New securities on the Moscow Exchange for February - March 2022

Новые ценные бумаги на Мосбирже за февраль — март 2022

Since the end of February, the Moscow Exchange has not been fully operational: share trading, bonds and funds were launched only towards the end of March. Here's what we wrote about it:

  1. The Central Bank canceled stock trading on the Moscow Exchange.
  2. How was the first day of OFZ trading on the Moscow Exchange since the end of February.
  3. How was the first day of trading in shares on the Moscow Exchange after a month-long break.
  4. The total turnover of the March trading on the Moscow Exchange broke all records, despite the long break.

We did not publish a digest of new papers for February, but, once stock market the stock exchange is open again, tell, what's new there in the last two months.

New securities are mostly corporate bonds. But in February, new shares of foreign companies appeared - true, now they are not traded - and several exchange-traded funds.

Part of the new bonds we do not mention. These are securities for qualified investors., bonds maturing more than 10 years from the date of publication of this material, very short papers, e.g. one-day, bonds with yields pegged to some assets and securities, which at the time of preparing the digest had obvious problems with liquidity.

Please note, that now not all securities and derivatives are available to everyone. To access a number of assets, for example, bonds with a rating below AAA, need to take a test. It is not necessary, if before October 1, 2021 the investor had transactions with such assets or if there is a status of a qualified investor. Or you can agree to the risk notice and buy assets, but maximum for 100 000 P or one lot.

We remind, that from 2021 on coupons of any bonds are withheld tax at a rate of 13% for tax residents of the Russian Federation and 30% for non-residents. This can be avoided, if you are a resident of the Russian Federation and you have IIS, at the closing of which you will apply the type B deduction.

We write the coupon size and the yield before taxes. If you are a resident of the Russian Federation and do not apply a type B deduction for IIS, the coupon size for you will be 13% less, i.e. 0.87 of that specified in the digest. If you are a non-resident - 30% less, or 0,7 from the specified. Respectively, profitability will be lower by about the same amount.

Bonds sorted by maturity date: from short to long. Stocks and exchange-traded funds - at the end of the material.

This is a review, not an investment recommendation. All decisions are yours to make.

Corporate bond VEB.RF PBO-001Р-К399

Issuer — VEB.RF.

Repayment — February 14, 2023.

Nominal — 1000 R.

Coupon rate — 11.1% per annum. A single coupon in the amount of 110.7 R will be paid at redemption.

5 April, this bond traded for an average of 93.79% of the face value. The current yield at this price is 11.84%, simple yield to maturity — 19,16%, effective yield to maturity — 19.4% per annum.

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Corporate bond Avtodor BO-004R-05

Issuer — GC "Avtodor".

Repayment — 21 February 2023.

Nominal — 1000 R.

Coupon rate — 11,6% per annum. There will be two coupon periods of 182 days each, the first coupon will be paid on August 23, 2022 in the amount of 57.84 R, the second - upon redemption.

5 April, this bond traded on average for 95.22% of the face value. The current yield at this price is 12.18%, simple yield to maturity — 17,58%, effective yield to maturity — 18.36% per annum.

Corporate bond VTB B-1-130

Issuer — VTB.

Repayment — 21 February 2023.

Nominal — 1000 R.

Coupon rate — 9,9% per annum. Will be 12 coupon periods with monthly coupon payments. The first payment of 7.59 R was on March 21, 2022, further payments will be in the amount of 8.14 or 8,41 R.

5 April, this bond traded for an average of 95.11% of the face value. The current yield at this price is 10.41%, simple yield to maturity — 16,13%, effective yield to maturity — 17.05% per annum.

Corporate bond Sell-service BO-P01

Issuer – Cell-service LLC.

Repayment — February 6, 2025. The issuer has the right to early redeem the bond at its discretion 16 August 2023.

Nominal — 1000 R.

Coupon rate — 16% per annum. There will be 36 coupon periods of 30 days each, first coupon paid 24 March 2022 in the amount of 13.15 R.

Depreciation. The bond will be redeemed gradually: in May, in August and November 2024, together with coupons, they will pay 5% of the face value, and the remaining 85% will be paid on the maturity date. After depreciation payments, the coupon size in rubles will decrease.

5 April, this bond traded for an average of 95.98% of the par. The current yield at this price is 16.67%, simple yield to maturity — 17,59%, effective yield to maturity — 19.36% per annum.

Corporate bond TD RKS 002R-02

Issuer — LLC "TD" RKS "".

Repayment — February 18, 2025.

Nominal — 1000 R.

Coupon rate — 15% per annum. There will be 12 coupon periods of 91 days each, the first coupon will be paid on May 24, 2022 in the amount of 37.4 R.

5 April, this bond could be bought at 100% denomination. The current yield at this price is 15%, simple yield to maturity — 14,73%, effective yield to maturity — 15.84% per annum.

Corporate bond Toyota Bank BO-001R-05

Issuer — Toyota Bank JSC.

Repayment — 27 February 2025.

Nominal — 1000 R.

Coupon rate — 11.15% per annum. There will be 6 coupon periods of 183 days each, the first coupon will be paid on August 27, 2022 in the amount of 55,9 R.

5 April, this bond could be bought for 93% of the face value. The current yield at this price is 11.99%, simple yield to maturity — 14,38%, effective yield to maturity - 14,65% per annum.

Corporate bond Trans-Mission BO-01

Issuer – Trans-mission LLC.

Repayment — January 27, 2026.

Nominal — 1000 R.

Coupon rate — 16% per annum. There will be 48 coupon periods of 30 days each, the first coupon was paid on March 19, 2022 in the amount of 13,15 R. In September 2024, the coupon rate and, respectively, coupon size may change, so be careful.

Offer. If you don't like the new coupon, it will be possible to ask the issuer to redeem bonds ahead of schedule, using the offer. She is scheduled for August 14, 2024, applications for participation in it must be submitted from July 30 to August 5, 2024. Participation in the offer may be paid, therefore, it is worth checking the tariffs of your broker in advance.

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Depreciation. The bond will be redeemed gradually. From October 2024 to September 2025, along with coupons, they will pay out 2% denomination, then until December 2025 - 3% each, and pay the rest on the maturity date 55%. After depreciation payments, the coupon size in rubles will decrease.

5 April, this bond was traded at an average of 84.3% of the par. The current yield at this price is 18.98%, simple yield to the offer — 25,7%, effective yield to offer — 27.99% per annum. Yield to maturity cannot be calculated, since the size of not all coupons is known.

Corporate bond GK Samolet BO-P11

Issuer - PAO «GK„ Samolet “».

Repayment — 8 February 2022.

Nominal — 1000 R.

Coupon rate — 12.7% per annum. There will be 12 coupon periods of 182 days each, the first coupon will be paid on August 16, 2022 in the amount of 63,33 R. In February 2025, the coupon rate and, respectively, coupon size may change, so be careful.

Offer. If you don't like the new coupon, it will be possible to ask the issuer to redeem bonds ahead of schedule, using the offer. She is scheduled for February 14, 2025, applications for participation in it must be submitted from 5 to February 11, 2025. Participation in the offer may be paid, therefore, it is worth checking the tariffs of your broker in advance.

5 April, this bond was traded on average for 87,27% denomination. The current yield at this price is 14.55%, simple yield to the offer — 19,28%, effective yield to offer — 19.49% per annum. Yield to maturity cannot be calculated, since the size of not all coupons is known.

Shares Foreign companies

1 February shares began trading on the Moscow Exchange 80 foreign companies. Here is their list:

  1. 2U.
  2. 8×8.
  3. Abercrombie & Fitch.
  4. Allscripts Healthcare Solutions.
  5. Angi.
  6. AppLovin.
  7. Aramark.
  8. B&G Foods.
  9. Bill.com Holdings.
  10. BJ’s Wholesale Club Holdings.
  11. Bloomin’ Brands.
  12. Cara Therapeutics.
  13. CarGuru.
  14. CarParts.com.
  15. Carvana Co.
  16. ChampionX.
  17. Chegg.
  18. Coupa Software.
  19. Coursera.
  20. Crocs.
  21. Darling Ingredients.
  22. Dave & Buster’s Entertainment.
  23. Dynatrace.
  24. Medicines issued.
  25. Exact Sciences.
  26. FibroGen.
  27. Fidelity National Financial.
  28. Five9.
  29. Flowers Foods.
  30. Foot Locker.
  31. Gentex.
  32. GoDaddy.
  33. H&R Block.
  34. Hostess Brands.
  35. II-VI.
  36. Intellia Therapeutics.
  37. Ionis Pharmaceuticals.
  38. Knight-Swift Transportation Holdings.
  39. Lattice Semiconductor.
  40. Lululemon Athletica.
  41. Navient.
  42. NCR.
  43. OGE Energy.
  44. O-I Glass.
  45. Octa.
  46. PagerDuty.
  47. Performance Food Group.
  48. Planet Fitness.
  49. Qualtrics International.
  50. Revolve Group.
  51. Shoals Technologies Group.
  52. Silvergate Capital.
  53. Skechers U.S.A..
  54. Smartsheet.
  55. Solid Biosciences.
  56. South Jersey Industries.
  57. SS&C Technologies Holdings.
  58. Stitch Fix.
  59. Tattooed Chef.
  60. Taylor Morrison Home.
  61. TEGNA.
  62. Telephone and Data Systems.
  63. Teradata.
  64. The Chemours.
  65. The New York Times.
  66. Tri Pointe Homes.
  67. Upwork.
  68. Urban Outfitters.
  69. Vimeo.
  70. Virtu Financial.
  71. Wayfair.
  72. Williams-Sonoma.
  73. WillScot Mobile Mini Holdings.
  74. Workday.
  75. WW International.
  76. XPO Logistics.
  77. YETI Holdings.
  78. Yext.
  79. ZipRecruiter.
  80. Zscaler.

Shares admitted to trading for rubles and dollars, dividends are paid in dollars. For dividend tax to be 10 plus 3%, not 30%, you must sign the W-8BEN form. How to do it, will be advised by the support staff of your broker.

As of the beginning of April, trading in shares of foreign companies was suspended.

FinEx Exchange Fund - Blockchain UCITS ETF (FXBC)

This ETF FinEx allows you to invest in shares of 30 companies, related to the blockchain and cryptocurrency industry, according to Solactive Blockchain Solutions index. In the assets of the US paper fund, Of Canada, China, UK and Hong Kong, including shares of Marathon Digital Holdings, Microstrategy, Riot Blockchain. Dividends are reinvested.

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FXBC Total Spending - up to 0,8% per year of the fund's net asset value. Expenses are gradually deducted from the fund's assets and are thus taken into account in the share price.

The fund is admitted to trading in rubles and dollars. 25 February, when was the last time FXBC traded, the fund's share cost about 69 R, or about 0.85 $.

24—February 25, the share price fluctuated greatly due to the absence of a market maker and deviated noticeably from the “fair” one (estimated) prices. This was the case with most funds on the Moscow Exchange.

GPB ETF — Shares of Chinese companies (GPBC)

This exchange-traded mutual fund from Gazprombank Asset Management invests in shares of large Chinese companies according to the FTSE China 50 index. To do this, the fund buys shares of ETF iShares China Large Cap UCITS ETF (FXC) and reinvests received dividends.

Overall GPBC Spending Level - Up to 2,7% per year of the fund's net asset value. There are also iShares fund expenses − 0,74% in year. Expenses are gradually deducted from the fund's assets and are thus taken into account in the share price.

The fund is admitted to trading in rubles. 25 February, when was the last time GPBC traded, the share of the fund cost about 9.7 R.

GPB ETF - Global Assets Fund (GPBW)

This exchange-traded mutual fund invests in stocks from the S index&P 500, shares of gold miners and dollar bonds of companies from developing countries. To do this, the fund buys shares of ETF iShares Core S&P 500, iShares Gold Producers и iShares J. P. Morgan $ EM Corp Bonds in proportions 30/15/55. Dividends are reinvested.

Total GPBW Spending - up to 2,7% per year of the fund's net asset value. iShares Fund Spending - 0,07, 0,55 And 0,5% per year respectively. Expenses are gradually deducted from the fund's assets and are thus taken into account in the share price.

The fund is admitted to trading in rubles. 25 February, when was the last time GPBW traded, the fund's share cost about 10.5 R.

GPB Exchange Fund — Ruble Bond Fund (GPBR)

This exchange-traded mutual fund invests in ruble-denominated bonds of Russian companies: half of the money - in short bonds with a duration of up to 2 years, the other half - into longer bonds with a duration of up to 4 years. Coupons are reinvested.

Overall GBPR Spending - up to 2,2% per year of the fund's net asset value. Expenses are gradually deducted from the fund's assets and are thus taken into account in the share price.

The fund is admitted to trading in rubles. 5 April, one share of GPBR cost about 9.3 R.

Exchange-traded fund Sistema — Technologies of the future (SCFT)

This exchange-traded mutual fund from Sistema Capital Invests in shares of innovative companies, why does he buy shares of the Ark Innovation fund (ARKK). Dividends are reinvested.

The overall level of SCFT spending is up to 1.3% per year of the fund's net asset value. ARKK fund spending - more 0,75% in year. Expenses are gradually deducted from the fund's assets and are thus taken into account in the share price.

The fund is admitted to trading in rubles. 25 February, when was the last time SCFT was traded, the fund's share cost about 48 rubles.

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