New securities appear on the Moscow Exchange every month, and July was no exception. A new bond of one of the regions has appeared, many bonds of Russian companies, new shares of foreign companies, depositary receipt network of medical clinics and various 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, investment 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 bonds are available to everyone - at least, without qualified investor status:
- To 1 October 2021 years bonds of Russian issuers with a ruBBB credit rating and lower on the Expert RA or BBB scale(RU) on the ACRA scale, as well as bonds of foreign issuers rated B and below from S&P, Moody's or Fitch are available to investors with experience of transactions with similar securities before 1 January 2020 years or with the status of a qualified investor.
- With 1 October 2021 this will change: bonds with a rating below AAA will be available only after a test or with the status of a qualified investor, and the experience of transactions will not matter.
- None of this applies to bonds., registered before 11 June 2021 of the year.
We remind, what with 2021 years from coupons of any bonds tax at rate 13% for 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 on 13% less, i.e 0,87 from the one specified in the digest. If you are a non-resident - on 30% less, or 0,7 from the specified. Respectively, profitability will be lower by about the same amount.
Bonds sorted by type: region bonds first, then corporate. Within the types – by maturity date: from short to long. Promotions, depositary receipt and exchange-traded funds - at the end of the material.
This is a review, not an investment recommendation. All decisions are yours to make.
Sub-federal bond
Bashkortostan 34012
Issuer - Ministry of Finance of the Republic of Bashkortostan.
Repayment — 7 July 2026 of the year.
Nominal — 1000 R.
Coupon rate — 7,65% per annum. Will be 20 coupon periods for 91 day every day. The first coupon will be paid 12 October 2021 years in the amount 19,07 R.
Depreciation. The bond is redeemed gradually: in July 2024 And 2025 years together with coupons will be paid for 30% denomination, and the remaining 40% will be paid off in July 2026 of the year. After depreciation payments, the coupon size in rubles will decrease.
2 August this bond was traded on average for 100,9% denomination. The current yield at this price is 7,58%, simple yield to maturity — 5,99%, effective yield to maturity - 7,59% per annum.
Corporate bond
PIK-Corporation 001R-04
Issuer - LLC "PIK-corporation".
Repayment — 30 June 2023 of the year.
Nominal — 1000 R.
Coupon rate — 8,2% per annum. Will be 8 coupon periods for 91 day every day. The first one will end 1 October 2021 of the year, will pay 20,44 R.
2 August this bond was traded on average for 100,46% denomination. The current yield at this price is 8,16%, simple yield to maturity — 7,85%, effective yield to maturity - 8,16% per annum.
Corporate bond
KAMAZ BO-P08
Issuer — KAMAZ PJSC.
Repayment — 10 July 2023 of the year.
Nominal — 1000 R.
Coupon rate — 8,3% per annum. Will be 8 coupon periods for 91 day every day. The first one will end 11 October 2021 of the year, will pay 20,69 R.
2 August this bond was traded on average for 101,25% denomination. The current yield at this price is 8,2%, simple yield to maturity — 7,51%, effective yield to maturity - 7,8% per annum.
Corporate bond
Rosbank BO-002R-09
Issuer - PAO "Rosbank".
Repayment — 15 July 2023 of the year.
Nominal — 1000 R.
Coupon rate — 7,6% per annum. Will be 4 coupon period for 183 days every day. The first one will end 12 January 2022 of the year, will pay 38,1 R.
2 August this bond was traded on average for 100,47% denomination. The current yield at this price is 7,56%, simple yield to maturity — 7,28%, effective yield to maturity - 7,45% per annum.
Corporate bond
VTB B-1-231
Issuer — PJSC VTB Bank.
Repayment — 28 June 2024 of the year.
Nominal — 1000 R.
Coupon rate — 7,5% per annum. Will be 12 coupon periods for 91 day every day. The first one will end 1 October 2021 of the year, will pay 18,7 R.
2 August this bond was traded on average for 100,74% denomination. The current yield at this price is 7,44%, simple yield to maturity — 7,14%, effective yield to maturity - 7,4% per annum.
Corporate bond
Delta 001P-01
Issuer - LLC "Leasing company" Delta ".
Repayment — 1 July 2024 of the year.
Nominal — 1000 R.
Coupon rate — 10,5% per annum. Will be 12 coupon periods for 91 day every day, the first coupon will be paid 4 October 2021 years in the amount 26,18 R.
Depreciation. The bond is redeemed gradually: starting in october 2023 years with each coupon will be paid by 25% denomination. After each depreciation payment, the coupon amount in rubles will decrease.
2 August this bond was traded on average for 100,37% denomination. The current yield at this price is 10,46%, simple yield to maturity — 8,91%, effective yield to maturity - 10,72% per annum.
Corporate bond
RESO-Leasing BO-P-19
Issuer — RESO-Leasing LLC.
Repayment — 6 July 2024 of the year.
Nominal — 1000 R.
Coupon rate — 8,3% per annum. Will be 36 coupon periods for 30 days each. The first coupon will be paid 21 august 2021 years in the amount 6,82 R.
2 August this bond was on average traded at par. The current yield at this price is 8,3%, simple yield to maturity — 8,27%, effective yield to maturity - 8,61% per annum.
Corporate bond
Central PPK P01-BO-03
Issuer - JSC "Central PPK".
Repayment — 17 July 2024 of the year.
Nominal — 1000 R.
Coupon rate — 9,5% per annum. Will be 6 coupon periods for 182 days every day, the first coupon will be paid 19 January 2022 years in the amount 47,37 R.
2 August this bond was traded on average for 101,47% denomination. The current yield at this price is 9,36%, simple yield to maturity — 8,83%, effective yield to maturity - 9,11% per annum.
Corporate bond
ICD 001R-03
Issuer - PJSC "Credit Bank of Moscow".
Repayment — 23 July 2024 of the year.
Nominal — 1000 R.
Coupon rate — 8,35% per annum. Will be 6 coupon periods for 182 days every day. The first coupon will be paid 25 January 2022 years in the amount 41,64 R.
2 August this bond was traded on average for 100,24% denomination. The current yield at this price is 8,33%, simple yield to maturity — 8,23%, effective yield to maturity - 8,42% per annum.
Corporate bond
Promomed DM 001R-02
Issuer - Promomed DM LLC.
Repayment — 26 July 2024 of the year.
Nominal — 1000 R.
Coupon rate — 9,45% per annum. Will be 6 coupon periods for 182 days every day. The first payment will take place 28 January 2022 years in the amount 47,12 R.
2 August this bond was traded on average for 100,09% denomination. The current yield at this price is 9,44%, simple yield to maturity — 9,39%, effective yield to maturity - 9,63% per annum.
Corporate bond
TD Sintekom BO-01
Issuer - OOO TD Sintekom.
Repayment — 23 January 2025 of the year.
Nominal — 1000 R.
Coupon rate — 13% per annum. Will be 14 coupon periods for 91 day every day. The first payment will take place 28 October 2021 years and equal 32,41 R.
Depreciation. The bond is redeemed gradually: since April 2024 years with each coupon will be paid by 25% denomination. After each depreciation payment, the coupon amount in rubles will decrease.
2 August this bond was traded on average for 100,78% denomination. The current yield at this price is 12,9%, simple yield to maturity — 11,26%, effective yield to maturity - 13,29% per annum.
Corporate bond
Cruise BO-01
Issuer - LLC "Cruise".
Repayment — 11 June 2025 of the year.
Nominal — 1000 R.
Coupon rate — 12% per annum. Will be 48 coupon periods for 30 days each, first coupon paid 1 August in the amount 9,86 R, next will be paid 31 august 2021 of the year.
Depreciation. The bond is redeemed gradually: starting from June 2023 of the year, once a quarter, with each coupon, they will pay 5% denomination. After each depreciation payment, the coupon amount in rubles will decrease. The remaining 60% face value will be paid in June 2025 of the year.
2 August this bond was traded on average for 100,95% denomination. The current yield at this price is 11,89%, simple yield to maturity — 10,26%, effective yield to maturity - 12,29% per annum.
Corporate bond
ISKCH BO-01
Issuer - PJSC "Institute of Human Stem Cells".
Repayment — 8 July 2026 of the year. The issuer also has the right to early redeem this bond. 20 December 2022, 2023, 2024 year or 19 December 2025 of the year.
Nominal — 1000 R.
Coupon rate — 10,75% per annum. Will be 20 coupon periods for 91 day every day, the first coupon will be paid 13 October 2021 years in the amount 26,8 R.
2 August this bond was traded on average for 100,65% denomination. The current yield at this price is 10,68%, simple yield to maturity — 10,48%, effective yield to maturity - 11% per annum. This is based on the assumption, that the bond will not be redeemed early.
Corporate bond
Rostelecom 002Р-06R
Issuer - PAO Rostelecom.
Repayment — 17 July 2026 of the year.
Nominal — 1000 R.
Coupon rate — 7,7% per annum. Will be 10 coupon periods for 182 days every day. The first coupon will be paid 21 January 2022 of the year, its size is 38,39 R.
2 August this bond was traded on average for 100,92% denomination. The current yield at this price is 7,63%, simple yield to maturity — 7,42%, effective yield to maturity - 7,61% per annum.
Corporate bond
Sinara - Transport vehicles 1P2
Issuer — JSC "Sinara – transport machines".
Repayment — 22 July 2026 of the year.
Nominal — 1000 R.
Coupon rate — 8,7% per annum. Will be 10 coupon periods for 182 days every day. The first payment will take place 26 January 2022 of the year, its size is 43,38 R.
2 August this bond was traded on average for 99,74% denomination. The current yield at this price is 8,72%, simple yield to maturity — 8,76%, effective yield to maturity - 8,95% per annum.
Corporate bond
VEB.RF PBO-001Р-30В
Issuer — VEB.RF.
Repayment — 23 July 2026 of the year.
Nominal — 1000 $.
Coupon rate — 3,38% per annum. Will be 10 coupon periods for 182 days every day. The first coupon will be paid 27 January 2022 of the year, its size is 16,85 $.
2 August this bond was traded on average for 101% denomination. The current yield at this price is 3,35%, simple yield to maturity — 2,4%, effective yield to maturity - 2,47% per annum.
Corporate bond
Balti-Grand BO-P04
Issuer - Belti-Grand LLC.
Repayment — 13 February 2027 of the year.
Nominal — 1000 R.
Coupon rate — 12,25% per annum. Will be 68 coupon periods for 30 days each. The first coupon will be paid 13 august 2021 of the year, its size is 10,07 R.
Depreciation. The bond is redeemed gradually: since May 2023 each quarter with the next coupon, a part of the face value will be paid. First, there will be three payments 3,5%, then four payments on 4,5%, then four payments on 6% and six payments for 6,5%. The last 8,5% will be paid off in February 2027 of the year. After depreciation payments, the coupon size in rubles will decrease.
2 August this bond was on average traded at par. The current yield at this price is 12,25%, simple yield to maturity — 8,82%, effective yield to maturity - 12,95% per annum.
Corporate bond
RESO-Leasing BO-P-11
Issuer — RESO-Leasing LLC.
Repayment — 20 June 2031 of the year.
Nominal — 1000 R.
Coupon rate — 8,55% per annum. Will be 20 coupon periods for 182 days every day. The first payout will be 31 December 2021 of the year, its size is 42,63 R. At the end of June 2024 year 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 assigned to 3 July 2024 of the year, applications for participation in it must be submitted from 24 on 28 June 2024 of the year. Participation in the offer may be paid, therefore, it is worth checking the tariffs of your broker in advance.
2 August this bond was traded on average for 100,65% denomination. The current yield at this price is 8,49%, simple yield to the offer — 8,21%, effective yield to offer - 8,46% per annum. Yield to maturity cannot be calculated, since the size of not all coupons is known.
Corporate bond
AFK System BO 001R-21
Issuer — Sistema JSFC.
Repayment — 23 June 2031 of the year.
Nominal — 1000 R.
Coupon rate — 8,4% per annum. Will be 20 coupon periods for 182 days every day. The first coupon will be paid 3 January 2022 of the year, its size is 41,88 R. At the end of June 2026 year 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 assigned to 2 July 2026 of the year, applications for participation in it must be submitted from 23 on 29 June 2026 of the year. Participation in the offer may be paid, therefore, it is worth checking the tariffs of your broker in advance.
2 August this bond was traded on average for 100,27% denomination. The current yield at this price is 8,37%, simple yield to the offer — 8,27%, effective yield to offer - 8,5% per annum. Yield to maturity cannot be calculated, since the size of not all coupons is known.
Corporate bond
SIBUR Holding BO-03
Issuer - PAO "SIBUR holding".
Repayment — 1 July 2031 of the year.
Nominal — 1000 R.
Coupon rate — 7,65% per annum. Will be 20 coupon periods for 182 days every day. The first coupon will be paid 11 January 2022 years in the amount 38,15 R. In the middle of July 2025 year 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 assigned to 11 July 2025 of the year, applications for participation in it must be submitted from 2 on 8 July 2025 of the year. Participation in the offer may be paid, therefore, it is worth checking the tariffs of your broker in advance.
2 August this bond was traded on average for 100,9% denomination. The current yield at this price is 7,58%, simple yield to the offer — 7,32%, effective yield to offer - 7,51% per annum. Yield to maturity cannot be calculated, since the size of not all coupons is known.
Promotions
Foreign companies
1 July, shares and depositary receipts began to be traded on the Moscow Exchange 29 foreign companies. Here is their list:
- American Express.
- Alteryx.
- Bluebird Bio.
- Cinemark Holdings.
- Corning.
- Coty.
- Citigroup.
- D. R. Horton.
- Discovery.
- Dow.
- JD.com.
- Kellogg.
- Las Vegas Sands.
- Mondelez International.
- MetLife.
- MGM Resorts International.
- Marathon Oil.
- Nucor.
- ONEOK.
- Organon & Co.
- PepsiCo.
- Philip Morris International.
- The Bank of New York Mellon.
- The Charles Schwab.
- State Street.
- Under Armour.
- U. S. Bancorp.
- Wells Fargo & Company.
- The Western Union.
Trades go for rubles, dividends are paid in dollars. So that the tax on dividends is 10 a plus 3%, but not 30%, you must sign the W-8BEN form. How to do it, will be advised by the support staff of your broker.
Depositary receipt
ГДР United Medical Group PLC (GEMC)
Global depositary receipts for shares of United Medical Group began trading on the Moscow Exchange. This company operates a network of private clinics "European Medical Center".
Trades go for rubles. 2 August, one GDR cost about 895 R.
Exchange traded fund
FinEx - Video Games and Esports (FXES)
This ETF FinEx company consists of shares of companies, developing and publishing video games or producing equipment for games. In the fund 26 shares according to the MVIS Global Video Gaming and eSports Index. Received dividends are reinvested.
Overall ETF Spending Rate - 0,9% per year of the fund's net asset value. Expenses are gradually deducted from the fund's assets and thus included in the FXES exchange price.
Bidding goes for rubles and dollars. 2 august one stock FXES cost about 71,5 R, or 0,98 $.
Exchange traded fund
BSPB - Corporate bonds 1000 (SPBС)
This exchange-traded mutual fund from the MC "BSPB Capital" consists of bonds of Russian companies according to the index "BSPB Capital - Corporate Bonds 1000". Target duration - 1000 days, or three years. Received coupons are reinvested.
The total expenditure level of this BPIF is up to 1% per year of the fund's net asset value. Expenses are gradually deducted from the fund's assets and thus included in the SPBC exchange price.
Trades go for rubles. 2 August, one SPBC share cost about 1021 R.
Exchange traded fund
BSPB - OFZ 1000 (SPBF)
This exchange-traded mutual fund from BSPB Capital Management Company consists of federal loan bonds according to the BSPB Capital - OFZ 1000 index with a target duration 1000 days, or 3 of the year. Received coupons are reinvested.
The total expenditure level of this BPIF is up to 0,9% per year of the fund's net asset value. Expenses are gradually deducted from the fund's assets and thus included in the SPBF exchange price.
Trades go for rubles. 2 August, one share of SPBF cost about 1025 R.
Exchange traded fund
Ingosstrakh - Corporate bonds (INGO)
This exchange-traded mutual fund from the Ingosstrakh-Investments management company consists of bonds of Russian companies and tracks the Moscow Exchange's index of corporate bonds with a duration of 1-3 years. Received coupons are reinvested.
The total expenditure level of this BPIF is up to 0,8% per year of the fund's net asset value. Expenses are gradually deducted from the fund's assets and thus included in the INGO exchange price.
Trades go for rubles. 2 August, one share of INGO cost about 100,6 R.
Exchange traded fund
Ingosstrakh - EM Bonds (INEM)
This exchange-traded mutual fund consists of bonds from emerging market companies, including the use of an Irish-registered ETF of such bonds iShares J. P. Morgan USD EM Bond (IEMB).
The total expenditure level of this BPIF is up to 0,8% per year of the fund's net asset value. Expenses are gradually deducted from the fund's assets and thus included in the INEM exchange price. The Irish IEMB Fund's Expenditure Level - 0,45% in year.
Bidding is for dollars. 2 August, one share of INEM cost about 1,37 $.
Exchange traded fund
MKB - Russian dividend shares (MKBD)
This BIF from MCB Investments invests in shares of Russian companies according to the MKB Dividend Shares Index, where do the shares go 20 companies from the Moscow Exchange index with the highest dividend yield. Dividends are reinvested.
The total expenditure level of this BPIF is up to 1% per year of the fund's net asset value. Expenses are gradually deducted from the fund's assets and thus included in the exchange price of MKBD.
Trades go for rubles. 2 August, one share of MKBD cost about 1015 R.
Exchange traded fund
Opening - US Stocks (opns)
This BIF from Otkritie Management Company allows you to invest in shares of American companies. For this, the American ETF iShares MSCI USA Momentum Factor is used (MTUM), factor-based momentum: rising stocks are more likely to continue to rise, than start to fall. That is, the fund consists of shares, the price of which has been growing for the last 6-12 months. The income received is reinvested.
The total expenditure level of this BPIF is up to 0,99% per year of the fund's net asset value. Expenses are gradually deducted from the fund's assets and thus included in the OPNS exchange price. MTUM fund spending level - more 0,15% in year.
Bidding goes for rubles and dollars. 2 August, one share of OPNS cost about 78,5 R, or 1,08 $.
Exchange traded fund
Raiffeisen - High Yield Bonds (RCHY)
This exchange-traded mutual fund from the Raiffeisen Capital Management Company invests in bonds of Russian companies with increased yields, tracking the index of high yield corporate bonds, which is calculated by the Moscow Exchange. Received coupons are reinvested.
The total expenditure level of this BPIF is up to 0,9% per year of the fund's net asset value. Expenses are gradually deducted from the fund's assets and thus included in the exchange price RCHY.
Trades go for rubles. 2 August, one share of RCHY cost about 100,7 R.
Exchange traded fund
Tinkoff - Green Technology Index (TGRN)
This exchange-traded mutual fund from Tinkoff Capital Management Company invests in shares of foreign companies, who have more 50% revenue comes from cleaner production and support for such production. Received dividends are reinvested.
The total expenditure level of this BPIF is up to 0,9% per year of the fund's net asset value. Expenses are gradually deducted from the fund's assets and thus included in the TGRN exchange price.
Bidding goes for rubles and dollars. 2 August, one share of TGRN cost about 6,85 R, or 0,094 $.
Exchange traded fund
Tinkoff - Bonds (TBRU)
This exchange-traded mutual fund from Tinkoff Capital Management Company invests in medium-term bonds of Russian companies, including highly profitable, denominated in rubles. Received coupons are reinvested.
The total expenditure level of this BPIF is up to 0,99% per year of the fund's net asset value. Expenses are gradually deducted from the fund's assets and thus included in the TBRU exchange price.
Trades go for rubles. 2 August, one TBRU share cost about 5 R.
