Page 65 - RusRPTJune18

MRSK Volga RUB 0,1 383 0,012 10,5% 0,012 10,5% Medium
MRSK Siberia RUB 0,1 194 0,004 3,2% 0,004 3,2% Medium
MRSK South RUB 0,1 48 0,005 9,1% 0,005 9,1% Medium
MRSK Urals RUB 0,2 333 0,02 9,3% 0,02 9,3% Medium
Tomsk Distribution Co RUB 0,3 23 0,021 6,2% 0,021 6,2% Low
Tomsk Distribution Co RUB 0,4 4 0,017 4,8% 0,017 4,8% Medium pref
Kubanenergo RUB 70,6 346 0,928 1,3% 0,928 1,3% Low Source: Bloomberg, ATON Research
8.3.3 ECM news
Moex announced offering clients repo operations with 10 most liquid shares of US companies listed in the United States . The access to US repurchase agreement is the bourse’s first step in offering access to global stock markets. Now repo operations in Alphabet Inc (Google), Amazon, Apple, Facebook, McDonald’s Corporation, Microsoft Corp., Nike, Nvidia Corp, Tesla and Twitter and available on Moex. Previously Reuters reported that Moex considers giving brokers remote access to shares in 50 Western blue chips by the end of the year.
Russia's third biggest insurer RESO Garantia (Reso) postponed the IPO it was mulling since the beginning of 2018, Vedomosti daily said on May 29 citing the sources in the company. The IPO is reportedly postponed due to unfavourable market environment and follows a number of mid-caps initial offerings postponed since the latest round of the US sanctions . In additional to general volatility, Russian insurance market will soon see an emergence of " the largest player in history " after VTB Bank sells its insurance assets to the country's largest insurer Sogaz. Reportedly having the IPO at the moment would lead to 20-40% discount to the market, according to Vedomosti's sources. Reso is valued at about RUB205bn and planned to cut the stake of French insurer AXA that currently holds 36.7% in the company (RUB74bn). Analysts surveyed by the daily remind that IPOs are rare in Russian insurance sector, with the only offerings initiated by now troubled Rosgosstrakh and small regional insurer YuzhUral-Asko.
65 RUSSIA Country Report June 2018 www.intellinews.com