The depositary receipts of the Savings Bank on Friday became the most popular securities of Russian companies abroad - their trading volume exceeded $ 600 million, with the advent of investors to trade on foreign markets organized by the bidders and the expected overall growth of liquidity of securities of Sberbank. On Friday, the bank's trading volume on the Russian stock exchanges has almost doubled compared with the maximum daily index of the last few months.
On the first day of trading depositary receipts of the Savings Bank on the LSE just a little lost in the volume of securities of "Gazprom" - $ 518 million compared with $ 520 million, but considering the U.S. OTC market, where trading volume of ADR Savings of $ 90 million and exceeded the performance of "Gazprom" ($ 5 5 million), securities of the bank were among the most liquid securities of Russian issuers traded abroad.
The leading position of the Savings Bank depository receipts can be maintained for the future. According to the report of the Savings Bank, more than 33% of the shares owned by nonresidents. Despite the fact that most residents are traded on the Russian market, the bidders expect a small outflow of liquidity on the foreign exchanges. As the analyst, "Renaissance Capital" Hovhannes Hovhannisyan, the demand came from investment companies and banks, working with derivatives that have not been able to offer their products based on local stocks of Sberbank. Currently, the most popular overseas derivative instruments, oriented to the depositary receipts of "Gazprom", OAO LUKOIL and "Rosneft". In addition, ADR Savings already included in the index FTSE Russia IOB, which are the most liquid securities of Russian companies, traded on the LSE. It also promotes the growth of interest of foreign investors.
However, according to the analyst, "VTB Capital," Michael slam, "the short-term liquidity will remain on the main Russian market, and the limit 25% (the share of Sberbank, which allowed him to convert the Federal Financial Markets Service in depositary receipts .-" b ") is unlikely will be selected in the near future. " Lead analyst on the shares of investment companies "Discovery Capital" Vladimir Savvov believes that Sberbank will monitor the situation on the eve of SPO and "if by that time the number of converted shares close to 25%, the bank may limit the conversion." This may be necessary to maintain a reserve placed by the Central Bank shares, the expert said. While the Savings Bank did not intend to impose restrictions on the limit. In addition, in the case of such restrictions may be the bank's shareholders to extend the release of unsponsored GDR, Hovhannes Hovhannisyan said.
According to Mr Savvova, after the privatization of liquidity on the LSE will increase significantly - "because it would be possible ADR to meet the requirements of large foreign investors." In general, market participants expect an increase in trading in all markets, as happened with the securities of "Gazprom" after the removal of trade restrictions abroad. Mr. Hovhannisyan says that there will be additional volumes of market participants, playing on the difference of prices in the local market and abroad (performing arbitrage transactions). At Friday's auction had already demonstrated this effect. In May-June trading volume of the Savings Bank on the Russian stock exchanges fell compared with the beginning of the year. In the past two months, he was limited to $ 300-800 million every day, whereas in February-March stable than $ 1 billion on Friday, with the start of trading on the LSE, on Russian exchanges (MICEX and RTS) total trading volume exceeded $ 1.54 billion At the same time on the end of trading on the MICEX Sberbank ordinary shares increased in price by 4.5%, while the MICEX index added less than 1.9%.
On the first day of trading depositary receipts of the Savings Bank on the LSE just a little lost in the volume of securities of "Gazprom" - $ 518 million compared with $ 520 million, but considering the U.S. OTC market, where trading volume of ADR Savings of $ 90 million and exceeded the performance of "Gazprom" ($ 5 5 million), securities of the bank were among the most liquid securities of Russian issuers traded abroad.
The leading position of the Savings Bank depository receipts can be maintained for the future. According to the report of the Savings Bank, more than 33% of the shares owned by nonresidents. Despite the fact that most residents are traded on the Russian market, the bidders expect a small outflow of liquidity on the foreign exchanges. As the analyst, "Renaissance Capital" Hovhannes Hovhannisyan, the demand came from investment companies and banks, working with derivatives that have not been able to offer their products based on local stocks of Sberbank. Currently, the most popular overseas derivative instruments, oriented to the depositary receipts of "Gazprom", OAO LUKOIL and "Rosneft". In addition, ADR Savings already included in the index FTSE Russia IOB, which are the most liquid securities of Russian companies, traded on the LSE. It also promotes the growth of interest of foreign investors.
However, according to the analyst, "VTB Capital," Michael slam, "the short-term liquidity will remain on the main Russian market, and the limit 25% (the share of Sberbank, which allowed him to convert the Federal Financial Markets Service in depositary receipts .-" b ") is unlikely will be selected in the near future. " Lead analyst on the shares of investment companies "Discovery Capital" Vladimir Savvov believes that Sberbank will monitor the situation on the eve of SPO and "if by that time the number of converted shares close to 25%, the bank may limit the conversion." This may be necessary to maintain a reserve placed by the Central Bank shares, the expert said. While the Savings Bank did not intend to impose restrictions on the limit. In addition, in the case of such restrictions may be the bank's shareholders to extend the release of unsponsored GDR, Hovhannes Hovhannisyan said.
According to Mr Savvova, after the privatization of liquidity on the LSE will increase significantly - "because it would be possible ADR to meet the requirements of large foreign investors." In general, market participants expect an increase in trading in all markets, as happened with the securities of "Gazprom" after the removal of trade restrictions abroad. Mr. Hovhannisyan says that there will be additional volumes of market participants, playing on the difference of prices in the local market and abroad (performing arbitrage transactions). At Friday's auction had already demonstrated this effect. In May-June trading volume of the Savings Bank on the Russian stock exchanges fell compared with the beginning of the year. In the past two months, he was limited to $ 300-800 million every day, whereas in February-March stable than $ 1 billion on Friday, with the start of trading on the LSE, on Russian exchanges (MICEX and RTS) total trading volume exceeded $ 1.54 billion At the same time on the end of trading on the MICEX Sberbank ordinary shares increased in price by 4.5%, while the MICEX index added less than 1.9%.
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