Russia 100204 Basic Political Developments
Business, Energy or Environmental regulations or discussions
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- The Moscow Times: VEB Hires Bond Managers
- MarketWatch: Russias Uralkali raised to buy at Citigroup
- Interfax: TMK placing $350 mln in convertible bonds
- EmergingMarkets.me: TNK-BP $1bn Eurobond shows the way for sovereign issue
- Interfax: VTB could unveil 2009 IFRS results in March, bring AGM forward
Business, Energy or Environmental regulations or discussionsBloomberg: Norilsk Nickel, Polyus Gold, Rosneft: Russian Equity Preview http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a5ZO2QNf6kLk By Lucian Kim Feb. 4 (Bloomberg) -- The following companies may be active in Russian trading. Stock symbols are in parentheses and share prices are from the previous close of trading in Moscow. The 30-stock Micex Index fell 0.4 percent to 1,431.08. The dollar-denominated RTS Index rose 0.6 percent to 1,507.15. OAO GMK Norilsk Nickel (GMKN RX): Copper prices dropped, halting a two-day rally, after the rebounding dollar curbed demand for commodities as an alternative investment. Shares in Russia’s largest mining company dropped 0.8 percent to 4,734.16 rubles. OAO Polyus Gold (PLZL RX): Gold fell for the first time this week in New York on a rebounding dollar. Shares in Russia’s largest gold miner slipped 0.1 percent to 1,496.46 rubles. OAO Rosneft (ROSN RX): U.S. gasoline inventories unexpectedly dropped 1.31 million barrels as stockpiles of distillate fuel slipped 948,000 barrels. Shares in Russia’s largest oil company fell 1.7 percent to 237.70 rubles. To contact the reporter on this story: Lucian Kim in Moscow at lkim3@bloomberg.net Last Updated: February 3, 2010 22:00 EST The Moscow Times: VEB Hires Bond Managershttp://www.themoscowtimes.com/business/article/veb-hires-bond-managers/398989.html 04 February 2010 Vneshekonombank said Wednesday that it hired Barclays Capital, Citigroup, HSBC Holdings and Societe Generale to arrange its first international bond sale. VEB also named ING, Troika Dialog and VTB Capital co-managers of the medium-term notes, the state-run development bank said.
FRANKFURT (MarketWatch) -- Uralkali (OTHER:URAL.Y) , a Russia-based producer of potash fertilizers, was upgraded on Thursday to buy from sell at Citigroup, which expects a recovery in potash prices and production increases at the company. "We raise our rating to reflect the forecast volume increase and the recovery which we see happening in the first quarter," the bank said. February 04, 2010 10:42
MOSCOW. Feb 4 (Interfax) - Russia's TMK (RTS: TRMK), one of the world's top-three oil and gas industry pipe producers, is starting to place $350 million in convertible bonds maturing in 2015, the company said in a statement. Proceeds form the placing will be used to refinance short-term debt.
by admin on February 4, 2010 By Ivan Anderzhanov in Moscow
The Russian state is expected to shortly name a roster of banks to manage the issue of $3-5bn in Eurobonds in its first foray into the Eurobond market in over a decade. Energy export monopoly Gazprom is expected to follows as Russian blue-chips become increasingly active in the Eurobond markets after international credit lines were shut down in the wake of the financial crisis. Deputy Finance Minister Dmitry Pankin yesterday told Russia state-controlled corporates to hold fire for the sovereign issuance before going ahead with their own. “It would be logical for Russia to come to the market first, before state corporations,” Pankin told reporters at the Troika Dialog Russia Forum. Demand for the TNK-BP bonds exceeded the supply, according to a statement from the company. The 5-year $500m tranche was priced with a coupon of 6.250% and the 10-year $500 m tranche was priced with a coupon of 7.250%. TNK-BP’s chief financial officer Jonathan Muir said that the company may use proceeds from the issue to finance day-to-day operations, including the capital investment programme and the refinancing of its short-term debt. February 04, 2010 12:01 Interfax: VTB could unveil 2009 IFRS results in March, bring AGM forwardhttp://www.interfax.com/newsinf.asp?id=145007 MOSCOW. Feb 4 (Interfax) - VTB (RTS: VTBR) could unveil its 2009 financial results to International Financial Reporting Standards (IFRS) in March, the bank's deputy president, Herbert Moos, told reporters. Russia's second largest bank usually publishes its annual figures in April, but it plans to do so in March this year, Moos said. VTB might also bring its AGM forward this year. We expect it to take place earlier, not at the end of June, like it usually does," Moos said. VTB Capital: Vedomosti speculates that Sberbank has created an investment banking department http://www.businessneweurope.eu/dispatch_text10932 VTB Capital February 4, 2010 planned headcount is 30 people - in line with strategy - insignificant vs. Sberbank's size - complement product offering for corporates - synergies with Sber Cap are evident - neutral for the stock News: Vedomosti speculates that Sberbank has started to develop its own investment banking business. At this stage, it is being created as a department of Sberbank, with Sberbank Capital continuing to focus on restructuring 'problematic' assets and private equity. According to the paper, Sberbank plans to create a fully-fledged investment business ranging from M&A consulting to syndicated loans origination. The planned headcount is 30 people, with half of them hired so far. At this stage, the project is headed by Alexander Bazarov, who joined Sberbank from Deutsche Bank a while ago. Our View: This news is neutral for Sberbank's stock. Sberbank has always stated its intention to develop investment banking, as stipulated by its strategy, and is now taking the first steps in that direction. However, it is worth remembering that given Sberbank's size, the possible contribution to revenues is not likely to be significant, and so this is neutral for the valuation. At the same time, investment banking would complement the product range offered for large corporates, as a number of them are now turning to cheaper capital markets financing (e.g. RUB bonds). In addition, there are clear synergies with Sberbank Capital over a two-three year horizon as the latter starts to dispose of assets acquired during the crisis. Dmitry Dmitriev
Rencap
Event: According to Dow Jones yesterday (3 Feb), citing Sberbank CEO German Gref, while Sberbank's net profit in 2010 will be larger than last year, the bank's margins will contract. Gref also warned against being too optimistic on banks' performances this year and said 2010 would be a normal year as banks recover from the crisis. Action: Neutral for Sberbank, in our view. Rationale: Sberbank management already mentioned, during a recent conference call, that the bank's margin after peaking in 3Q09 at 7.9%, the bank's margin would margin would be under pressure in the next quarters owing to a changing interest rate environment. Aiming to defend its margins, last month Sberbank reduced deposit interest rates to pre-crisis levels.
Reuters reported that Chelyabinsk Zinc Plant had increased output in the last quarter of 2009, although in the full year output fell. It said in a statement that output of zinc and its alloys rose by 14.1% YoY in October to December 2009, but in the 12 months of last year output fell by 20% to 119,900 tonnes. Chelyabinsk had to cut output last year along with other Russian metal producers because of the economic crisis, which reduced demand and lowered metals prices. But from the end of 2008 Chelyabinsk has implemented a series of cost cutting measures, which helped it to swing into profit in the first 9 months of 2009. Russia's Urals Mining and Metals Company and the Russian Copper Company own a controlling stake in Chelyabinsk Zinc. UMMC has pledged to restore output at Chelyabinsk to pre crisis levels. Chelyabinsk said that it sold domestically 64% of the metal produced last year. Its Kazakh subsidiary, Nova Zinc LLC processed 1.19 million tonnes of ore in January to December 2009, 10.4% less than in the same period of 2008. (Sourced from Reuters)
(AFP) – 1 hour ago MOSCOW — Russian metals giant Rusal has paid Russian and international creditors 2.14 billion dollars from the proceeds of its share listings on the Hong Kong and Paris stock exchanges, the company said Thursday. "The company has paid its creditors 2.143 billion dollars from the proceeds of its share listings on the Hong Kong stock exchange and NYSE Euronext in Paris," the company said in a statement. The repayments reduce Rusal's total outstanding debt to 12.9 billion dollars. The largest share of the repayment, 1.46 billion dollars, went to international lenders, the company said. The economic crisis has left Rusal,the world's largest aluminium producer, billions of dollars in debt and it has been in complex talks with its creditor banks to restructure the debts. In December it managed to trim its debt to 14.9 billion dollars (10.6 billion euros) through an agreement with its creditors. The company, whose majority shareholder is Oleg Deripaska, last month launched an IPO on the Hong Kong and Paris bourses. It was the first Russian company to list on the Hong Kong stock exchange. Directory: gifiles -> attach attach -> British Forces – Akrioti, Greece Griffin Fighter Squadron (84 Squadron raf) MoD announced possible Typhoon and Tornado arrivals to the base France attach -> Russia 110204 Basic Political Developments attach -> Unclassified//for official use only attach -> Adaptability Sustainment attach -> Pop-up 1 ("C" Chechnya) Header Text: Emir of the Caucasus Emirate Doku Umarov Image attach -> Russia and Islam are not Separate attach -> Chapter 13: The Northern Caucasus attach -> Russia 100209 Basic Political Developments attach -> The evolution attach -> The devolution Download 350.41 Kb. Share with your friends:
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