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Mikhail Galkin
VTB Capital
"His views are always based on strong fundamental knowledge of the credits."
Rocketing from runner-up, where he spent the past two years, all the way to the top of the roster is Mikhail Galkin, 34. “Bond yields globally are at or near historical lows, and issuers are taking advantage of market conditions,” the VTB Capital strategist explains. “A big chunk of issuance from our region is opportunistic borrowing.” Few opportunities exist for investors, however. “Most of the bonds in the universe we cover are fully priced, both in secondary and primary markets, so we don’t have many strong buy convictions,” Galkin says. “I am telling clients to take profits in the secondary and wait for deals with concessions in the primary.” One exception: The analyst was bullish ahead of last month’s $500 million offering by Ukrzaliznytsia; he didn’t share the market’s concerns about the Ukrainian state-owned railways administrator’s ability to repay the 9.5 percent 2018 Eurobonds. “He is easily accessible, and his comments are very prompt — they usually come right before new bond issues,” affirms one backer. Galkin, who earned a master’s degree in economics at Lomonosov Moscow State University, worked in the credit research departments of Trust Investment Bank and MDM Bank before joining VTB Capital in 2009. — Thomas W. Johnson