Russian Eurobond statistics

www.pwc.ru/en/capital-markets

from 1 January 2014 till 15 June 2016

Introduction

This analysis contains a selection of

Eurobonds by Russian issuers from

1 January 2014 till 15 June 2016 and

therefore may not be a full list of all

Eurobond deals for this period.

The information was compiled from public

sources, CBonds and BofA Merrill Lynch

Global Research.

The Eurobond issues are presented by

pricing date and separately for financial

services and corporate issuers.

Unless otherwise indicated, the analysis

includes credit ratings by Standard & Poor's.

Number of issues and total proceeds*

3

* excluding sovereign issues

Average deal size,

USD mln

Number of issues

Proceeds,

USD mln

$

46,452

10,354

5,162 4,908

2013 2014 2015 YTD 2016

81

24

10

573

431

516

12

409

$

$

$$

Yield curves by credit rating*

Legend

Issuers

Trend

Financial services issuers

4

0%

2%

4%

6%

8%

10%

12%

0 1 2 3 4 5 6 7 8 9 10 11 12

Yie

ld,

%

Duration, years

BB+, BB, BB- (USD)

0%

5%

10%

15%

20%

25%

30%

35%

0 1 2 3 4 5 6 7 8

Yie

ld,

%

Duration, years

B+, B, B- (USD)

5

* Source: Сbonds database (c) 2001-2015 LLC Cbonds.ru

Corporate issuers

0%

1%

2%

3%

4%

5%

6%

0 2 4 6 8 10 12 14 16

Yie

ld,

%

Duration, years

BBB+, BBB, BBB- (USD)

0%

2%

4%

6%

8%

0 1 2 3 4 5 6 7 8 9 10

Yie

ld,

%

Duration, years

BB+, BB, BB- (USD)

0%

50%

100%

150%

0 1 2 3 4 5 6

Yie

ld,

%

Duration, years

B+, B, B- (USD)

0

2

4

6

8

10

12

14

16

18

Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16

Eff

ecti

ve

Inte

rest

Ra

te,

%0

1

2

3

4

5

6

7

8

Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16E

ffec

tiv

e In

tere

st R

ate

, %

Market Indices

6

Emerging Markets*

* Source: BofA Merrill Lynch Global Research

EMCB - Emerging Markets Corporate Plus IndexEMFS - Financial Emerging Markets Corporate Plus IndexEMNS - Non-Financial Emerging Markets Corporate Plus Index

EM1B - AAA-A Emerging Markets Corporate Plus Index EM2B - BBB Emerging Markets Corporate Plus IndexEM3B - BB Emerging Markets Corporate Plus IndexEM4B - B & Lower Emerging Markets Corporate Plus Index

7

** Source: Сbonds database (c) 2001-2015 LLC Cbonds.ru

Russia**

Euro-Cbonds Sovereign – Indices of Russian sovereign Eurobonds

Euro-Cbonds IG - Indices of Eurobonds with investment grade ratings issued by Russian institutions

Euro-Cbonds NIG - Indices of Eurobonds with upper non-investment grade ratings issued by Russian institutions

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

Jan 14 Mar 14 May 14 Jul 14 Sep 14 Nov 14 Jan 15 Mar 15 May 15 Jul 15 Sep 15 Nov 15 Jan 16 Mar 16 May 16

Eff

ecti

ve

Inte

rest

Ra

te,%

Financial services issuers

Issuer Lead Managers Pricing Date Maturity Tenor CCY¹ Size

(mln)Coupon Rating Type²

Listing Venue³

Renaissance Capital Renaissance Capital, UBS 11-Apr-2016 14-Apr-2021 5 USD 200 9.500% unratedSenior

unsecured notes (EO)

ISE

BinbankSC Lowy Financial, XiaxinSecurities (HK) Limited

21-Mar-2016 27-Mar-2019 3 USD 150 8.500% B- LPN WBAG

GazpromDeutsche Bank, Gazprombank,UBS

16-Mar-2016 30-Nov-2018 3 CHF 500 3.375% BBB- (Fitch) LPN SIХ

SovCo Capital Partners B.V.

Sovcombank 1-Feb-2016 3-Feb-2020 4 USD 150 9.000% unrated LPN WBAG

Alfa-Bank Alfa-Bank, Barclays, UBS 18-Nov-2015 27-Nov-2018 3 USD 500 5.000% BB LPN ISE

Russian Standard Bank

Goldman Sachs, UBS, VTB Capital

27-Oct-2015 27-Oct-2022 7 USD 451 13.000% CCC+ LPN (EO) FSE

AK BARS Bank Credit Suisse, UBS 30-Jul-2015 6-Aug-2018 3 USD 350 8.000% B2 (Moody's) LPN ISE

Peresvet Bank Otkritie bank 22-Jul-2015 22-Jan-2026 11 RUB 8,000 13.250% B+ LPN ISE

URALSIB UBS 22-Jan-2015 22-Jul-2020 6 USD 77 10.500% SD LPN (OE) ISE

Moscow Credit bankOtkritie bank, BK Region, Sberbank CIB

21-Nov-2014 26-May-2025 11 RUB 5,000 16.500% BB- LPN ISE

Alfa-BankAlfa-Bank, Bank of America Merrill Lynch, Goldman Sachs, JP Morgan, UBS

13-Nov-2014 18-Feb-2025 10 USD 250 9.500% BB LPN ISE

Promsvyazbank Promsvyazbank 22-Sep-2014 unlimited N/A USD 100 12.500% BB- LPN ISE

Tatfondbank Promsvyazbank 7-Aug-2014 unlimited N/A USD 60 12.500% B LPN WBAG

8

9

Issuer Lead Managers Pricing Date Maturity Tenor CCY¹ Size

(mln)Coupon Rating Type²

Listing Venue³

PromsvyazbankGoldman Sachs, ING, Promsvyazbank, UBS

15-Jul-2014 30-Jul-2021 7 USD 334 10.500% BB- LPN ISE

VTB Credit Suisse, UBS, VTB Capital 3-Jul-2014 24-Oct-2024 10 CHF 3505% to 24 Oct 2019, then 5Y CHF Swap

Rate + 4.64%BBB- LPN SIX

GazprombankGazprombank, Credit Suisse, Deutsche Bank, Societe Generale

26-Jun-2014 1-Jul-2019 5 EUR 1,000 4.000% BBB- LPN ISE

SberbankBarclays Capital, BNP Paribas, Deutsche Bank, Sberbank CIB

23-Jun-2014 15-Nov-2019 5 EUR 1,000 3.352% BBB (Fitch) LPN ISE

Alfa-Bank Alfa-Bank, Commerzbank, UBS 4-Jun-2014 10-Jun-2017 3 EUR 350 5.500% BB- LPN ISE

M2M Private Bank Promsvyazbank 25-Apr-2014 25-Oct-2019 5 USD 34 9.000% unrated LPN OTC

SovCo Capital Partners B.V.

VTB Capital 23-Apr-2014 25-Apr-2018 4 USD 100 12.500% unrated LPN OTC

TatfondbankRegion, Bank of America Merrill Lynch, Otkritie bank

22-Apr-2014 28-Apr-2017 3 USD 70 11.000% B LPN WBAG

PromsvyazbankGoldman Sachs, ING, Promsvyzbank, UBS

14-Mar-2014 17-Mar-2021 7 USD 100 10.500% BB LPN ISE

Sberbank Sberbank CIB 4-Mar-2014 7-Mar-2019 5 EUR 500 3.080% Baa1(Moody's) LPN OTC

Sberbank Sberbank CIB 4-Mar-2014 6-Mar-2019 5 USD 500 4.150% Baa1(Moody's) LPN OTC

GazprombankBank of America Merrill Lynch, Gazprombank, ING, JP Morgan

26-Feb-2014 5-Sep-2019 5 USD 750 4.960% BBB- LPN ISE

SberbankBank of America Merrill Lynch, Credit Suisse, Deutsche Bank, Sberbank CIB

18-Feb-2014 26-Feb-2024 10 USD 1,000

5.5% to 26 Feb 2019, then 5 Year Constant Maturity Treasury Yield +

4.023%

BBB (Fitch) LPN ISE

Russian Agricultural Bank

JP Morgan, RBS, VTB Capital 18-Feb-2014 25-Jul-2018 4 USD 500 5.100% BBB (Fitch) LPN ISE, BSE

VTBVTB Capital, Sumitomo Mitsui Banking Corporation Europe Limited

31-Jan-2014 3-Aug-2018 4 RUB 10,900 N/A Baa2 (Moody's) SecuritisationPrivate

placement

GazprombankBOC International Asia, GPB Financial Services, HSBC

23-Jan-2014 30-Jan-2017 3 CNY 1,000 4.250% BBB- LPN ISE, BSE

Gazprombank Credit Suisse, Gazprombank, UBS 16-Jan-2014 13-May-2024 10 CHF 325 5.125% BBB- LPN SIX, BSE

Corporate issuersIssuer Lead Managers Pricing Date Maturity Tenor CCY¹

Size (mln)

Coupon Rating Type² Listing Venue³

EvrazBarclays, ING, JP Morgan, Gazprombank, Societe Generale, VTB Capital

9-Jun-2016 31-Jan-2022 6 USD 500 6.750% BB- Notes ISE

SovcomflotCitigroup, ING, JP Morgan, Sberbank CIB, VTB Capital

9-Jun-2016 16-Jun-2023 7 USD 750 5.375% BB+ Senior notes ISE

NLMKDeutsche Bank, ING, JP Morgan, Societe Generale

8-Jun-2016 15-Jun-2023 7 USD 700 4.500% BBB- (Fitch) LPN ISE

Vympelcom Barclays, Citigroup, ING 11-May-2016 26-Apr-2020 4 USD 500 6.250% BB Senior notes LUX

Vympelcom Barclays, Citigroup, ING 11-May-2016 26-Apr-2023 7 USD 700 7.250% BB Senior notes LUX

SeverstalCitigroup, Deutsche Bank, JP Morgan, Societe Generale

26-Apr-2016 29-Apr-2021 5 USD 200 0.500% BB+ Guaranteed СB unlisted

Global PortsING, JP Morgan, RBI Group, Sberbank CIB, UniCredit Group, VTB Capital

11-Apr-2016 25-Jan-2022 6 USD 350 6.872% BB +(Fitch) Guaranteed notes ISE

KoksGazprombank, Renaissance Capital, Sberbank CIB

16-Mar-2016 28-Dec-2018 3 USD 201 10.750% B- LPN (EO) ISE

EvrazBarclays, Goldman Sachs, JP Morgan, Sberbank CIB, UniCreditGroup, VTB Capital

10-Dec-2015 28-Jan-2021 5 USD 750 8.250% BB- Notes ISE

GazpromBanca IMI, JP Morgan, UniCredit Group

8-Oct-2015 15-Oct-2018 3 EUR 1,000 4.625% BB+ LPN ISE

Norilsk NickelBarclays, Citigroup, ING, UniCredit Group, SocieteGenerale

6-Oct-2015 14-Oct-2022 7 USD 1,000 6.625% BBB- LPN ISE

KoksCitigroup, Renaissance Capital, Sberbank CIB

2-Jul-2015 28-Dec-2018 3 USD 136 10.750% B LPN (EO) ISE

Petropavlovsk Deutsche Bank AG 18-Mar-2015 18-Mar-2020 5 USD 100 9.000% unratedGuaranteed СB

(EO)LSE

Russian RailwaysBarclays Capital, Citigroup, JP Morgan, VTB Capital

27-Feb-2014 6-Mar-2023 9 USD 500 4.600% BBB LPN ISE

Gazprom CIBC, Gazprombank, JP Morgan 19-Feb-2014 26-Feb-2021 7 EUR 750 3.600% BBB LPN ISE

10

Legend

¹ CCY

AUD – Australian dollar; CHF – Swiss franc; CNY – Chinese yuan; CZK – Czech koruna; EUR – euro; GBP – British pound sterling; RUB – Russian rouble; TRY – Turkish lira; USD – United States dollar

² Type

Analysis excludes European Commercial Paper issues.

CB – Convertible Bonds; EO – Exchange Offer; Dim Sum – bonds denominated in Chinese Yuan; LPN – Loan Participation Notes; SVGN – Sovereign bonds

³ Listing Venue

BSE – Berlin Stock Exchange; FWB – Frankfurt Stock Exchange; ISE – Irish Stock Exchange; LSE – London Stock Exchange; LUX – Luxemburg Stock Exchange; OTC – Over-the-counter market; SGX – Singapore Exchange; SIX – SIX Swiss Exchange; WBAG – Vienna Stock Exchange

http://www.pwc.ru/en/capital-markets.html

PwCRussia(www.pwc.ru) providesindustry-focusedassurance, tax, legalandbusinessconsultingservices. Over2,500 professionalsworkinginPwCofficesinMoscow, StPetersburg, Ekaterinburg, Kazan, Novosibirsk, Rostov-on-Don, Krasnodar, Voronezh, VladikavkazandUfasharetheirthinking, experienceandsolutionstodevelopfreshperspectivesandpracticaladviceforourclients. TheglobalnetworkofPwCfirmsbringstogethermorethan208,000 peoplein157 countries.

© 2016 AO PricewaterhouseCoopers Audit. All rights reserved.

PwCreferstoAO PricewaterhouseCoopersAudit, or, asthecontextrequires, othermemberfirmsofPricewaterhouseCoopersInternationalLimited, eachofwhichisa separatelegalentity.

24.06.2016