In the segment of securities with high yield and moderate duration, we will pay attention to the "eternal" dollar Eurobond of the company of the real sector of the economy - the American DCP Midstream Partners, LP. The Issuer provides processing, transportation, fractionation and storage services to producers and consumers of natural gas. It carries out its activities in three areas: services, logistics of liquefied natural gas and wholesale trade in propane. Included in the Fortune 500. Headquartered in Denver (Colorado). Market capitalization on the stock exchange - 4.8 billion dollars.
"Eternal" issue with a call option on 12/15/2022 at par is placed in November 2017. Its volume is 500 million dollars. In the case of non-calling, the coupon rate will be recalculated using the formula = 3-month interbank rate LIBOR + 5.148%. The minimum lot for the release corresponds to par and amounts to 1 thousand dollars.
We note that DCP 7 PERP looks interesting against the background of Eurobonds from issuers from developed markets with a composite rating of B+/B.
Gazprom in 2018 received a record 0.93 trillion rubles in net profit under RAS. This figure is an absolute record for the parent company, the previous record was in 2011 (882 billion rubles). A more objective picture will be able to provide consolidated reporting on the group (IFRS data), which will be disclosed by the issuer in late April.
On April 23, the issuer must repay the issue by $ 2.25 billion, after which its line of dollar issues will be reduced to 9 items. The most interesting investment in it at the moment is the issue with maturity in 2034, which continues to be traded with an expanded yield premium relative to the Russian sovereign curve.
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