Maxim Korovin
VTB Capital
Newcomer Maxim Korovin debuts in second place. “Compared to their emerging-markets peers’, valuations of Russian bonds look fair at the moment,” the VTB Capital strategist says. “Thus we recommend having a market weight in them.” Although credit spreads “do not look particularly interesting” in the high-yield space, he adds, “we do see value in longer-dated investment-grade issues, as global rates are to remain fairly low in the midterm amid easing efforts of major central banks.” Recommendations include the 2022 bonds of natural-gas producer Gazprom, with a yield to maturity of 4.979 percent in late May; the 2022 bonds of integrated oil company Lukoil Oil Co., with a YTM of 4.886 percent; and the 2021 tier-2 notes of Russian Agricultural Bank, with a YTM of 7.122 percent. Korovin “is well informed and always up to date,” insists one buy-side backer. Another money manager echoes that sentiment: “Max Korovin makes timely comments and calls in Russia’s local fixed-income and rates spaces, and provides helpful relative-value analysis for new bond issues.” — Thomas W. Johnson