LONDON and MOSCOW, June 24, 2010 /PRNewswire/ -- URALSIB Capital, the independent full-service Russian investment bank, has opened its second international fixed income conference, "The Russian Bond Market: New Era 2010", today at the Renaissance Monarch Center Hotel, Moscow.
Presenting at the conference Dimitri Dudkin, Head of Fixed Income Research at the bank, will say that Russian sovereign Eurobonds are clearly inexpensive following the Eurobond market correction in April and May this year. They are also cheap compared to their historic spreads and relative to all of their emerging market counterparts.
On corporate bonds, Mr. Dudkin said, "now is the time to buy. The best buying opportunities lie in the Russian energy and banking sectors. Notably, TNK-BP debt is currently yielding more than 200 basis points above Russian sovereign bonds amid unfounded fears that the Gulf of Mexico spill will impact negatively on the British / Russian 50:50 joint venture. We see no potential that BP's troubles off the Louisiana coast might effect TNK-BP."
Also speaking at the conference will be Vladimir Tikhomirov, Chief Economist at URALSIB Capital. The bank expects the higher oil-price (they are expecting $80.8 / bbl for 2010) will have a positive effect on the Russian economy. However, Mr Tikhomirov said, "the slow pick-up in Russian investment activity after the global financial crisis will offset the positive effects of a higher oil price on the domestic economy. Our year-on-year GDP growth forecast, therefore, remains unchanged at 5.5% for 2010."
Accompanying this press release are full research notes by Vladimir Tikhomirov and Dimity Dudkin on the Russian Economy and Fixed Income Strategy, respectively.
Notes to Editors:
About URALSIB Capital
URALSIB Capital is the investment banking arm of URALSIB Financial Corporation, one of Russia's largest and best-established financial services groups and a leading player in commercial banking, investment banking, asset management, private banking and leasing.
URALSIB Capital, brings together deep knowledge of Russian capital markets with a presence in global financial centers including New York, London and Cyprus. This combination of local expertise and international distribution capabilities enables it to offer comprehensive financing solutions to its domestic and international clients.
The bank's fixed income offering includes research, underwriting, and sales and trading. It has extensive experience in ruble REPO transactions, and a market-leading position in the primary and secondary ruble bond markets, as well as being active in the euro bond market. URALSIB Capital is also a major participant in the development and trading of Russian derivatives.
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SOURCE URALSIB Capital