Viacheslav Shilin
Deutsche Bank
Previously unranked Viacheslav Shilin debuts in third place. The Deutsche Bank researcher, who works out of London, “provides timely and in-depth analysis of Russian credits, and has established good local contacts that we can rely on,” proclaims one buy-side supporter. Investors need to be highly selective, Shilin observes. “A lot of deals that came to market this year had lost their sparkle by the time of bond pricing, as issuers were tightening the initial spread guidance, having taken advantage of high investor demand,” he explains. “The influx of new bond supply in Russia by metals and mining companies has resulted in investor fatigue and market indigestion, with new bonds of such names as Evraz [Group] trading quite poorly following issuance.” In the investment-grade space he is recommending the 3.416 percent 2018 and the 4.563 percent 2023 Eurobonds of Moscow-based Lukoil Oil Co. Among high-yield names he considers Credit Bank of Moscow’s 8.7 percent 2018 subordinated Eurobonds to be “misunderstood by the market and undervalued from the day of issuance” in late April. — Thomas W. Johnson