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Where do investors see value in the Russian credit markets?

Broadcast on Mar 3, 2021 from Livestream: Bonds, Loans & Derivatives Russia & CIS 2021 - Virtual Conference

Gold Sponsor

Sovcombank

Silver Sponsor

Fitch Ratings

Silver Sponsor

White & Case

Bronze Sponsor

Allen & Overy

Bronze Sponsor

ING

Bronze Sponsor

Rosbank

Bronze Sponsor

Vienna Stock Exchange (Wiener Börse)

Corporate Sponsor

Chelpipe Group

Corporate Sponsor

Delo Group

Corporate Sponsor

Gazprom Neft

Corporate Sponsor

GV Gold

Corporate Sponsor

MMK

Corporate Sponsor

Metalloinvest

Corporate Sponsor

Segezha Group

Corporate Sponsor

Severstal

Corporate Sponsor

Slavneft

Corporate Sponsor

Tatneft

Supporting Partner

Russian Association of Corporate Treasurers

Supporting Partner

Russo-British Chamber of Commerce (RBCC)

Subscribe for access:

  • How are investors generating positive real returns given historic lows in interest rates? Where are they finding value?
  • Investment grade vs. high yield bonds yields: Are economic fundamentals being properly reflected by yields? Where are spreads headed?
  • What is driving investor demand for Russian corporate bonds? What is preventing an investor love-affair with Russian FI bonds?
  • Roubles and investors: What will attract international investors back to the rouble bond markets? How much of a drawback is market illiquidity?

Moderator

Alex Griffiths

Alex Griffiths

Managing Director, Head of Corporate Ratings, EMEA

Fitch Ratings

Alex Griffiths

Alex Griffiths

Managing Director, Head of Corporate Ratings, EMEA at Fitch Ratings

Alex joined Fitch in London in 2005 as a corporate analyst, and has held a number of different roles, most recently as Fitch’s Credit Policy Group with responsibility for monitoring the quality of global corporate ratings. He started at Fitch as an analyst specialising in Telecoms, Media and Technology, then became Head of Research for EMEA and Asia-Pacific. Between 2012 and 2016 he ran the EMEA Natural Resources team.

Prior to this, Alex spent eight years with Deloitte's audit practice, where he gained experience ranging from transaction services work to audit, IFRS transitions, expert witness assignments and sector research.

Alex read economics at St. Catharine’s College, Cambridge, and is a fellow of the Institute of Chartered Accountants in England and Wales.

Fitch Ratings

Alex Griffiths

Fitch Ratings is a leading provider of credit ratings, commentary, and research. Dedicated to providing value beyond the rating through independent and prospective credit opinions, Fitch Ratings offers global perspectives shaped by strong local market experience and credit market expertise. The additional context, perspective, and insights we provide help investors to make important credit judgments with confidence.

Fitch Group is a global leader in financial information services with operations in more than 30 countries. Fitch Group is comprised of: Fitch Ratings, a global leader in credit ratings and research; Fitch Solutions, a leading provider of credit market data, analytical tools and risk services; and Fitch Learning, a preeminent training and professional development firm. With dual headquarters in London and New York, Fitch Group is owned by Hearst.

For additional information, please visit fitchratings.com.

LinkedIn Page: www.linkedin.com/company/fitch-ratings

Speakers

Sanchay Singla

Sanchay Singla

Portfolio Manager, Emerging Markets Fixed Income

Legal & General

Sanchay Singla

Sanchay Singla

Portfolio Manager, Emerging Markets Fixed Income at Legal & General

Sanchay is a Portfolio Manager within the Global Fixed Income team and is responsible for managing corporate investments in active EMD portfolios. Prior to joining LGIM, Sanchay was a credit trader at Royal Bank of Scotland for 3 years. At RBS, he made markets in Asian and European Credit across currencies as a principal risk taker from London and Singapore.

Sanchay graduated from the Indian Institute of Management, Ahmedabad and holds master’s degree in Business Administration. He also holds Bachelors in Computer Engineering from University of Delhi and is a CFA Charterholder.

Legal & General

Kay Hope

Kay Hope

Director, Emerging Markets Corporate Credit Research

Bank of America

Kay Hope

Kay Hope

Director, Emerging Markets Corporate Credit Research at Bank of America

Kay Hope is a director and corporate credit analyst, focusing on corporates mainly in Russia, the CIS, Sub-Saharan Africa and Israel. She also covers Environmental, Social and Governance (ESG) issues across global fixed income. Her team was ranked #1 in EEMEA Corporate Debt in the 2016-2019 Institutional Investor Research Team surveys. Prior to joining the firm in 2010, Hope held emerging markets roles at Goldman Sachs, Deutsche Bank and Credit Suisse First Boston. She also spent several years at McKinsey & Company in Moscow, and a year in Almaty, Kazakhstan, working for an international aid organization. She holds a bachelor’s degree in Slavic literature from the University of Michigan, Ann Arbor, a master’s degree in Soviet foreign policy from Harvard Graduate School of Arts and Sciences, and an MBA from Columbia Business School. She is based in London.

Bank of America

Sergey Dergachev

Sergey Dergachev

Functional Head of Emerging Markets Corporates

Union Investment Privatfonds GmbH

Sergey Dergachev

Sergey Dergachev

Functional Head of Emerging Markets Corporates at Union Investment Privatfonds GmbH

Sergey Dergachev joined Union Investment´s fixed income portfolio management team in April 2008. As Functional Head Emerging Markets Corporate Debt and Senior Portfolio Manager, he is responsible for the emerging markets corporate bonds unit, which he has built up at Union Investment since 2009. In addition to that, Sergey plays a vital role in developing and promoting ESG themes and integration for EM debt portfolios at Union Investment. Prior to joining Union Investment, he worked at Frankfurt Trust from 2006 till 2008, as portfolio manager managing emerging markets fixed income debt portfolios (sovereign and corporate debt).

Sergey studied international business administration at the European Business School in Oestrich-Winkel, as well as at the Ecole Supérieure de Commerce in Rouen and the University of Westminster in London. In addition to that, Sergey is a certified chartered financial analyst (CFA), financial risk manager (FRM) and chartered alternative investment analyst (CAIA). He also holds a Master of Business Administration (MBA) degree from the University of Durham.

Union Investment Privatfonds GmbH

Marina Davies

Marina Davies

Senior Vice President, Credit Strategy and Emerging Market Research

Amundi Asset Management

Marina Davies

Marina Davies

Senior Vice President, Credit Strategy and Emerging Market Research at Amundi Asset Management

Marina joined Amundi Asset Management (previously Pioneer Investments) in 2013 to strengthen global investment strategy. Since she joined, she has been covering Financial Institutions across all Emerging Market regions, from Latin America to Asia. Recently Marina stepped up into Credit Strategy function, aiming to pinpoint dislocations across the spectrum based on top-down regional analysis, relative value and rigorous bottom-up analysis of individual credits.

Marina works closely with the Portfolio Managers, aiming to drive implementation of successful trade ideas and helps to build a link between macroeconomic and corporate research, on both sectorial and strategy level. She also brings her deep understanding of macroeconomics and politics in Russia and the FSU region to the team.

Marina has over 20 years of investment experience. Prior to joining Amundi Asset Management, she was a Director at Commerzbank Corporates & Markets, London, where she had overall responsibility for the Emerging Markets Credit Research team and provided investment recommendations on Emerging Markets Credits. Marina has also worked for Trust Investment Bank as a Senior Analyst,VP within the Fixed Income Products and Alfa-Bank as a Fixed Income Analyst. She began her career at the Central Bank of Russia as an Economist.

Marina holds a Master’s Degree in International Economics and Finance, and is FCA Approved Person under Senior Managers and Certification Regime.

Amundi Asset Management

Rodney Thomas

Rodney Thomas

Rodney Thomas

Managing Director at Apollo Global Management

Rodney Thomas is a Principal on the Emerging Markets Credit Team at Apollo. Prior to joining Apollo in 2014, Rodney spent 3 years working as a desk analyst on the Emerging Markets Credit Trading Desk at Citigroup in London. Prior to that , he was as an emerging markets credit analyst at Thames River Capital in London, where he worked from 2006 to 2011. He began his career in finance at Citigroup in 1999 and worked in loan origination and structuring. Prior to his career in finance, Rodney spent 5 years as a U.S. diplomat serving at U.S. Embassies in the United Arab Emirates, Tunisia and Yemen. Rodney has a B.A. from Amherst College in Economics and an M.B.A. from the University of Virginia.

Apollo Global Management

Kaan Nazli

Kaan Nazli

Senior Portfolio Manager and Economist, Emerging Markets Debt

Neuberger Berman

Kaan Nazli

Kaan Nazli

Senior Portfolio Manager and Economist, Emerging Markets Debt at Neuberger Berman

Kaan Nazli is Senior Economist and Portfolio Manager for Emerging Markets Debt at Neuberger Berman. He has previous positions in ING Investment Management and Medley Global Advisors, where he was responsible for macro research and sovereign debt credit views. Before that, he worked as a research analyst for Eurasia Group where he advised financial institutions on east central Europe. He played a key role in establishing the Lehman Brothers Eurasia Group Stability Index (LEGSI), a comparative political and economic stability index designed to measure stability in more than 20 emerging markets. Kaan Nazli received a Bachelor’s degree in International Affairs from the University of Ankara, Turkey and earned a Master’s Degree in Political Economy from New York University. He holds the Chartered Financial Analyst (CFA) and Chartered Alternative Investment Analyst (CAIA) designations.

Neuberger Berman

Kaan Nazli

Gold Sponsor

Sovcombank

Silver Sponsors

Fitch Ratings White & Case

Bronze Sponsors

Allen & Overy ING Rosbank Vienna Stock Exchange (Wiener Börse)

Corporate Sponsors

Chelpipe Group Delo Group Gazprom Neft GV Gold MMK Metalloinvest Segezha Group Severstal Slavneft Tatneft

Supporting Partners

Russian Association of Corporate Treasurers Russo-British Chamber of Commerce (RBCC)