New bonds of Russian regions and companies started trading on the Moscow Exchange in November, shares of the St. Petersburg Stock Exchange, global depositary receipts for Softline shares and shares of 80 foreign companies at once. Also, new exchange-traded mutual funds and ETF.
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 type: region bonds first, then corporate. Within the types – 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.
Sub-federal bond
Ulyanovsk region 34004
Issuer — Ministry of Finance of the Ulyanovsk region.
Repayment — 10 November 2026.
Nominal — 1000 R.
Coupon rate — 9,55% per annum. There will be 20 coupon periods: from the first to the third they will last for 101 days, from the fourth to the 19th - 91 days, and the last one will last 61 days. The first coupon will be paid on February 25, 2022 in the amount of 26.42 R.
Depreciation. The bond will be redeemed gradually: in March 2023 and 2024, together with the next coupon, 25% of the face value will be paid, in March 2026 — 20%, and the remaining 30% will be paid in November 2026. After depreciation payments, the coupon size in rubles will decrease.
1 December, this bond was traded at an average of 100.34% of the face value. The current yield at this price is 9.52%, simple yield to maturity — 6,12%, effective yield to maturity — 9.75% per annum.
Sub-federal bond
Nizhny Novgorod Region 35016
Issuer — Ministry of Finance of the Nizhny Novgorod Region.
Repayment - May 26, 2027.
Nominal — 1000 R.
Coupon rate — 9,25% per annum. There will be 21 coupon periods of 91 days and one more of 99 days. The first coupon will be paid on February 22, 2022 in the amount of 23.06 R.
Depreciation. The bond will be redeemed gradually: in November 2025, together with the next coupon, 30% of the face value will be paid, in November 2026 — 20%, and the remaining 50% will be paid off in May 2027. After depreciation payments, the coupon size in rubles will decrease.
1 December, this bond was traded at an average of 100.78% of the face value. The current yield at this price is 9.18%, simple yield to maturity — 8,1%, effective yield to maturity — 9.37% per annum.
Sub-federal bond
Novosibirsk region 35022
Issuer — Ministry of Finance and Tax Policy of the Novosibirsk Region.
Repayment — 14 November 2028.
Nominal — 1000 R.
Coupon rate - 9.03% per annum. There will be 28 coupon periods: the first will last 60 days, last - 122 days, and the rest - for 91 days. The first coupon will be paid on January 22, 2022 in the amount of 14.84 R.
Depreciation. The bond will be redeemed gradually: in July and October 2025, 2026, 2027 years, together with the next coupon will pay 10% of the face value, and in July and November 2028 they will pay 20% each. After depreciation payments, the coupon size in rubles will decrease.
1 December, this bond was traded on average for 100.99% of par. The current yield at this price is 8,94%, simple yield to maturity — 7%, effective yield to maturity — 9.09% per annum.
Corporate bond
VTB B-1-251
Issuer — PJSC VTB Bank.
Repayment — 31 October 2022.
Nominal — 1000 R.
Coupon rate — 8% per annum. Will be 4 coupon period of 91 days each. The first coupon will be paid on January 31, 2022 in the amount of 19.95 R.
1 December, this bond was traded at an average of 100.15% of the face value. The current yield at this price is 7.99%, simple yield to maturity — 7,75%, effective yield to maturity — 8.03% per annum.
Corporate bond
Dom.rf 001Р-09R
Issuer — JSC "Dom.rf".
Repayment — 15 November 2022.
Nominal — 1000 R.
Coupon rate — 8,6% per annum. There will be 2 coupon periods of 182 days each. The first coupon will be paid on May 17, 2022 in the amount of 42,88 R.
1 December, this bond traded for an average of 99.97% of par. The current yield at this price is 8.6%, simple yield to maturity — 8,58%, effective yield to maturity — 8.78% per annum.
Corporate bond
Sberbank 002R-01
Issuer — PJSC "Sberbank".
Repayment - November 10, 2023.
Nominal — 1000 R.
Coupon rate — 8.8% per annum. There will be 4 coupon periods of 182 days each. The first coupon will be paid 13 May 2022 in the amount of 43.88 R.
1 December, this bond was traded at an average of 100.97% of the face value. The current yield at this price is 8,72%, simple yield to maturity — 8,17%, effective yield to maturity — 8.4% per annum.
Corporate bond
KAMAZ BO-P09
Issuer — KAMAZ PJSC.
Repayment — 22 November 2023.
Nominal — 1000 R.
Coupon rate — 9,75% per annum. There will be 8 coupon periods of 91 days each. The first coupon will be paid on February 23, 2022 in the amount of 24.31 R.
1 December this bond was traded on average for 100,91% denomination. The current yield at this price is 9,66%, simple yield to maturity — 9,17%, effective yield to maturity - 9,55% per annum.
Corporate bond
Aquilon Leasing BO 01-001R
Issuer — Akvilon-Leasing LLC.
Repayment — 12 November 2024.
Nominal — 1000 R.
Coupon rate — 13,25% per annum. There will be 12 coupon periods of 91 days each. The first coupon will be paid 15 February 2022 in the amount of 33.03 R.
Depreciation. The bond will be redeemed gradually: from February 2024, together with each coupon, 25% of the face value will be paid. After depreciation payments, the coupon size in rubles will decrease.
1 December, this bond traded for an average of 99.79% of the face value. The current yield at this price is 13.28%, simple yield to maturity — 11,59%, effective yield to maturity — 14.01% per annum.
Corporate bond
Okhta Group BO-P02
Issuer — Okhta-Group LLC.
Repayment — 12 November 2024.
Nominal — 1000 R.
Coupon rate - 12.5% per annum. There will be 12 coupon periods of 91 days each. The first coupon will be paid 15 February 2022 in the amount of RUB 31.16.
1 December, this bond was traded at an average of 100.09% of the face value. The current yield at this price is 12.49%, simple yield to maturity — 12,38%, effective yield to maturity — 13.04% per annum.
Corporate bond
Talan-Finance 001R-03
Issuer — LLC "Talan-finance".
Repayment — 19 May 2025.
Nominal — 1000 R.
Coupon rate — 13% per annum. There will be 14 coupon periods of 91 days each. The first coupon will be paid on February 21, 2022 in the amount of 32.41 R.
Depreciation. The bond will be redeemed gradually: in May 2024, together with the next coupon, they will pay 15% denomination, in August 2024 — 20%, in November 2025 — 25%, in February and May 2025 - 20% each. After depreciation payments, the coupon size in rubles will decrease.
1 December, this bond traded for an average of 99.89% of par. The current yield at this price is 13.01%, simple yield to maturity — 11,22%, effective yield to maturity — 13.68% per annum.
Corporate bond
Shoes of Russia 002R-02
Issuer - LLC "OR".
Repayment — 22 October 2025.
Nominal — 1000 R.
Coupon rate — 13,5% per annum. There will be 48 coupon periods of 30 days each. The first coupon will be paid on December 12, 2021 in the amount of 11.1 R.
Depreciation. The bond will be redeemed gradually: starting from November 2024, together with each coupon, 8.3% of the face value will be paid. The last 8.7% will be repaid in October 2025. After each depreciation payment, the coupon amount in rubles will decrease.
1 December, this bond traded for an average of 99.97% of par. The current yield at this price is 13.5%, simple yield to maturity — 11,86%, effective yield to maturity - 14,37% per annum.
Corporate bond
Ebis BO-P05
Issuer — LLC "Ebis".
Repayment — 25 November 2025.
Nominal — 1000 R.
Coupon rate — 14.5% per annum. There will be 16 coupon periods of 91 days each. The first coupon will be paid 1 March 2022 in the amount of R 36.15.
Depreciation. The bond will be redeemed gradually: starting from May 2023, along with every third coupon, 15% of the face value will be paid. The last 25% will be repaid in November 2025. After each depreciation payment, the coupon amount in rubles will decrease.
1 December, this bond traded for an average of 99.91% of the face value. The current yield at this price is 14.51%, simple yield to maturity — 10,43%, effective yield to maturity — 15.33% per annum.
Corporate bond
SG-trans 001R-01
Issuer — JSC "SG-trans".
Repayment — 26 October 2026.
Nominal — 1000 R.
Coupon rate — 9,9% per annum. There will be 20 coupon periods of 91 days each. The first coupon will be paid on January 31, 2022 in the amount of 24.68 R. In October 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 October 31, 2024, applications for participation in it must be submitted from 22 until October 28, 2024. Participation in the offer may be paid, therefore, it is worth checking the tariffs of your broker in advance.
1 December, this bond was traded at an average of 100.25% of the face value. The current yield at this price is 9.88%, simple yield to the offer — 9,75%, effective yield to offer — 10.2% per annum. Yield to maturity cannot be calculated, since the size of not all coupons is known.
Corporate bond
Freedom Finance P01-02
Issuer — OOO IC Freedom Finance.
Repayment — 6 November 2026.
Nominal — 1000 $.
Coupon rate — 5.5% per annum. There will be 20 coupon periods of 91 days each. The first coupon will be paid 11 February 2022 in the amount of 13.71 $.
1 December, this bond was traded at an average of 100.74% of the face value. The current yield at this price is 5.46%, simple yield to maturity — 5,29%, effective yield to maturity — 5.43% per annum.
Corporate bond
Vostochnaya stevedoring company 1P-02R
Issuer — VSK LLC.
Repayment — 17 November 2026.
Nominal — 1000 R.
Coupon rate — 9,55% per annum. There will be 10 coupon periods of 182 days each. The first coupon will be paid on May 24, 2022 in the amount of 47.62 R.
1 December this bond was traded on average for 99,31% denomination. The current yield at this price is 9,62%, simple yield to maturity — 9,73%, effective yield to maturity — 9.96% per annum.
Corporate bond
VEB. RF PBO 002R-31
Issuer — VEB.RF.
Repayment — 18 October 2028.
Nominal — 1000 R.
Coupon rate depends on RUONIA rate: coupon income is calculated as the sum of income for each day of the coupon period, at the same time, 1.55% per annum is added to the RUONIA rate. There will be 28 coupon periods, coupons are paid every three months. The first coupon will be paid on January 26, 2022.
1 December, this bond traded for an average of 99.96% of the par. Since the coupon size is unknown, it is impossible to calculate the yield of a bond.
Promotions
Foreign companies
1 November, shares and depositary receipts began to be traded on the Moscow Exchange 80 foreign companies. Here is their list:
- Agilent Technologies.
- Akamai Technologies.
- Alaska Air Group.
- Alliant Energy.
- Ameren.
- American Water Works.
- AmerisourceBergen.
- Ametek.
- Arthur J. Gallagher.
- Autodesk.
- Ball.
- Cadence Design Systems.
- CarMax.
- Catalent.
- Church and Dwight.
- Citrix.
- Comerica.
- Constellation Brands.
- Cummins.
- Darden Restaurants.
- Deere & Company.
- Dentsply Sirona.
- Edison International.
- Entergy.
- Estee Lauder.
- Evergy.
- Eversource Energy.
- FMC.
- Fortinet.
- Generac Holdings.
- Global Payments.
- HCA Healthcare.
- Henry Schein.
- Iqvia.
- J. M. Smucker.
- Kansas City Southern.
- Keysight Technologies.
- L3Harris Technologies.
- Lamb Weston.
- Read Holdings.
- LKQ.
- Loews.
- M&T Bank.
- Marsh & McLennan.
- Masco.
- McKesson.
- Microchip Technology.
- Norfolk Southern.
- Northern Trust.
- Omnicom.
- Parker-Hannifin.
- Peloton Interactive.
- PerkinElmer.
- Principal Financial Group.
- PTC.
- PVH.
- Quanta Services.
- Quest Diagnostics.
- Republic Services.
- Robert Half International.
- Rollins.
- Sealed Air.
- Sempra Energy.
- Stanley Black & Decker.
- Synopsys.
- Teradyne.
- The Allstate.
- The PNC Financial Services.
- The Travelers Companies.
- Tractor Supply.
- Trimble.
- Verisk Analytics.
- Westinghouse Air Brake Technologies.
- Waste Management.
- Wec Energy Group.
- WestRock.
- Yum! Brands.
- Zimmer Biomet.
- Zions Bancorporation.
- Zoetis.
Bidding goes 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.
Promotions
"SPb-Exchange" (SPBE)
Shares of SPb-Exchange started trading on the Moscow Exchange. She also has her own shares. This exchange is mainly notable for, that it trades a large number of shares of American companies.
Trades go for rubles. 1 December alone stock SPBE cost about 1000 R.
Depositary receipt
Softline Holding PLC (SFTL)
Global depositary receipts for shares of Softline holding appeared on the Moscow Exchange. This company supplies programs, including solutions for clouds and information security.
Trades go for rubles. 1 December alone depositary receipt SFTL cost about 480 R.
Exchange traded fund
FinEx — US REIT UCITS ETF (FXRE)
This FinEx ETF allows you to invest in US real estate trusts (REIT). The fund tracks the Solactive GPR United States REIT ex Timber and Mortgage index and has 129 REITs. Dividends are reinvested.
FXRE's overall spending level - 0,6% per year of the fund's net asset value. Expenses are gradually deducted from the fund's assets and are thus included in the exchange price of FXRE. This mechanism works in other funds as well..
Bidding goes for rubles and dollars. 1 December, one share of FXRE was worth about 72 R, or 0,97 $.
Exchange traded fund
Alpha - Video Games (AKVG)
This exchange-traded mutual fund from Alfa Capital allows you to invest in shares of more than 20 companies, developing and releasing games or releasing hardware for them. This, for example, Nintendo, Activision Blizzard, Electronic Arts, Tencent, Nvidia. Dividends are reinvested.
AKVG total expenditure level - up to 1,45% per year of the fund's net asset value.
Bidding goes for rubles and dollars. 1 December one share of AKVG cost about 72 R, or 0,98 $.
Exchange traded fund
Alfa - Managed Eurobonds (AKEB)
This is an actively managed exchange-traded mutual fund from Alfa Capital Management Company, consisting of Eurobonds of authorities and companies mainly from developing countries. The income is reinvested.
The general level of AKEB expenses - up to 1,45% per year of the fund's net asset value.
Bidding goes for rubles and dollars. 1 December one share of AKEB cost about 72 R, or 0,98 $.
Exchange traded fund
BCS - Favorites of the world investment funds (BCSH)
This exchange-traded mutual fund from BCS Management Company invests in approximately 50 shares, popular among American hedge funds. For this, the Goldman Sachs Hedge Industry VIP fund is used. The income is reinvested.
Overall BCSH Expenditure Level - Up to 1,06% per year of the fund's net asset value. The American ETF used in the fund takes 0,45% in year.
Bidding is for dollars. 1 December, one share of BCSH was worth about 1.04 $.
Exchange traded fund
BCS - Global Income Bonds (BCSY)
This exchange-traded mutual fund is equally divided into the American high-yield bond fund iShares iBoxx USD High Yield Corporate Bond (HYG) and iShares J. P. Morgan EM High Yield Bond (EMHY). The income is reinvested.
The general level of BCSY expenses - up to 1,16% per year of the fund's net asset value. HYG fund spending level - 0,48% in year, and the EMHY fund 0,5%.
Bidding is for dollars. 1 December one share of BCSY was worth about 1.085 $.
Exchange traded fund
Raiffeisen - Balanced ETF Strategy (RQIU)
This exchange-traded mutual fund from Raiffeisen Capital invests in US stock and bond funds and uses hedging instruments. Assets are selected based on an algorithmic strategy. The income is reinvested.
Overall RQIU spending level - up to 0,89% per year of the fund's net asset value.
Bidding goes for rubles and dollars. 1 December, one share of RQIU cost about 730 R, or 9,7 $.
Exchange traded fund
Sber — Halal Investments (SBI)
This exchange-traded mutual fund from MC "Sber Asset Management" is based on the Mosbirzhi Islamic Investments Index of Full Profitability. It includes shares of Russian companies, Sharia compliant. Dividends are reinvested.
Overall SBHI spending level - up to 1% per year of the fund's net asset value.
Trades go for rubles. 1 December, one share of SBHI cost about 9.5 R.
Exchange traded fund
Tinkoff - Buy Back Index (TBUY)
This exchange-traded mutual fund from Tinkoff Capital consists of shares of US companies, most active in share buybacks. Index used NASDAQ US Buyback Achievers. The income is reinvested.
Total expenditure TBUY - up to 0,69% per year of the fund's net asset value.
Bidding goes for rubles and dollars. 1 December, one TBUY share cost about 6,9 R, or order 0,9 $.
Exchange traded fund
Tinkoff - Eurozone Index 50 (YOURS)
This BPIF allows you to invest in the shares of the 50 largest European companies according to the Tinkoff Eurostocks 50 index. This, for example, Total, Siemens, BMW. The income is reinvested.
General level of TEUS expenses - up to 0,69% per year of the fund's net asset value.
Bidding goes for rubles and euros. 1 December, one share of TEUS cost about 7.7 R, or just over 0.09 €.
Exchange traded fund
Tinkoff - Nasdaq Semiconductors (TSOX)
This BPIF allows you to invest in shares of companies, producing semiconductors and semiconductor equipment. The fund is based on the PHLX Semiconductor Sector Index. The income is reinvested.
Total cost level TSOX - up to 0,69% per year of the fund's net asset value.
Bidding goes for rubles and dollars. 1 December, one TSOX share cost about 8 R, or slightly less than 0.11 $.
Exchange traded fund
Tinkoff - Pan Asia Index (TPAS)
This BPIF allows you to invest in shares of the largest companies in the Asia-Pacific region. This, among other things, shares of companies from China, Singapore, Taiwan, Hong Kong, India, Indonesia, Japan, Philippines and South Korea. Tinkoff PanAsia index used. Dividends are reinvested.
Total TPAS expenditure level - up to 0,69% per year of the fund's net asset value.
Bidding goes for rubles and dollars. 1 December, one share of TPAS cost about 7.1 R, or slightly less than 0.1 $.
Exchange traded fund
Tinkoff — Eurobonds in euro (TBEU)
This BPIF allows you to invest in government and corporate Eurobonds, denominated in euro. In the portfolio of securities of issuers from more than 20 countries, from the UK and the Netherlands to the US and Mexico. The fund is based on the Tinkoff Aggregate Eurobond High Yield index. The income is reinvested.
Total cost TBEU - up to 0,69% per year of the fund's net asset value.
Bidding goes for rubles and euros. 1 December, one TBEU share cost about 8 R, or 0,095 €.
Exchange traded fund
Tinkoff - Fintech Companies Index (TFNX)
This BPIF consists of shares of companies, financial technology. This, apart from others, Intuit, PayPal и TCS Group, only about 40 securities according to the Tinkoff FinTech index. The income is reinvested.
Total TFNX Spending Level - Up to 0,69% per year of the fund's net asset value.
Bidding goes for rubles and dollars. 1 December, one share of TFNX cost about 6.8 R, or slightly less than 0.1 $.
Exchange traded fund
Tinkoff - AI and robotics (MALE)
This BPIF tracks the Nasdaq CTA US AI Index & Robotics, where the shares of the companies are included, involved in artificial intelligence and robotics. This, for example, Ambarella и Dynatrace. The income is reinvested.
The general level of TRAI expenses - up to 0,69% per year of the fund's net asset value.
Bidding goes for rubles and dollars. 1 December, one share of TRAI cost about 7.1 R, or slightly less than 0.1 $.
