Companies

Oil & Gas

TMT

Metal & Mining

Transport

Government sector

Metal & Mining

Chemistry & Fertilizers

Transport

Corporate eurobonds

Transport

Metal & Mining

Government sector

Oil & Gas

*C-Call P-Put

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D a i l y b o n d s r e v i e w

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Bank Eurobonds. Maturity in 3 years. Rating over BBB+

Euras ian Development Bank

2020

Russia Curve

3,00

3,20

3,40

3,60

3,80

4,00

4,20

4,40

4,60

4,80

5,00

2,0 2,1 2,2 2,3 2,4 2,5 2,6 2,7 2,8 2,9 3,0duration, years

Yiel

d, %

IssueCurren

cy

Coupon

,%

Next Coupon

date

Maturity

date

Next Put/

Call date*Price, %

Price. chg,

b.p.

Maturity,

yearsYield,%

Issue

volume

EBRD FRN 20may2020, RUB RUB 7.02 21.05.2018 20.05.2020 - - - - - - 3,000Euras ian Development Bank 2020 USD 5 26.09.2018 26.09.2020 - - 102.074 - 2.30 4.09 500

Banks and Financial Companies

*C-Call P-Put

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Bank Eurobonds. Maturity in 3 years. Rating below BBB+

AK BARS Bank 8% 2018, USD

Alfa-Bank 5% 27nov2018,

USD

GPB 2020 (LPN11)

GPB 2024, CHF (LPN)

RSHB 2018-2 (LPN14)

Sberbаnk 2019 (LPN)

Expobank 8% 22apr2021,

USDGPB 2019 (LPN)

Al fa-Bank 2019 (LPN)

Bank Sa int Petersburg 2018

(LPN)

VTB 2018 (LPN14)

VTB 2020 (LPN)

GPB 2018 (LPN12)

VEB 2020 (LPN)Russia Curve

3,00

3,50

4,00

4,50

5,00

5,50

6,00

6,50

7,00

7,50

8,00

0,0 1,0 2,0 3,0 4,0 5,0 6,0duration, years

Yiel

d, %

IssueCurren

cy

Coupon

,%

Next Coupon

date

Maturity

date

Next Put/

Call date*Price, %

Price. chg,

b.p.

Maturity,

yearsYield,%

Issue

volume

AK BARS Bank 8% 2018, USD USD 8 06.08.2018 06.08.2018 - - 100.499 - 0.28 6.05 350Al fa-Bank 5% 27nov2018, USD USD 5 27.05.2018 27.11.2018 - ▲ 100.407 0.170 0.58 4.32 500Urals ib Bank 2020 (LPN) USD 10.5 22.07.2018 22.07.2020 - - - - - - 77VTB 2018, CHF (LPN) CHF 2.9 25.05.2018 25.05.2018 - ▲ 100.205 0.011 0.08 0.46 300VTB 2024, CHF (LPN) CHF 5 24.10.2018 24.10.2024 24.10.2019 C - 101.345 - 5.98 0.97 350VTB Capita l 2019, RUB (CLN) RUB 10 11.07.2018 11.10.2019 - - - - - - 21,000GPB 2020 (LPN11) USD 6.5 17.07.2018 17.07.2020 - - - - 2.08 7.74 400GPB 2024, CHF (LPN) CHF 5.125 13.05.2018 13.05.2024 13.05.2019 C ▼ 101.176 -0.057 5.12 4.89 350Renaissance Credit 2018 (LPN) USD 13.5 21.06.2018 21.06.2018 - - - - 0.16 10.42 150CREDIT EUROPE BANK 2019 (LPN) USD 8.5 15.05.2018 15.11.2019 - - - - - - 250M2M Private Bank 2019 (LPN) USD 9 25.10.2018 25.10.2019 - - - - - - 34Credit Bank of Moscow 2025, RUR RUB 16.5 26.05.2018 26.05.2025 26.05.2020 C - - - 4.16 17.07 5,000Promsvyazbank 2019-2 USD 10.2 - 06.11.2019 - - - - - - 200RSHB 2018-2 (LPN14) USD 5.1 25.07.2018 25.07.2018 - ▼ 100.265 -0.005 0.25 3.29 1,300Sberbаnk 2019 (LPN) USD 5.18 28.06.2018 28.06.2019 - ▲ 101.357 0.147 1.14 4.02 1,000ТСS Bank 2018 (LPN) USD 14 06.06.2018 06.06.2018 - - - - 0.12 10.49 200KMB Otkri tie 2020 USD 10 28.07.2018 28.01.2020 - - - - - - 100Expobank 8% 22apr2021, USD USD 8 22.07.2018 22.04.2021 - - - - 2.70 6.72 20GPB 2019 (LPN) USD 7.25 03.05.2018 03.05.2019 - ▲ 100.584 0.088 0.97 6.73 500Credit Bank of Moscow 2018-2 (LPN) USD 8.7 13.05.2018 13.11.2018 - ▲ 99.515 0.033 0.54 9.84 500Al fa-Bank 2019 (LPN) USD 7.5 26.09.2018 26.09.2019 - ▲ 102.705 0.315 1.37 5.56 750Russ ian Standard Bank 2020 (LPN) USD 13 - 10.04.2020 - - - - - - 350Bank Sa int Petersburg 2018 (LPN) USD 11 24.10.2018 24.10.2018 - - - - 0.50 6.48 101Bank Sa int Petersburg 2019 (LPN) USD 10.75 22.10.2018 22.04.2019 - - - - - - 100Bank FK Otri tie 2019 (LPN) USD 10 26.10.2018 26.04.2019 - - - - 0.82 316.48 500Bank FK Otri tie 2019-2 (LPN) USD 10 - 17.12.2019 - - - - - - 300VTB 2018 (LPN14) USD 6.875 29.05.2018 29.05.2018 - ▼ 100.249 -0.073 0.10 4.01 2,000VTB 2020 (LPN) USD 6.551 13.10.2018 13.10.2020 - ▲ 104.743 0.149 2.32 4.45 1,000GPB 2018 (LPN12) USD 5.75 21.05.2018 21.11.2018 - - - - 0.56 6.58 63Promsvyazbank 2019 (LPN) USD 10.2 06.05.2018 06.11.2019 - - - - - - 600RSHB 2018 (LPN3B) USD 7.75 29.05.2018 29.05.2018 - - - - - - 1,000UBRD, 2018 USD 12 27.06.2018 27.12.2018 - - - - - - 68HCFB 2020 (Step Up, LPN) USD 9.375 - 24.04.2020 - - 100.168 - 1.85 - 500VEB 2020 (LPN) USD 6.902 09.07.2018 09.07.2020 - ▲ 104.260 0.581 2.05 4.89 1,600Nаts ionаl ''ny Bаnk TRAST 2012 (CLN) USD 11.5 06.09.2018 06.09.2020 - - - - - - 20Nаts ionаl ''ny Bаnk TRAST 2012-2 (CLN) USD 11 13.06.2018 13.07.2020 - - - - - - 35Transcapita lbank 2017 (LPN, s tep up) USD 10 18.09.2018 18.09.2020 - - - - 2.09 41.77 100KMB Otkri tie 2018 (LPN, Step Up) USD 12.345 - 20.06.2018 - - - - - - 100

Banks and Financial Companies

*C-Call P-Put

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Bank Eurobonds. Maturity in 3 to 5 years.

VEB 2022 (LPN)

Euras ian Development Bank

2022

Al fa-Bank 2021 (LPN)

VTB 2022 (LPN)

Sberbаnk 2021 (LPN)Sberbаnk 2022 (LPN)

Sberbаnk 2022-2 (LPN)

Russia Curve

4,00

4,20

4,40

4,60

4,80

5,00

5,20

5,40

5,60

5,80

6,00

1,0 1,5 2,0 2,5 3,0 3,5 4,0 4,5 5,0duration, years

Yiel

d, %

IssueCurren

cy

Coupon

,%

Next Coupon

date

Maturity

date

Next Put/

Call date*Price, %

Price. chg,

b.p.

Maturity,

yearsYield,%

Issue

volume

Alfa-Bank 2020, RUR (LPN) RUB 14 17.05.2018 17.11.2021 - - - - - - 4,000USD 4.125 10.06.2018 10.12.2022 - ▲ 100.066 0.040 4.19 4.11 1,425

Russ ian Standard Bank 13% 27oct2022, USD USD 13 27.10.2018 27.10.2022 - ▼ 24.844 -0.028 1.62 101.42 451VEB 2022 (LPN) USD 6.025 05.07.2018 05.07.2022 - ▲ 103.644 0.935 3.72 5.11 1,000VEB 2023, EUR (LPN8) EUR 4.032 21.02.2019 21.02.2023 - ▲ 107.929 1.120 4.48 2.28 500Euras ian Development Bank 2022 USD 4.767 20.09.2018 20.09.2022 - - 102.367 - 4.01 4.17 500Nаts ionаl ''ny Bаnk TRAST 2022, RUB (Repackaging)RUB 12 - 07.09.2022 - - - - - - 2,300Nаts ionаl ''ny Bаnk TRAST 2022-1 (LPN) USD 6.4 - 22.05.2022 - - - - - - 63Oktri tie 2017, RUB (LPN) RUB 9 17.06.2018 18.06.2022 - - - - 3.45 8.13 18,000Promsvyazbank 2021-2 (LPN) USD 10.5 - 30.07.2021 - - - - - - 333SB Bank 2022 (LPN2) USD 10.5 28.06.2018 28.12.2022 - - - - - - 30RSHB 2021 (LPN, s tep up) USD 6 - 03.06.2021 - - - - - - 800AK BARS Bank 2022 (LPN) USD 8 13.07.2018 13.07.2022 - - - - 3.59 7.78 600Al fa-Bank 2021 (LPN) USD 7.75 28.04.2018 28.04.2021 - ▲ 107.397 0.248 2.66 5.16 1,000VTB 2022 (LPN) USD 6.95 17.10.2018 17.10.2022 - ▲ 104.380 1.139 3.94 5.88 1,500Credit Europe Bank, 2019 USD 10 - 22.10.2022 - - - - - - 50Sberbаnk 2021 (LPN) USD 5.717 16.06.2018 16.06.2021 - ▲ 103.163 0.410 2.87 4.67 1,000Sberbаnk 2022 (LPN) USD 6.125 07.08.2018 07.02.2022 - ▲ 104.883 0.416 3.41 4.74 1,500Sberbаnk 2022-2 (LPN) USD 5.125 29.04.2018 29.10.2022 - ▲ 100.099 0.457 3.99 5.14 2,000

Banks and Financial Companies

*C-Call P-Put

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Bank Eurobonds. Maturity in 5 years.

VEB 2023 (LPN)

Sberbаnk 2023 (LPN16)

RSHB 2023 (LPN)

VEB 2025 (LPN)

5,00

5,20

5,40

5,60

5,80

6,00

6,20

6,40

6,60

6,80

7,00

1,0 2,0 3,0 4,0 5,0 6,0 7,0duration, years

Yiel

d, %

IssueCurren

cy

Coupon

,%

Next Coupon

date

Maturity

date

Next Put/

Call date*Price, %

Price. chg,

b.p.

Maturity,

yearsYield,%

Issue

volume

Russ ian Standard Bank 2024 (LPN, Step up) USD 11.5 - 17.01.2024 - - - - - - 200VEB 2023 (LPN) USD 5.942 21.05.2018 21.11.2023 - ▲ 104.163 0.746 4.73 5.18 1,150GPB 2019, RUB (LPN) RUB 8.75 29.06.2018 29.06.2024 - - - - 1.07 57.09 13,500Nаts ionаl ''ny Bаnk TRAST 2024 USD 6.6 - 25.09.2024 - - - - - - 90Nаts ionаl ''ny Bаnk TRAST 2041, RUB (LPN) RUB 13 - 07.02.2041 - - - - - - 1,600Sberbаnk 2023 (LPN16) USD 5.25 23.05.2018 23.05.2023 - ▲ 100.215 0.596 4.43 5.26 1,000VTB 2035 (LPN6) USD 6.25 30.06.2018 30.06.2035 - - - - - - 1,000RSHB 2023 (LPN) USD 8.5 16.10.2018 16.10.2023 - ▲ 107.933 0.435 4.53 6.88 500KMB Otkri tie 2023 (LPN) USD 10 - 18.06.2023 - - - - - - 200VEB 2025 (LPN) USD 6.8 22.05.2018 22.11.2025 - ▲ 108.787 1.088 5.97 5.43 1,000

Banks and Financial Companies

*C-Call P-Put

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Information disclosure The statement of an analyst and confirmation of the responsibility withdrawal

The given report is prepared by the analyst (-s) of the Investment Company Veles Capital. The given estimations in the present report reflect personal opinion of the analyst (-s). The award of the analysts does not depend, never depended and will not depend upon the specific recommendations or estimations, provided in the present report. The award of the analysts depends upon the general efficiency of the business of the Investment Company Veles Capital, determined by the investment benefit of the company’s clients and also upon the incomes from other types of activity of the Investment Company Veles Capital.

The given report, prepared by the Research Department of the Investment Company Veles Capital, is basing on the public information. The present review was prepared independently from other Departments of the Investment Company Veles Capital, and any recommendations and judgments, presented in the given report reflect only the view point of the analyst (-s), participated in making of the present review. Due to that consideration, the Investment Company Veles Capital considers being necessary to state that the analysts and the Company are not responsible for the content of the given report. The analysts of the Investment Company Veles Capital do not take overall responsibility to regularly up-date the information, contained in the present report, and also to announce about all changes, introduced to the present review.

Provided analytical material of the Investment Company Veles Capital could be used only with information aims. The company does not guarantee the completeness and preciousness of provided information in the given report and its reliability, and also is not responsible for direct and indirect losses from using of the given materials. This document cannot serve as a basis for purchase and selling any securities, and cannot also be considered as an offer from the part of the Investment Company Veles Capital. The Investment Company Veles Capital and (or) its subsidiaries along with the staff, directors and analysts of the Investment Company Veles Capital have the right to purchase and sell any securities, mentioned in the given review.

The Investment Company Veles Capital and (or) its subsidiaries can serve as a market-maker or have the liabilities for underwriting of companies’ securities, mentioned in the given review, can purchase or sell them for clients, and also make any actions, which do not contradict the Russian law. The Investment Company Veles Capital and (or) its subsidiaries can also be interested in the possibility of providing the companies, mentioned in the present review, with the investments and bank or any other services.

All rights for the given bulletin belong to the Investment Company Veles Capital. The reproduction and/or distribution of the analytical materials of the Investment Company Veles Capital are prohibited without the written permission of the Company.

© Veles Capital 2018.

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Контакты Conta cts

Sales Department

Research Department

Evgeni Shilenkov Head of department [email protected]

Ekaterina Pisarenko Head of Bonds Sales [email protected]

Oksana Telichko Head of Debt Sales [email protected]

Anton Pavlyuchuk Head of bonds department [email protected]

Yuliya Dubinina Bonds Trader [email protected]

Oleg Vyazovetskov Bonds Trader [email protected]

Murad Sultanov Eurobonds trader [email protected]

Taras Kovalchuk Eurobonds trader [email protected]

Mikhail Mamonov Head of bills department [email protected]

Sergey Yunkov Bills Trader [email protected]

Olga Bogolubova Bills Trader [email protected]

Ivan Manaenko Head of department [email protected]

Artur Navrotsky Debt markets [email protected]

Olga Nikolaeva Debt markets [email protected]

Yury Kravchenko Banking, Money market [email protected]

Alexander Sidorov Metals & Mining [email protected]

Aleksey Adonin Utilities, Consumer goods [email protected]

Artem Mykhailin Telecommunication & IT [email protected]

Russia, Moscow, 123610, Krasnopresnenskaya nab. 12, Entr. 7, floor 18 Tel.: 7 (495) 258 1988, Fax: 7 (495) 258 1989 www.veles-capital.ru

Cyprus, Nicosia Kennedy, 23 GLOBE HOUSE, 5th floor 1075 Tel: +357 (22) 87-33-27, Fax: +357 (22) 66-11-64 www.veles-int.com