CIS Corporate Eurobond Investor

Market commentary

• Market recap, corporate events, fundamentals, rating actions, primary market, outlook and more.
• Companies in this issue:

KazMunayGas (Kazakhstan), KKB (Kazakhstan), Lukoil (Russia), Privatbank (Ukraine), Sberbank (Russia), Severstal (Russia), TNK-BP (Russia), VimpelCom (Russia)


Focus: Financials

• KKB’s Q1 2012 results: conservative positioning confirmed, margins boosted by lower deposit rates.
• Privatbank: 2011 IFRS results reveal no changes in creditworthiness, bonds fairly priced


Focus: Non-financials

• Corporate conflicts in TNK-BP and VimpelCom
• LUKOIL credit update: production up slightly in Q1 2012