UBS Investment Research: CEEMEA Corporate Credit Compendium - 2H11 Outlook
Date: 7 June 2011
Language: English
Format: PDF
Pages: 197

Table of Contents
Introduction 5
Bonds and CDS recommendations 17
— Financials...........................................................................................................18
— Corporates .........................................................................................................21
Macroeconomic update 41
— UAE ...................................................................................................................42
— Kazakhstan ........................................................................................................45
— Ukraine ..............................................................................................................48
— Russia................................................................................................................51
Sovereign Credit outlook 61
Issuers: Financials 71
— Alfa Bank ...........................................................................................................72
— Alfa Bank Ukraine ..............................................................................................74
— Alliance Bank .....................................................................................................76
— Astana Finance..................................................................................................78
— ATF Bank...........................................................................................................80
— Bank CenterCredit..............................................................................................82
— Bank of Moscow.................................................................................................84
— Bank Saint Petersburg .......................................................................................86
— BTA Bank...........................................................................................................88
— Commercial Bank of Qatar .................................................................................90
— Development Bank of Kazakhstan......................................................................92
— Emirates NBD....................................................................................................94
— Gazprombank ....................................................................................................96
— Halyk Bank.........................................................................................................98
— Kazkommertsbank ...........................................................................................100
— Mashreqbank ...................................................................................................102
— MDM Bank .......................................................................................................104
— Nomos Bank ....................................................................................................106
— PrivatBank .......................................................................................................108
— Promsvyazbank ...............................................................................................110
— Russian Agricultural Bank ................................................................................112
— Russian Standard Bank....................................................................................114
— Sberbank .........................................................................................................116
— UkreximBank....................................................................................................118
— UkrSibbank ......................................................................................................120
— Vnesheconombank ..........................................................................................122
— VTB Bank.........................................................................................................124
Issuers: Corporates 127
— Abu Dhabi National Energy Company ..............................................................128
— Aldar Properties ...............................................................................................130
— Alrosa ..............................................................................................................132
— DP World .........................................................................................................134
— Dubai Electricity and Water Authority ...............................................................136
— Evraz ...............................................................................................................138
— Gazprom..........................................................................................................140
— Intergas Central Asia........................................................................................142
— KazMunayGas .................................................................................................144
— Lukoil ...............................................................................................................146
— Mriya Agro Holding...........................................................................................148
— Myronivsky Hliboproduct ..................................................................................150
— Mobile Telesystems .........................................................................................152
— Mubadala Development Co..............................................................................154
— Naftogaz ..........................................................................................................156
— Qatar Telecom.................................................................................................158
— Severstal..........................................................................................................160
— TNK-BP International .......................................................................................162
— Transneft..........................................................................................................164
— Tristan Oil ........................................................................................................166
— Vimpelcom.......................................................................................................168
Covenants 171
— Covenants package for Russian Eurobonds (Banks)........................................172
— Covenants package for Russian Eurobonds (Non-Banks) ................................174
— Covenants package for Kazakhstan Eurobonds (Banks) ..................................176
— Covenants package for Kazakhstan Eurobonds (Non-Banks) ..........................177
— Covenants package for Ukrainian Eurobonds...................................................178
— Covenants package from issuers in GCC region (Banks) .................................179
— Covenants package from issuers in GCC region (Non-Banks) .........................180
Appendices 183
— UCISBI Corporate Bond Index composition......................................................184
— Russian Banks’ peer analysis...........................................................................186
— Kazakhstan Banks’ peer analysis.....................................................................187
— Ukrainian Banks’ peer analysis ........................................................................188
— UAE Banks’ peer analysis ................................................................................189
— Metals and Mining peer analysis ......................................................................190
— TMT Peer analysis ...........................................................................................190
— Oil and Gas peer analysis ................................................................................190
— Ukraine Agro peer analysis ..............................................................................190
— Macro and commodity price assumptions for FY11, FY12 forecasts.................191