gazprom - globalcapital...1 gazprombank 1,050 7 18.34 2 barclays 869 5 15.16 3 ubs 700 4 12.23 4...
TRANSCRIPT
Russia in the Capital Markets EuroWeek 43
Gazprom
Gazprom
Rating Baa1/BBB/BBB
Source: Markit
bps
28-M
ay-12
28-Ju
n-12
28-Ju
l-12
28-Au
g-12
28-Se
p-12
28-O
ct-12
28-N
ov-12
28-D
ec-12
28-Ja
n-13
28-Fe
b-13
28-M
ar-13
28-Ap
r-13
0
50
100
150
200
250
300
350
400
5YR CDS PRICING
Pricing date April 18, 2013Value €750mMaturity date April 26, 2018Coupon 2.933%Pricing details 215bp over swapsBookrunners BNP Paribas Credit Agricole Gazprombank JPMorgan Pricing date March 13, 2013Value €1bn / €500mMaturity date Mar 2020 / Mar 2025Coupon 3.389% / 4.364%Pricing details 210bp / 240bp over swapsBookrunners Gazprombank JP Morgan Credit Suisse Pricing date January 30, 2013Value $800m / $900mMaturity date Feb 2020 / Feb 2028Coupon 3.85% / 4.95%Bookrunners BNP Paribas Gazprombank JPMorgan Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1 JPMorgan 4,795 13 26.62
2 Gazprombank 2,990 10 16.6
3Credit Agricole CIB
2,803 8 15.56
4 BNP Paribas 2,649 7 14.71
5 Credit Suisse 2,250 1 12.49
6 VTB Capital 1,300 2 7.22
7 Morgan Stanley 625 1 3.47
8SG Corporate & Investment Banking
598 1 3.32
Subtotal 18,011 19 100
Total 18,011 19 100
Source: Dealogic (January 1, 2009 to May 29, 2013)
TOP BOOKRUNNERS 2009-13
Source: Dealogic (as at May 28, 2013)
$ bn
0123456789
2007
2008
2009
2010
2011
2012
2013
PUBLIC BOND ISSUANCE
Source: Gazprom
Rb tr
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
2008
2009
2010
2011
2012
NET PROFIT
Source: Gazprom
Rb tr
00.5
11.5
22.5
33.5
44.5
5
2008
2009
2010
2011
2012
NET SALES
Source: Gazprom
Rb
0
10
20
30
40
50
60
2008
2009
2010
2011
2012
EARNINGS PER SHARE
44 EuroWeek Russia in the Capital Markets
Gazprombank
Gazprombank
Rating Baa3/BBB-/BBB-
Source: Markit
bps
28-M
ay-12
28-Ju
n-12
28-Ju
l-12
28-Au
g-12
28-Se
p-12
28-O
ct-12
28-N
ov-12
28-D
ec-12
28-Ja
n-13
28-Fe
b-13
28-M
ar-13
28-Ap
r-13
0
100
200
300
400
500
600
5YR CDS PRICING
Source: Dealogic (as at May 28, 2013)
$ bn
2007
2008
2009
2010
2011
2012
2013
0
0.5
1
1.5
2
2.5
3
3.5
4
PUBLIC BOND ISSUANCE
Source: Gazprombank
Rb bn
0
10
20
30
40
50
60
70
2010
2011
2012
NET PROFIT
Source: Gazprombank
Rb tr
31-D
ec-1
0
31-D
ec-1
1
31-D
ec-1
20
0.5
1
1.5
2
2.5
3
TOTAL ASSETS
Source: Gazprombank
%
31-D
ec-1
0
31-D
ec-1
1
31-D
ec-1
28.5
9
9.5
10
10.5
11
11.5
TIER 1 RATIO
Pricing date January 15, 2013Value Rb20bnMaturity date July 25, 2016Coupon 7.875%Reoffer price 100.00Bookrunners Barclays Citi Gazprombank Issue type Tier 2Pricing date October 19, 2012Value $1bnMaturity date PerpetualCoupon 7.875%Reoffer price 100.00Bookrunners Credit Suisse Gazprombank Goldman Sachs HSBC Pricing date September 18, 2012Value Rb15bnMaturity date December 15, 2015Coupon 8.617%Reoffer price 100.00Bookrunners Barclays Citi Gazprombank HSBC Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1 Gazprombank 1,050 7 18.34
2 Barclays 869 5 15.16
3 UBS 700 4 12.23
4 Goldman Sachs 501 3 8.75
5 Credit Suisse 425 2 7.41
6 BNP Paribas 381 3 6.65
7 HSBC 373 2 6.5
8 Citi 343 2 5.99
9 RBS 292 2 5.1
10Mitsubishi UFJ Financial Group
251 2 4.38
10Credit Agricole CIB
251 2 4.38
Subtotal 5,436 11 94.9
Total 5,728.15 11 100
Source: Dealogic (January 1, 2009 to May 29, 2013)
TOP BOOKRUNNERS 2009-13
Russia in the Capital Markets EuroWeek 45
LUKoil
LUKoil
Rating Baa2/BBB/BBB-
Source: Markit
bps
28-M
ay-12
28-Ju
n-12
28-Ju
l-12
28-Au
g-12
28-Se
p-12
28-O
ct-12
28-N
ov-12
28-D
ec-12
28-Ja
n-13
28-Fe
b-13
28-M
ar-13
28-Ap
r-13
0
50
100
150
200
250
300
350
5YR CDS PRICING
Source: Dealogic (as at May 28, 2013)
$ bn
2007
2008
2009
2010
2011
2012
2013
0
0.5
1
1.5
2
2.5
3
3.5
PUBLIC BOND ISSUANCE
Source: Lukoil
$ bn
0
2
4
6
8
10
12
2008
2009
2010
2011
2012
NET PROFIT
Source: Lukoil
$ bn
0
20
40
60
80
100
120
140
160
2008
2009
2010
2011
2012
SALES
Source: Lukoil
$
0
2
4
6
8
10
12
14
16
2008
2009
2010
2011
2012
EARNINGS PER SHARE
Pricing date April 17, 2013Value $1.5bnMaturity date April 24, 2018Coupon 3.416%Pricing details 255bp over swapsBookrunners BNP Paribas Citi Pricing date April 17, 2013Value $1.5bnMaturity date April 24, 2023Coupon 4.563%Pricing details 270bp over swapsBookrunners BNP Paribas Citi Pricing date October 29, 2010Value $1bnMaturity date November 9, 2020Coupon 6.125%Yield 6.25%Bookrunners Barclays ING RBS Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1 Citi 1,500 2 27.37
1 BNP Paribas 1,500 2 27.37
3 RBS 827 3 15.09
3 ING 827 3 15.09
3 Barclays 827 3 15.09
Subtotal 5,481 5 100
Total 5,481 5 100
Source: Dealogic (January 1, 2009 to May 29, 2013)
TOP BOOKRUNNERS 2009-13
46 EuroWeek Russia in the Capital Markets
Nomos Bank
Nomos Bank
Rating Ba3/NR/BB
Source: Markit
bps
28-M
ay-12
28-Ju
n-12
28-Ju
l-12
28-Au
g-12
28-Se
p-12
28-O
ct-12
28-N
ov-12
28-D
ec-12
28-Ja
n-13
28-Fe
b-13
28-M
ar-13
28-Ap
r-13
0100200300400500600700800
5YR CDS PRICING
Source: Dealogic (as at May 28, 2013)
$ bn
2007
2008
2009
2010
2011
2012
2013
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
PUBLIC BOND ISSUANCE
Source: Nomos Bank
Rb bn
0
2
4
6
8
10
12
14
16
2010
2011
2012
NET PROFIT
Source: Nomos Bank
Rb bn
0100200300400500600700800900
1000
31-D
ec-1
0
31-D
ec-1
1
31-D
ec-1
2
TOTAL ASSETS
Source: Nomos Bank
%
9.5
10
10.5
11
11.5
12
12.5
31-D
ec-1
0
31-D
ec-1
1
31-D
ec-1
2
TIER 1 RATIO
Issue type Senior unsecuredPricing date April 19, 2013Value $500mMaturity date April 25, 2018Coupon 7.25%Pricing details 638bp over swapsBookrunners Citi Gazprombank JPMorgan VTB Capital Issue type Lower tier twoPricing date April 20, 2012Value $500mMaturity date April 26, 2019Coupon 10%Reoffer price 100.00Bookrunners Citi JPMorgan VTB Capital Issue type Senior unsecuredPricing date October 15, 2010Value $400mMaturity date October 21, 2013Coupon 6.5%Reoffer price 100.00Bookrunners RBS UBS Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1 VTB Capital 467 3 23.93
2 JPMorgan 392 3 20.09
3 UBS 375 2 19.23
4 Citi 292 2 14.96
5 RBS 200 1 10.26
6 Gazprombank 125 1 6.41
7 Deutsche Bank 100 1 5.13
Subtotal 1,950 5 100
Total 1,950 5 100
Source: Dealogic (January 1, 2009 to May 29, 2013)
TOP BOOKRUNNERS 2009-13
Russia in the Capital Markets EuroWeek 47
Rosneft
Rosneft
Rating Baa1/BBB/BBB
Source: Markit
bps
28-M
ay-12
28-Ju
n-12
28-Ju
l-12
28-Au
g-12
28-Se
p-12
28-O
ct-12
28-N
ov-12
28-D
ec-12
28-Ja
n-13
28-Fe
b-13
28-M
ar-13
28-Ap
r-13
050
100150200250300350400450
5YR CDS PRICING
Source: Dealogic (as at May 28, 2013)
$ bn
2007
2008
2009
2010
2011
2012
2013
0
0.5
1
1.5
2
2.5
3
3.5
PUBLIC BOND ISSUANCE
Source: Rosneft
Rb tr
0.28
0.29
0.3
0.31
0.32
0.33
0.34
0.35
2010
2011
2012
NET PROFIT
Source: Rosneft
Rb tr
0
0.5
1
1.5
2
2.5
3
3.5
2010
2011
2012
REVENUES
Source: Rosneft
Rb
2728293031323334353637
2010
2011
2012
EARNINGS PER SHARE
Pricing date November 29, 2012Value $1bn / $2bnMaturity date Mar 2017 / Mar 2022Coupon 3.149% / 4.199%Reoffer price 100.00 / 100.00Bookrunners Bank of America Merrill Lynch Barclays Citi Deutsche Bank Gazprombank JPMorgan Morgan Stanley VTB Capital Pricing date January 27, 2010Value $500m / $500mMaturity date Feb 2015 / Feb 2020Coupon 6.25% / 7.25%Bookrunners Barclays Credit Agricole CIB RBS
Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1 Barclays 704 4 17.66
2 VTB Capital 375 2 9.41
2 Morgan Stanley 375 2 9.41
2 JPMorgan 375 2 9.41
2 Gazprombank 375 2 9.41
2 Deutsche Bank 375 2 9.41
2 Citi 375 2 9.41
2Bank of America Merrill Lynch
375 2 9.41
9 RBS 329 2 8.25
9Credit Agricole CIB
329 2 8.25
Subtotal 3,987 4 100
Total 3,987 4 100
Source: Dealogic (January 1, 2009 to May 29, 2013)
TOP BOOKRUNNERS 2009-13
48 EuroWeek Russia in the Capital Markets
Russian Agricultural Bank
Russian Agricultural Bank
Rating Baa1/NR/BBB
Source: Markit
bps
28-M
ay-12
28-Ju
n-12
28-Ju
l-12
28-Au
g-12
28-Se
p-12
28-O
ct-12
28-N
ov-12
28-D
ec-12
28-Ja
n-13
28-Fe
b-13
28-M
ar-13
28-Ap
r-13
0
50
100
150
200
250
300
350
400
5YR CDS PRICING
Source: Dealogic (as at May 28, 2013)
$ bn
2007
2008
2009
2010
2011
2012
2013
0
0.5
1
1.5
2
2.5
3
PUBLIC BOND ISSUANCE
Source: Russian Agricultural Bank
$ m
0
2
4
6
8
10
12
14
2010
2011
2012
NET PROFIT
Source: Russian Agricultural Bank
$ bn
05
101520253035404550
31-D
ec-1
0
31-D
ec-1
1
31-D
ec-1
2
TOTAL ASSETS
Source: Russian Agricultural Bank
%
12.2
12.4
12.6
12.8
13
13.2
13.4
31-D
ec-1
0
31-D
ec-1
1
31-D
ec-1
2
TIER 1 RATIO
Pricing date January 29, 2013Value Rb10bnMaturity date February 7, 2018Coupon 7.875%Reoffer price 100.00Bookrunners Citi Deutsche Bank JPMorgan VTB Capital Pricing date January 23, 2013Value CNY1bnMaturity date February 4, 2016Coupon 3.6%Reoffer price 100.00Bookrunners JPMorgan RBS Pricing date August 23, 2012Value $450mMaturity date December 27, 2017Coupon 5.298%Pricing details 355bp over USTsBookrunners Citi JPMorgan VTB Capital Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1 Citi 2,019 8 29.32
2 JPMorgan 1,252 8 18.18
3 VTB Capital 1,172 7 17.02
4 Barclays 767 2 11.13
5 BNP Paribas 739 2 10.74
6 Deutsche Bank 621 4 9.03
7 UBS 235 1 3.42
8 RBS 80 1 1.16
Subtotal 6,886 13 100
Total 6,886 13 100
Source: Dealogic (January 1, 2009 to May 29, 2013)
TOP BOOKRUNNERS 2009-13
Russia in the Capital Markets EuroWeek 49
Russian Federation
Russian Federation
Rating Baa1/BBB/BBB
Source: Markit
bps
28-M
ay-12
28-Ju
n-12
28-Ju
l-12
28-Au
g-12
28-Se
p-12
28-O
ct-12
28-N
ov-12
28-D
ec-12
28-Ja
n-13
28-Fe
b-13
28-M
ar-13
28-Ap
r-13
0
50
100
150
200
250
300
5YR CDS PRICING
Source: Dealogic (as at May 28, 2013)
$ bn
2007
2008
2009
2010
2011
2012
2013
0
1
2
3
4
5
6
7
8
PUBLIC BOND ISSUANCE
Data for 2013 is forecast. Source: IMF World Economic Outlook
% change
-10
-8
-6
-4
-2
0
2
4
6
2008
2009
2010
2011
2012
2013
REAL GDP
Data for 2013 is forecast. Source: IMF World Economic Outlook
CPI %
0
2
4
6
8
10
12
14
2008
2009
2010
2011
2012
2013
INFLATION
Data for 2013 is forecast. Source: IMF World Economic Outlook
%
0
2
4
6
8
10
12
14
31-D
ec-1
0
31-D
ec-1
1
31-D
ec-0
8
31-D
ec-0
9
31-D
ec-1
2
31-D
ec-1
3
GOVERNMENT DEBT AS % GDP
Pricing date March 28, 2012Value $2bnMaturity date April 4, 2017Coupon 3.25%Pricing details 230bp over USTsBookrunners BNP Paribas Citi Deutsche Bank Troika Dialog VTB Capital Pricing date March 28, 2012Value $2bnMaturity date April 4, 2022Coupon 4.5%Pricing details 240bp over USTsBookrunners BNP Paribas Citi Deutsche Bank Troika Dialog VTB Capital Pricing date March 28, 2012Value $2bnMaturity date April 4, 2042Coupon 5.625%Pricing details 250bp over USTsBookrunners BNP Paribas Citi Deutsche Bank Troika Dialog VTB CapitalSource: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1 VTB Capital 3,392 7 21.75
2 Citi 2,748 5 17.62
3 Deutsche Bank 2,026 5 12.99
4 Sberbank CIB 1,381 3 8.86
4 BNP Paribas 1,381 3 8.86
6 Credit Suisse 1,367 2 8.76
6 Barclays 1,367 2 8.76
8Renaissance Capital ZAO
645 2 4.13
8 JPMorgan 645 2 4.13
8 HSBC 645 2 4.13
Subtotal 15,595 7 100
Total 15,595 7 100
Source: Dealogic (January 1, 2009 to May 29, 2013)
TOP BOOKRUNNERS 2009-13
50 EuroWeek Russia in the Capital Markets
Russian Railways
Russian Railways
Rating Baa1/BBB/BBB
Source: Markit
bps
28-M
ay-12
28-Ju
n-12
28-Ju
l-12
28-Au
g-12
28-Se
p-12
28-O
ct-12
28-N
ov-12
28-D
ec-12
28-Ja
n-13
28-Fe
b-13
28-M
ar-13
28-Ap
r-13
0
50
100
150
200
250
300
350
400
5YR CDS PRICING
Source: Dealogic (as at May 28, 2013)
$ bn
2007
2008
2009
2010
2011
2012
2013
0
0.5
1
1.5
2
2.5
3
PUBLIC BOND ISSUANCE
Source: Russian Railways
Rb bn
01020304050607080
2008
2009
2010
2011
2012
NET PROFIT
Source: Russian Railways
Rb tr
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
2008
2009
2010
2011
2012
REVENUES
Source: Russian Railways
Rb tr
00.05
0.10.150.2
0.250.3
0.350.4
0.45
31-D
ec-0
9
31-D
ec-1
0
31-D
ec-1
1
31-D
ec-1
2
DEBT OUTSTANDING
Pricing date April 12, 2013Value €1bnMaturity date May 20, 2021Coupon 3.3744%Reoffer price 100.00Bookrunners Natixis RBS SG CIB VTB Capital Pricing date January 29, 2013Value Sfr150m / Sfr525mMaturity date Feb 2021 / Feb 2018Coupon 2.73% / 2.177%Reoffer price 100.00 / 100.00Bookrunners Barclays Credit Suisse VTB Capital Pricing date October 10, 2012Value Rb12.5bnMaturity date April 2, 2019Coupon 8.3%Bookrunners JP Morgan RBS VTB Capital Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1 VTB Capital 2,320 10 31.86
2 JPMorgan 1,403 5 19.27
3 RBS 1,224 5 16.82
4 Barclays 1,096 5 15.05
5 Goldman Sachs 353 2 4.85
6SG Corporate & Investment Banking
321 1 4.41
6 Natixis 321 1 4.41
8 Credit Suisse 242 2 3.33
Subtotal 7,281 10 100
Total 7,281 10 100
Source: Dealogic (January 1, 2009 to May 29, 2013)
TOP BOOKRUNNERS 2009-13
Russia in the Capital Markets EuroWeek 51
Russian Standard Bank
Russian Standard Bank
Rating Ba3/B+/B+
Source: Markit
bps
01-M
ay-12
01-Ju
n-12
01-Ju
l-12
01-Au
g-12
01-Se
p-12
01-O
ct-12
01-N
ov-12
01-D
ec-12
01-Ja
n-13
01-Fe
b-13
01-M
ar-13
01-Ap
r-13
01-M
ay-13
0100200300400500600700800900
5YR CDS PRICING
Source: Dealogic (as at May 28, 2013)
$ bn
2007
2008
2009
2010
2011
2012
2013
00.10.20.30.40.50.60.70.80.9
1
PUBLIC BOND ISSUANCE
Source: Russian Standard Bank
$ bn
- 0.2-0.15-0.1
-0.050
0.050.1
0.150.2
0.250.3
2008
2009
2010
2011
2012
NET PROFIT
Source: Russian Standard Bank
$ bn
0
2
4
6
8
10
12
31-D
ec-0
9
31-D
ec-0
8
31-D
ec-1
0
31-D
ec-1
1
31-D
ec-1
2
TOTAL ASSETS
Source: Russian Standard Bank
%
0
5
10
15
20
25
31-D
ec-0
9
31-D
ec-0
8
31-D
ec-1
0
31-D
ec-1
1
31-D
ec-1
2
TIER 1 RATIO
Pricing date March 13, 2013Value CNY750mMaturity date February 14, 2015Coupon 8%Bookrunners BNP Paribas HSBC Pricing date November 8, 2012Value $175mMaturity date July 11, 2017Coupon 9.25%Reoffer price 102.25Bookrunners Citi JPMorgan Pricing date October 3, 2012Value $350mMaturity date April 10, 2018Coupon 10.75%Reoffer price 100.00Bookrunners Goldman Sachs UBS VTB Capital
Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1 JPMorgan 264 2 24.5
1 Citi 264 2 24.5
3 VTB Capital 117 1 10.81
3 UBS 117 1 10.81
3 Goldman Sachs 117 1 10.81
6 HSBC 100 2 9.29
6 BNP Paribas 100 2 9.29
Subtotal 1,079 5 100
Total 1,079 5 100
Source: Dealogic (January 1, 2009 to May 29, 2013)
TOP BOOKRUNNERS 2009-13
52 EuroWeek Russia in the Capital Markets
Sberbank
Sberbank
Rating Baa1/NR/BBB
Source: Markit
bps
28-M
ay-12
28-Ju
n-12
28-Ju
l-12
28-Au
g-12
28-Se
p-12
28-O
ct-12
28-N
ov-12
28-D
ec-12
28-Ja
n-13
28-Fe
b-13
28-M
ar-13
28-Ap
r-13
0
50
100
150
200
250
300
350
400
5YR CDS PRICING
Source: Dealogic (as at May 28, 2013)
$ bn
2007
2008
2009
2010
2011
2012
2013
0
1
2
3
4
5
6
7
PUBLIC BOND ISSUANCE
Source: Sberbank
Rb bn
0
50
100
150
200
250
300
350
400
2008
2009
2010
2011
2012
NET PROFIT
Source: Sberbank
Rb tr
02468
10121416
31-D
ec-0
8
31-D
ec-0
9
31-D
ec-1
0
31-D
ec-1
1
31-D
ec-1
2
TOTAL ASSETS
Source: Sberbank
%
9.5
10
10.5
11
11.5
12
12.5
31-D
ec-0
8
31-D
ec-0
9
31-D
ec-1
0
31-D
ec-1
1
31-D
ec-1
2
CORE TIER 1 RATIO
Issue type Tier 2Pricing date May 16, 2013Value $1bnMaturity date May 23, 2023Coupon 5.25%Pricing details 324bp over swapsBookrunners BNP Paribas JPMorgan Sberbank CIB UBS Pricing date February 26, 2013Value TRY550mMaturity date March 4, 2018Coupon 7.4%Reoffer price 100.00Bookrunners HSBC JPMorgan Sberbank CIB Pricing date February 6, 2013Value Sfr250mMaturity date February 28, 2017Coupon 2.065%Reoffer price 100.00Bookrunners Credit Suisse Sberbank CIB UBS
Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1 Sberbank CIB 2,493 10 19.32
2 JPMorgan 2,021 7 15.66
3 BNP Paribas 1,594 8 12.35
4 Barclays 1,550 7 12.01
5 HSBC 1,019 3 7.89
6 UBS 773 4 5.99
7 RBS 753 3 5.83
8 Citi 719 4 5.57
9 DZ Bank 503 2 3.89
10 ING 417 2 3.23
Subtotal 11,840 17 91.75
Total 12,905 17 100
Source: Dealogic (January 1, 2009 to May 29, 2013)
TOP BOOKRUNNERS 2009-13
Russia in the Capital Markets EuroWeek 53
Severstal
Severstal
Rating Ba1/BB+ /BB
Source: Markit
bps
28-M
ay-12
28-Ju
n-12
28-Ju
l-12
28-Au
g-12
28-Se
p-12
28-O
ct-12
28-N
ov-12
28-D
ec-12
28-Ja
n-13
28-Fe
b-13
28-M
ar-13
28-Ap
r-13
0
100
200
300
400
500
600
5YR CDS PRICING
Source: Dealogic (as at May 28, 2013)
$ bn
2007
2008
2009
2010
2011
2012
2013
0
0.5
1
1.5
2
2.5
PUBLIC BOND ISSUANCE
Source: Severstal
$ bn
-1
-0.5
0
0.5
1
1.5
2
2.5
2010
2011
2012
NET PROFIT
Source: Severstal
$ bn
02468
1012141618
2010
2011
2012
REVENUE
Source: Severstal
$
-1
-0.5
0
0.5
1
1.5
2
2.5
2010
2011
2012
EARNINGS PER SHARE
Pricing date March 13, 2013Value $600mMaturity date March 19, 2018Coupon 4.45%Pricing details 344bp over swapsBookrunners Citi JPMorgan Sberbank CIB Pricing date October 4, 2012Value $750mMaturity date October 17, 2022Coupon 5.9%Pricing details 426bp over USTsBookrunners Citi ING JPMorgan SG CIB VTB Capital Pricing date July 19, 2011Value $500mMaturity date July 26, 2016Coupon 6.25%Pricing details 482bp over USTsBookrunners Barclays Goldman Sachs
Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1 Citi 607 3 18.05
2 Goldman Sachs 583 2 17.34
2 Barclays 583 2 17.34
4 JPMorgan 350 2 10.4
5 RBS 333 1 9.91
6 Credit Suisse 257 1 7.65
7 Sberbank CIB 200 1 5.94
8 VTB Capital 150 1 4.46
8SG Corporate & Investment Banking
150 1 4.46
8 ING 150 1 4.46
Subtotal 3,365 5 100
Total 3,365 5 100
Source: Dealogic (January 1, 2009 to May 29, 2013)
TOP BOOKRUNNERS 2009-13
54 EuroWeek Russia in the Capital Markets
Sistema
Sistema
Rating Ba3/BB/BB-
Source: Markit
bps
01-M
ay-12
01-Ju
n-12
01-Ju
l-12
01-Au
g-12
01-Se
p-12
01-O
ct-12
01-N
ov-12
01-D
ec-12
01-Ja
n-13
01-Fe
b-13
01-M
ar-13
01-Ap
r-13
01-M
ay-13
0
100
200
300
400
500
600
700
5YR CDS PRICING
Source: Dealogic (as at May 28, 2013)
$ bn
2007
2008
2009
2010
2011
2012
2013
00.10.20.30.40.50.60.70.8
PUBLIC BOND ISSUANCE
Source: Sistema
$bn
0
0.5
1
1.5
2
2.5
2010
2011
2012
NET PROFIT
Source: Sistema
$ bn
0
5
10
15
20
25
30
35
40
2010
2011
2012
TOTAL REVENUES
Data at December 31, 2012. Source: Sistema
$ bn
0
1
2
3
4
5
6
2013
2014
2015
2016
2017
+
DEBT MATURITY PROFILE
Issuer Mobile TeleSystems (MTS)Pricing date May 23, 2013Value $500mMaturity date May 30, 2023Coupon 5%Reoffer price 100.00Bookrunners Gazprombank JPMorgan RBS Issuer Sistema Financial CorpPricing date May 11, 2012Value $500mMaturity date May 17, 2019Coupon 6.95%Reoffer price 100.00Bookrunners Deutsche Bank Morgan Stanley VTB Capital Issuer Mobile TeleSystems (MTS)Pricing date June 15, 2010Value $750mMaturity date June 22, 2020Coupon 8.625%Pricing details 532bp over USTsBookrunners BAML Credit Suisse RBS
Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1 RBS 417 2 21.04
2 VTB Capital 397 2 20.03
3 Credit Suisse 250 1 12.63
3Bank of America Merrill Lynch
250 1 12.63
5 Morgan Stanley 167 1 8.42
5 JPMorgan 167 1 8.42
5 Gazprombank 167 1 8.42
5 Deutsche Bank 167 1 8.42
Subtotal 1,980 4 100
Total 1,980 4 100
Source: Dealogic (January 1, 2009 to May 29, 2013)
TOP BOOKRUNNERS 2009-13
Russia in the Capital Markets EuroWeek 55
Vimpelcom
Vimpelcom
Rating Ba3/BB/NR
Source: Markit
bps
28-M
ay-12
28-Ju
n-12
28-Ju
l-12
28-Au
g-12
28-Se
p-12
28-O
ct-12
28-N
ov-12
28-D
ec-12
28-Ja
n-13
28-Fe
b-13
28-M
ar-13
28-Ap
r-13
0
100
200
300
400
500
600
700
5YR CDS PRICING
Source: Dealogic (as at May 28, 2013)
$ bn
2007
2008
2009
2010
2011
2012
2013
00.5
11.5
22.5
33.5
44.5
5
PUBLIC BOND ISSUANCE
Source: Vimpelcom
$ bn
0
0.5
1
1.5
2
2.5
2010
2011
2012
NET PROFIT
Source: Vimpelcom
$ bn
0
5
10
15
20
25
2010
2011
2012
TOTAL OPERATING REVENUES
Source: Vimpelcom
$
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
2010
2011
2012
EARNINGS PER SHARE
Pricing date February 7, 2013Value $600mMaturity date February 13, 2019Coupon 5.2%Reoffer price 100.00Bookrunners Barclays Citi ING RBS Pricing date February 7, 2013Value $1bnMaturity date February 13, 2023Coupon 5.95%Reoffer price 100.00Bookrunners Barclays Citi ING RBS Pricing date February 7, 2013Value Rb12bnMaturity date February 13, 2018Coupon 9%Reoffer price 100.00Bookrunners Barclays Citi ING RBS Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1 Citi 1,996 14 12.95
2 RBS 1,815 12 11.77
3 Barclays 1,571 12 10.19
4 BNP Paribas 1,551 13 10.06
5 Intesa Sanpaolo 991 10 6.42
6 ING 954 8 6.18
7 JPMorgan 754 6 4.89
7Credit Agricole CIB
754 6 4.89
9 UniCredit 723 6 4.69
10 Deutsche Bank 661 6 4.28
10 Credit Suisse 661 6 4.28
Subtotal 12,430 18 80.62
Total 15,419 18 100
Source: Dealogic (January 1, 2009 to May 29, 2013)
TOP BOOKRUNNERS 2009-13
56 EuroWeek Russia in the Capital Markets
Vnesheconombank
Vnesheconombank
Rating Baa1/BBB/BBB
Source: Markit
bps
28-M
ay-12
28-Ju
n-12
28-Ju
l-12
28-Au
g-12
28-Se
p-12
28-O
ct-12
28-N
ov-12
28-D
ec-12
28-Ja
n-13
28-Fe
b-13
28-M
ar-13
28-Ap
r-13
0
50
100
150
200
250
300
350
5YR CDS PRICING
Source: Dealogic (as at May 28, 2013)
$ bn
2007
2008
2009
2010
2011
2012
2013
0
0.5
1
1.5
2
2.5
3
3.5
PUBLIC BOND ISSUANCE
Source: VEB
Rb bn
0
5
10
15
20
25
30
2010
2011
2012
NET PROFIT
Source: VEB
Rb tr
0
0.5
1
1.5
2
2.5
3
3.5
31-D
ec-1
0
31-D
ec-1
1
31-D
ec-1
2
TOTAL ASSETS
Source: VEB
%
0
5
10
15
20
25
31-D
ec-1
0
31-D
ec-1
1
31-D
ec-1
2
CAPITAL ADEQUACY RATIO
Pricing date February 14, 2013Value €1bn / €500mMaturity date Aug 2018 / Aug 2023Coupon 3.035% / 4.032%Reoffer price 100.00 / 100.00Bookrunners Barclays Commerzbank ING SG CIB Pricing date June 26, 2012Value $1bnMaturity date July 5, 2022Coupon 6.025%Pricing details 440bp over USTsBookrunners Credit Agricole CIB Deutsche Bank HSBC JPMorgan Pricing date February 2, 2012Value $750mMaturity date February 13, 2017Coupon 5.375%Reoffer price 100.00Bookrunners BNP Paribas JPMorgan Morgan Stanley RBS Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1 Barclays 1,154 5 14.65
2 HSBC 1,053 5 13.37
3SG Corporate & Investment Banking
910 4 11.55
4 JPMorgan 838 4 10.63
5 Citi 803 4 10.2
6Credit Agricole CIB
650 3 8.25
7 ING 507 2 6.43
7Commerzbank Group
507 2 6.43
9 BNP Paribas 431 2 5.47
10 Deutsche Bank 250 1 3.17
Subtotal 7,103 9 90.16
Total 7,878 10 100
Source: Dealogic (January 1, 2009 to May 29, 2013)
TOP BOOKRUNNERS 2009-13
Russia in the Capital Markets EuroWeek 57
VTB Bank
VTB Bank
Rating Baa1/BBB/NR
Source: Markit
bps
28-M
ay-12
28-Ju
n-12
28-Ju
l-12
28-Au
g-12
28-Se
p-12
28-O
ct-12
28-N
ov-12
28-D
ec-12
28-Ja
n-13
28-Fe
b-13
28-M
ar-13
28-Ap
r-13
0
100
200
300
400
500
600
5YR CDS PRICING
Source: Dealogic (as at May 28, 2013)
$ bn
2007
2008
2009
2010
2011
2012
2013
0
1
2
3
4
5
6
7
8
PUBLIC BOND ISSUANCE
Source: VTB
Rb bn
0102030405060708090
100
2010
2011
2012
NET PROFIT
Source: VTB
Rb tr
012345678
31-D
ec-1
0
31-D
ec-1
1
31-D
ec-1
2
TOTAL ASSETS
Source: VTB
%
0
2
4
6
8
10
12
14
31-D
ec-1
0
31-D
ec-1
1
31-D
ec-1
2
TIER 1 RATIO
Issue type Tier 1Pricing date November 1, 2012Value $1.25bnMaturity date PerpetualCoupon 9.5%Reoffer price 100.50Bookrunners VTB Capital Issue type Tier 2Pricing date October 4, 2012Value $1.5bnMaturity date October 30, 2022Coupon 6.95%Reoffer price 100.00Bookrunners BAML Barclays SG CIB VTB Capital Pricing date August 28, 2012Value Sfr600mMaturity date December 16, 2016Coupon 3.15%Reoffer price 100.00Bookrunners BNP Paribas Credit Suisse VTB Capital Source: Dealogic
RECENT DEALS
Rank Lead Manager
Amount $m
No of Issues
% Share
1 VTB Capital 6,542 20 44.13
2 Citi 1,167 3 7.87
3 BNP Paribas 1,098 6 7.41
4 JPMorgan 917 3 6.18
5 Deutsche Bank 779 3 5.25
6 Credit Suisse 569 3 3.84
7 ING 559 2 3.77
8 UBS 558 3 3.76
9 Goldman Sachs 500 2 3.37
10 OCBC 423 3 2.86
Subtotal 13,111 24 88.44
Total 14,825 25 100
Source: Dealogic (January 1, 2009 to May 29, 2013)
TOP BOOKRUNNERS 2009-13