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investment portfolio. The focus list includes Yandex»And TCS Group, which remain the fastest growing Russian companies with business opportunities that extend beyond Russian borders. " Inter RAO " was listed, as it is the cheapest Russian campaign, which can grow if it accelerates its activity in mergers and acquisitions (M & A).
Among the less attractive sectors, Aton singles out the mining industry, real estate, and utilities. Securities of mining companies (Norilsk Nickel, Alrosa , Polymetal ) in 2020–2021 were among the most popular, so Aton expects some cooling of investor interest, although all steel producers will continue to pay generous dividends. The real estate sector will be affected by the increase in mortgage rates in 2022 (and, as a result, a decrease in demand).
• DCM
CDS spread: Analysts adjusted their forecast for the 5-year CDS average for Russia in 2021 from 91 bps in October to 93 bps in December, and lowered their forecast for 2023-2024 to 85 bps.
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