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    SBER   RU0009029540

PJSC SBERBANK

(SBER)
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Possible new U.S. sanctions on Russia's OFZ market not a serious threat to financial stability - VTB Bank

11/29/2021 | 06:12am EST
FILE PHOTO: CEO of Russia's VTB Bank Andrey Kostin

MOSCOW (Reuters) - Potential new U.S. sanctions on Russia's secondary OFZ treasury bond market are not a 'serious threat' for the country's financial stability as state banks are much bigger holders of the bonds than U.S. investors, the head of state bank VTB said.

Existing U.S. sanctions already ban U.S. investors from buying into new OFZ bonds. Some U.S. lawmakers recently suggested extending the restrictions on the secondary market, amid rising U.S. political tensions with Russia over everything from the Nord Stream 2 gas pipeline to relations with Ukraine.

"The Russian market, with such players as Sberbank and VTB, major OFZ holders, is incomparable with the OFZ portfolio held by U.S. investors," VTB CEO Andrey Kostin, a former diplomat, told Reuters.

Foreign investors hold 21% of total OFZ bonds outstanding, or 3.3 trillion roubles ($44 billion), of which U.S. investors account for around a third - less than VTB alone which has 1.75 trillion roubles of OFZs in its portfolio.

($1 = 74.9840 roubles)

(Reporting by Katya Golubkova; Editing by Susan Fenton)

By Katya Golubkova


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
PJSC SBERBANK -5.06% 246.85 End-of-day quote.-15.93%
VTB BANK (PUBLIC JOINT-STOCK COMPANY) -3.80% 0.0445 End-of-day quote.-7.88%
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Financials
Sales 2021 2 522 B 32 594 M 32 594 M
Net income 2021 1 259 B 16 273 M 16 273 M
Net cash 2021 2 067 B 26 711 M 26 711 M
P/E ratio 2021 4,29x
Yield 2021 11,8%
Capitalization 5 558 B 71 985 M 71 843 M
EV / Sales 2021 1,38x
EV / Sales 2022 1,18x
Nbr of Employees 281 690
Free-Float 45,3%
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Mean consensus BUY
Number of Analysts 16
Last Close Price 246,85 RUB
Average target price 438,43 RUB
Spread / Average Target 77,6%
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Managers and Directors
Herman Gref Chief Executive Officer & Member-Supervisory Board
Alexandra Buriko Chief Financial Officer & Head-Finance
Anton Germanovich Siluanov Chairman-Supervisory Board
David Rafalovsky Chief Technology Officer & Executive VP
Larisa A. Zalomikhina Director-Compliance Department
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