New securities appeared on the Moscow Exchange in May. Normally, these are mainly corporate bonds - debt securities of large and not-so-large companies, but there are new promotions, depositary receipt and a FinEx fund with US Treasury bonds inside.
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.
From 2021, the coupons of any bonds are withheld tax at a rate of 13% for residents of the Russian Federation and 30% for non-residents. This can be avoided, if 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 from the one 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 type: first sub-federal, then corporate. Within the types – by maturity date: from short to long. Promotions, depositary receipt and exchange fund - at the end of the material.
This is a review, not an investment recommendation. All decisions are yours to make.
And where are these papers in Tinkoff Investments?
Readers ask in the comments, why many new securities cannot be bought at Tinkoff Investments. The fact, that new papers do not get there immediately: those appear first, for which stable high liquidity. If the paper from the review is already available in Tinkoff Investments, we will put a link to it in the fields.
But the T—J digest is not tied to Tinkoff investments: we consider the news of the exchange as a whole and cannot ignore those readers, who uses the services of other brokers.
Sub-federal bond
Yakutia 35015
Issuer — Ministry of Finance of the Republic of Sakha (Yakutia).
Repayment — 8 May 2028.
Nominal — 1000 R.
Coupon rate — 7,25% per annum. There will be 28 coupon periods of 91 days each. The first coupon will be paid on August 16, 2021, its size will be 18,08 R.
Depreciation. The bond is redeemed gradually: in November 2022 and 2023, August and November 2025, August and November 2026 and August and November 2027, together with coupons, will pay 10% of the face value. The remaining 20% due in May 2028. After each depreciation payment, the coupon in rubles will decrease.
1 June, this bond was traded at an average of 100.31% of the face value. The current yield at this price is 7,23%, simple yield to maturity — 5,11%, effective yield to maturity — 7.36% per annum.
Sub-federal bond
Moscow 26074
Issuer — Department of Finance of the city of Moscow.
Repayment — 18 May 2028.
Nominal — 1000 R.
Coupon rate — 7,38% per annum. There will be 14 coupon periods of 182 days each. The first coupon will be paid on November 25, 2021, its size will be 36,8 R.
1 June, this bond traded at an average of 99.95% of par. The current yield at this price is 7.38%, simple yield to maturity — 7,38%, effective yield to maturity - 7,52% per annum.
Corporate bond
VTB B-1-205
Issuer — PJSC VTB Bank.
Repayment — 3 May 2022.
Nominal — 1000 R.
Coupon rate — 5,45% per annum. There will be 4 coupon periods of 91 days each. The first will end on August 3, 2021, will pay 13,59 R.
1 June, this bond traded on average for 99.59% of the face value. The current yield at this price is 5.47%, simple yield to maturity — 5,88%, effective yield to maturity — 6.02% per annum.
Corporate bond
MTS-Bank 001R-01
Issuer — PJSC "MTS-Bank".
Repayment — 24 May 2023.
Nominal — 1000 R.
Coupon rate — 7,45% per annum. There will be 4 coupon periods of 182 days each, the first coupon will be paid 24 November 2021 in the amount 37,15 R.
1 June, this bond was traded at an average of 100.13% of the face value. The current yield at this price is 7,44%, simple yield to maturity — 7,35%, effective yield to maturity — 7.5% per annum.
Corporate bond
Litana 001R-01
Issuer – LLC “Litana”.
Repayment — 1 May 2024.
Nominal — 1000 R.
Coupon rate — 13% per annum. There will be 12 coupon periods of 91 days each, the first coupon will be paid on August 4, 2021 in the amount of 32,41 R.
1 June, this bond was traded at an average of 101.39% of the face value. The current yield at this price is 12.82%, simple yield to maturity — 12,22%, effective yield to maturity — 13% per annum.
Corporate bond
Trans-Mission BO-P02
Issuer – Trans-mission LLC.
Repayment — 3 May 2024. The issuer also has the right to early redeem the bond in May or November 2022 or 2023.
Nominal — 1000 R.
Coupon rate — 13% per annum. There will be 36 coupon periods of 30 days each, the first coupon will be paid on June 18, 2021 in the amount of 10.68 R.
Depreciation. The bond is redeemed gradually: in May, August and November 2023, and also in February 2024, together with coupons, they will pay 5% of the face value. The remaining 80% the nominal amount will be repaid in May 2024. After each depreciation payment, the coupon in rubles will decrease.
1 June, this bond traded on average for 103.33% of the face value. The current yield at this price is 12.58%, simple yield to maturity — 10,88%, effective yield to maturity — 12.22% per annum.
Corporate bond
Group Food 001R-01
Issuer — LLC "Group" Food "".
Repayment — 8 May 2024.
Nominal — 1000 R.
Coupon rate — 12% per annum. There will be 36 coupon periods of 30 days each. The first payment will take place on June 23, 2021 in the amount of 9.86 R.
1 June, this bond was traded at an average of 100.36% of the face value. The current yield at this price is 11.96%, simple yield to maturity — 11,79%, effective yield to maturity — 12.5% per annum.
Corporate bond
Red Soft 002R-02
Issuer — LLC "Red Soft".
Repayment — 16 May 2024. The issuer also has the right to redeem the bond in May 2023.
Nominal — 1000 R.
Coupon rate — 11% per annum. There will be 12 coupon periods of 91 days each. The first payment is scheduled for August 19, 2021 and is equal to 27,42 R.
1 June, this bond was traded at an average of 101.51% of the face value. The current yield at this price is 10.84%, simple yield to maturity — 10,28%, effective yield to maturity — 10.9% per annum.
Corporate bond
Europlan 001R-02
Issuer — JSC "LC "Europlan"".
Repayment — 17 May 2024.
Nominal — 1000 R.
Coupon rate — 7,8% per annum. There will be 12 coupon periods of 91 days each, the first coupon will be paid on August 20, 2021 in the amount of 19,45 R.
Depreciation. The bond is redeemed gradually: starting from August 2022, together with coupons, they will pay 12.5% of the face value. After each depreciation payment, the coupon in rubles will decrease.
1 June, this bond traded for an average of 99.96% of par. The current yield at this price is 7.8%, simple yield to maturity — 5,5%, effective yield to maturity — 8.04% per annum.
Corporate bond
Vseinstrumenty.ru BO-04
Issuer — Vseinstrumenty-ru LLC.
Repayment — 20 May 2024.
Nominal — 1000 R.
Coupon rate — 9,8% per annum. There will be 12 coupon periods of 91 days each, the first coupon will be paid on August 23, 2021 in the amount of 24.43 R.
1 June, this bond was traded at an average of 103.58% of the face value. The current yield at this price is 9.46%, simple yield to maturity — 8,27%, effective yield to maturity — 8.68% per annum.
Corporate bond
Sinara - Transport vehicles 001R-01
Issuer — JSC "Sinara – transport machines".
Repayment — 24 May 2024.
Nominal — 1000 R.
Coupon rate — 8,1% per annum. There will be 6 coupon periods of 182 days each. The first payment is scheduled for November 26, 2021, its size is 40,39 R.
1 June, this bond was traded at an average of 100.45% of the face value. The current yield at this price is 8.06%, simple yield to maturity — 7,9%, effective yield to maturity — 8.08% per annum.
Corporate bond
TECHNO Leasing 001R-04
Issuer – Techno Leasing LLC.
Repayment — 16 April 2026.
Nominal — 1000 R.
Coupon rate — 10,75% per annum. There will be 60 coupon periods of 30 days each. The first payment will take place on June 11, 2021, its size is 8,84 R.
Depreciation. The bond is redeemed gradually: in May and September 2025, and also in January 2026, together with coupons, they will pay 10% denomination. The remaining 70% repay in April 2026. After each depreciation payment, the coupon in rubles will decrease.
1 June, this bond traded on average for 99.34% of the face value. The current yield at this price is 10.82%, simple yield to maturity — 10,51%, effective yield to maturity — 11.49% per annum.
Corporate bond
Leasing-Trade 001R-03
Issuer – Leasing-trade LLC.
Repayment — 30 April 2026.
Nominal — 1000 R.
Coupon rate — 11% per annum. There will be 60 coupon periods for 30 days each. The first payment is scheduled for June 25, 2021, its size is 9,04 R.
Depreciation. The bond is redeemed gradually: starting from June 2025, together with coupons, they will pay 8.33% of the face value. The last 8.37% of the face value will be redeemed in April 2026. After each depreciation payment, the coupon in rubles will decrease.
1 June, this bond traded on average for 100,11% denomination. The current yield at this price is 10,99%, simple yield to maturity — 9,93%, effective yield to maturity - 11,53% per annum.
Corporate bond
VEB.RF PBO-001R-29
Issuer — "VEB.RF".
Repayment — 1 May 2026.
Nominal — 1000 R.
Coupon rate — 7,97% per annum. There will be 10 coupon periods of 182 days each. The first payment is scheduled for November 5, 2021, its size is 39,74 R.
1 June, this bond traded at an average of 104% of par. The current yield at this price is 7.66%, simple yield to maturity — 6,84%, effective yield to maturity — 7.11% per annum.
Corporate bond
AFK System BO 001R-20
Issuer — Sistema JSFC.
Repayment - April 30, 2031.
Nominal — 1000 R.
Coupon rate - 8.2% per annum. There will be 20 coupon periods of 182 days each. The first payment is scheduled for November 10, 2021, its size is 40,89 R. In May 2026, 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 assigned to 11 May 2026, applications for participation in it must be submitted from April 29 to May 6, 2026. Participation in the offer may be paid, therefore, it is worth checking the tariffs of your broker in advance.
1 June, this bond was traded at an average of 101.31% of the face value. The current yield at this price is 8.09%, simple yield to the offer — 7,93%, effective yield to offer — 8.16% per annum. Yield to maturity cannot be calculated, since the size of not all coupons is known.
Corporate bond
RESO-Leasing BO-P01
Issuer — RESO-Leasing LLC.
Repayment — 19 May 2031.
Nominal — 1000 R.
Coupon rate — 8% per annum. There will be 20 coupon periods of 182 days each. The first payment is scheduled for 29 November 2021, its size is 39,89 R. In May 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 May 29, 2025, applications for participation in it must be submitted from 20 to May 26, 2025. Participation in the offer may be paid, therefore, it is worth checking the tariffs of your broker in advance.
1 June, this bond traded for an average of 99.97% of par. The current yield at this price is 9%, simple yield to the offer — 8%, effective yield to offer — 8.17% per annum. Yield to maturity cannot be calculated, since the size of not all coupons is known.
Promotions
Foreign companies
4 shares began trading on the Moscow Exchange in May 19 large foreign companies. Here is their list:
- Anthem.
- WHAT.
- CVS Health.
- Cigna.
- DexCom.
- Dollar General.
- Ecolab.
- Goodyear Tire & Rubber.
- Hewlett Packard.
- Intuit.
- Intuitive Surgical.
- Lumen Technologies.
- Monster Beverage.
- NortonLifeLock.
- SAP.
- Southwest Airlines.
- The TJX Companies.
- Tyson Foods.
- Vontier.
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 Hydraulic Machines & Systems Group PLC (HMSG)
Global depositary receipts for Hydraulic Machines shares started trading on the Moscow Exchange & Systems Group. This group of companies is a major manufacturer of equipment for the oil and gas sector, energy and housing and communal services. The company's GDRs are also traded on the London Stock Exchange..
Trades go for rubles. 1 June, one GDR cost about 380 R.
Exchange traded fund
FinEx - US Treasury Inflation Protected Bonds (FXTP)
This ETF FinEx company consists of TIPS - US Treasury debt securities, protected from inflation. The nominal value of such bonds is indexed for inflation., also have coupons, the rate of which is a fixed percentage of the changing face value. Received coupons are reinvested.
Overall ETF Spending Rate - 0,25% per year of the fund's net asset value. Expenses are gradually deducted from the assets of the fund and are thus included in the exchange price of FXTP.
Bidding goes for rubles and dollars. 1 June alone stock FXTP cost about 73,8 R, or 1 $.
