daily report - banca intesa beogradvodoprivredno preduzee 253,012,500 din. energoprojekt holding ad...

Source: Daily FX

Value Previous Change YTD Value Previous Change YTD

118.1760 118.2362 -0.05% -0.25% 1.2338 1.2407 -0.56% 2.77%

95.8598 95.4827 0.39% -3.28% 1.1550 1.1527 0.19% -1.28%

102.2549 102.5110 -0.25% 0.96% 0.8816 0.8863 -0.52% 3.51%

133.9864 133.3892 0.45% 0.42% 1.3995 1.3999 -0.03% -4.76%Source: NBS 107.3300 106.5900 0.69% -0.69%

Source: Bloomberg

Source: Bloomberg Source: Bloomberg

Value Next decision Value

3.50% 8.3.2018 0.00%

Deposit facility 2.00% 1.50%

Lending facility 5.00% 0.50%

Repo operations (one week) 2.55% -0.75%

Source: NBS Source: Bloomberg

20.2.2018 19.2.2018 Change (bps) 20.2.2018 19.2.2018 Change(bps)

2.66% 2.60% 0.06 -0.369% -0.368% -0.001

2.83% 2.82% 0.01 -0.370% -0.369% -0.001

3.13% 3.12% 0.01 -0.329% -0.329% 0.000

3.24% 3.22% 0.02 -0.273% -0.274% 0.001

Source: Reuters Source: Bloomberg, EBF

Note: Values are with 1 day delay Note: Values are with 1 day delay

Value Previous Change (bps) Value Previous Change(bps)

1.596% 1.596% 0.000 0.087% 0.087% 0.000

1.904% 1.892% 0.012 0.487% 0.491% -0.004

2.129% 2.119% 0.010 1.146% 1.147% -0.001

-0.796% -0.796% 0.000 2.594% 2.597% -0.003

-0.746% -0.746% 0.000 0.000% 2.715% -2.715

-0.663% -0.663% 0.000 0.000% 2.872% -2.872

Sources: ICE, Bloomberg Sources: IBA, Bloomberg

Overall trading at the Belgrade Stock Exchange RSD18,42 mn (€0,15 mn). No bonds trading.

Serbian Public Debt Agency sold 10y T-bond in the amount of RSD18,05 bn, yield 5.29%. Realization rate 21.60%.

Evro slides against dollar. Trading at $1.232.

European stocks rose. Stoxx 600 up 0.6% at the close, FTSE 100 unchanged, DAX up 0.8%.

U.S. stocks down. Dow Jones down 1%, S&P 500 down 0.6%, Nasdaq down 0.1%.

Oil declined (Brent $64.64; WTI $61.10). Gold down ($1,327.66).

Financial Market Analysis

Treausury and ALM department

DAILY REPORT

Flash

Dinar adds against euro 0.1% (118.1760). National Bank of Serbia bought €15 mln at the forex market.

Bank of the Group

February 21, 2018

Key events

TimeCountry/

RegionEvent Period Previous Forecast

20:00 US

FX rates and money market

FX rates on domestic market International markets

Currency Currency

FOMC Meeting minutes

GBP/RSD GBP/USD

USD/JPY

National Bank of Serbia Interest rates Major interest rates

EUR/RSD EUR/USD

USD/RSD EUR/CHF

CHF/RSD EUR/GBP

United Kingdom (BOE) 22.3.2018

Switzerland (SNB) 15.3.2018

Serbia - Interbank interest rates Serbia Europe - Interbank interest rates - Europe

Next decision

Key policy rate Eurozone (ECB) 8.3.2018

US (FED) 21.3.2018

BELIBOR 6M EURIBOR6M

Libor interest rates Interest rate Swap

Libor 1M (USD) EURIBOR ISDA 3Y FIXING

BEONIA EONIA

BELIBOR1M EURIBOR1M

BELIBOR3M EURIBOR3M

Libor 3M (CHF) USD ISDA 5Y FIXING





1.17

1.18

1.19

1.2

1.21

1.22

1.23

1.24

1.25

1.26EUR/USD

0

20

40

60

80

100

120

140

160

118

119

120

121

122

123

124

125EUR mio EUR/RSD

Turnover on FX market (right axis)

http://www.bancaintesa.rs/code/navigate.aspx?Id=1

Date Currency

Source: Public Debt Management Agency

Moody's S&P Fitch

Ba3 BB BB

Outlook Stable Stable Stable

Date 17.3.2017 15.12.2017 15.12.2017 Sources: Bloomberg, JPMorgan

Source: Bloomberg

Date Value Previous Date Value Previous

04.02.2016 2.75% 2.79% 18.01.2018 0.47% 0.48%

02.03.2017 2.64% 2.65% 01.02.2018 0.96% 0.99%

07.02.2017 3.48% 3.49% 02.02.2018 1.29% 1.49%

24.10.2017 4.05% 4.65% 19.02.2018 1.88% 1.95%

30.01.2018 3.88% 4.29% 13.07.2017 4.00% 4.00%

13.02.2018 4.28% 4.30% 06.09.2017 4.20%

23.10.2017 5.00% 5.60% Source: Public Debt Management Agency

20.02.2018 5.29% 5.35%

23.06.2016NBS key rate +

0.25%

NBS key rate +

0.25%

Source: Public Debt Management Agency

Source: Public Debt Management Agency Source: Public debt Management Agency

Sources: Ministry of finance, Banca Intesa Sources: Ministry of finance, Banca Intesa

Vrednost Prethodna UST spred

Serbia 5y 2018 2.804% 2.846% 0.822%

Serbia 7y 2020 3.450% 3.460% 1.202%

Serbia 10y 2021 3.749% 3.726% 3.749%

Serbia 20y 2024 6.469% 6.470%Source: Bloomberg

Izvor: Bloomberg

Source: Bloomberg

Fixed income

Scheduled auctions

RSD Government securities EUR Government securities

Instrument Value

Serbia Credit rating

2 years 5 years

3 years 10 years

5 years 15 years

Maturity

3 months 53 weeks

6 months 2 years

53 weeks 3 years

Maturity

7 years

10 years

24 month amortizing

Serbian Eurobonds yields (USD)

80

130

180

230

280

330

bps JP Morgan EMBI Srbija

2.8

3.3

3.8

4.3

4.8

110

111

112

113

114

115

116

117

Serbian 10y Eurobond 2021

Price Yield (right axis)

1.52.53.54.55.56.57.58.59.5

10.511.512.513.514.5

Yields on RSD government securities primary auctions

3m 6m 53w 2y 3y NBS key rate 5y 7y 10y

0.00.51.01.52.02.53.03.54.04.55.05.56.06.57.0

Yields on EUR government securities primary auctions

53w 2y 3y 5y 10y 15y

2

Source: Belgrade Stock Exchange

Source: Belgrade Stock Exchange Source: Belgrade Stock Exchange

Sourc: Bloomberg

EPEN 13,805 5,604,830 0.02% 0.03% 5.30 14.71 42.27

FITO 2,955 4,550,700 0.68% 0.75% 1.70 10.27 17.60

JESV 5,000 2,000,000 0.00% 0.00% 0.69 5.18 11.62

NIIS 710 1,828,250 0.28% -0.98% #N/A N/A #N/A N/A #N/A N/A

VDPC 6,500 741,000 0.00% 0.00% 0.93 2.12 47.46

ENHL 700 520,100 -1.69% -14.63% 0.91 184.48 0.53

AERO 1,701 488,187 0.00% -4.55% 2.34 17.06 14.52

SJPT 283 409,784 -10.44% -13.72% #N/A N/A #N/A N/A #N/A N/A

MTLC 2,030 203,000 -1.07% -0.34% 1.38 17.18 7.98

AVEN 1,000 195,000 0.00% 0.00% 0.53 2.82 20.81

KMBN 1,881 109,098 -0.74% 2.73% 0.45 7.59 6.61

VRFT 900 99,000 0.00% 0.00%#N/A Field Not Applicable#N/A Field Not Applicable#N/A Field Not Applicable

Sources: Belgrade Stock Exchange; Bloombeg

0.07%

-0.59%

0.34%

-0.10%

-1.08%

Source: Bloomberg

crobex sbi20


sofix bet-c

Izvor: Bloomberg Izvor: Bloomberg


dj balkan

Source: Bloomberg

Belgrade Stock Exchange

Value Previous value Change YTD

Belex 15 754.93 757.98 -0.40% -0.24%

Belex line 1,586.04 1,594.84 -0.55% -4.07%

Ratios P / B P / EBelex15 0,82 13,53

Turnover 18,423,650 RSD 278,416,268 RSD -93.38%Source: Belgrade Stock Exchange

155,821 € 2,354,348 € -93.38%

The most traded stocks on Belgrade Stock Exchange from the previous day

Company Ticker Price RSDTurnovor

RSD

Daily

change

Weekly

change

ENERGOPROJEKT ENTEL AD BEOGR 5,832,543,475 Din.

GALENIKA FITOFARMACIJA AD 7,801,200,000 Din.

JEDINSTVO SEVOJNO AD 1,523,595,000 Din.

P/BV P/E ROE Market capitalization

AERODROM NIKOLA TESLA AD BEO 58,326,184,350 Din.

SOJAPROTEIN AD 4,215,433,292 Din.

METALAC AD GORNJI MILANOVAC 4,141,200,000 Din.

NIS AD NOVI SAD 115,772,884,000 Din.

VODOPRIVREDNO PREDUZEE 253,012,500 Din.

ENERGOPROJEKT HOLDING AD BEO 7,651,904,400 Din.

Regional stock exchanges

Index Country/Region ValueValue from the previous

dayChange YTD

AUTOVENTIL AD UZICE 150,512,000 Din.

KOMERCIJALNA BANKA AD BEOGRA 31,634,575,236 Din.

VARNOST FITEP AD ZEMUN 60,561,900 Din.

Crobex Hrvatska 1,855.43 1,854.10 0.68%

SBITOP Slovenija 818.86 823.75 1.53%

SOFIX Bugarska 694.36 692.02 2.50%

BET Rumunija 8,307.04 8,315.03 7.14%

DJ Stoxx Balkan 50 Balkan 479.89 485.13 1.92%

1,500

1,600

1,700

1,800

1,900

2,000

2,100

2,200

2,300

CROBEX

350

400

450

500

550

600

650

700

750

SOFIX

5,500

6,000

6,500

7,000

7,500

8,000

8,500

9,000

BET

300

400

500

600DJ Stoxx Balkan 50

500

550

600

650

700

750

800 Belex 15

-10.44%

-1.69% -1.07% -0.74%

0.00% 0.00% 0.00% 0.15% 0.28% 0.68%

SJPT ENHL MTLC KMBN AERO JESV ALFA TGAS NIIS FITO

Daily change of Belex 15 members

1,000

1,200

1,400

1,600

1,800Belex line

600

650

700

750

800

850

SBITOP

3

Source: Bloomberg

dow jones s&p



nasdaq dax



nikkei dj stoxx





Source: Bloomberg

Snežana Topalović 201-1400 Snežana Spasojević 201-3621Vladimir Gavović 201-1263 Dragomir Milin [email protected] Biljana Radosavljević 201-3610

[email protected]

Darko Karanović 201-3624 Vitomir Marić 201-1315Boban Todorović 201-3627 Olivera Glišić 201-1314Dragan Ignja 201-3626 [email protected]

[email protected]

Index Country/Region Value Previous value Change YTD

World stock exchanges

S&P 500 US 2,716.26 2,732.22 -0.58% 1.60%

Dow Jones Industrial US 24,964.75 25,219.38 -1.01% 0.99%

DAX Germany 12,487.90 12,385.60 0.83% -3.33%

NASDAQ US 7,234.31 7,239.47 -0.07% 4.79%

Dow Jones Stoxx 600 EU 380.51 378.24 0.60% -2.23%

FTSE UK 7,246.77 7,247.66 -0.01% -5.74%

ContactFinancial Market analysis Customer execution office (fixed income)

Dealing Custody

Disclaimer

This overview is written to inform and does not represent a call for making business decisions and buying or selling mentioned financial instruments. Banca Intesa ad Beograd does not guarantee exactness of summoned data.

Information, opinions and commentaries in this overview are given with the best intention according to available data provided from relevant sources and as a result of professional attitudes and orientations of analytical team working in

Banca Intesa ad Beograd. Banca Intesa ad Beograd does not assume responsibility for possible loss and damage caused by business activities according to any element and contents of the overview. This document may only be

reproduced in whole or in part together with the name of Banca Intesa Beograd.

Nikkei 225 Japan 21,925.10 22,149.21 -1.01% -3.69%

14,00015,00016,00017,00018,00019,00020,00021,00022,00023,00024,00025,00026,00027,00028,000

Dow Jones Industrial

1,700

1,800

1,900

2,000

2,100

2,200

2,300

2,400

2,500

2,600

2,700

2,800

2,900

3,000

S&P 500

4,0004,2004,4004,6004,8005,0005,2005,4005,6005,8006,0006,2006,4006,6006,8007,0007,2007,4007,6007,800

NASDAQ Composite

260

280

300

320

340

360

380

400

420DJ Stoxx 600

9,000

11,000

13,000

15,000

17,000

19,000

21,000

23,000

25,000

Nikkei 225

\

8,000

9,000

10,000

11,000

12,000

13,000

14,000DAX

35

40

45

50

55

60

65

70

75Oil Brent (USD/bbl)

1,050

1,100

1,150

1,200

1,250

1,300

1,350

1,400Gold

\

5

10

15

20

25

30

35

40 Vix Index

4

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daily report - banca intesa beogradvodoprivredno preduzee 253,012,500 din. energoprojekt holding ad...

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