Beruflich Dokumente
Kultur Dokumente
USD/RON (rhs)
EUR/RON
4.55
3.30
A technical mission from International Monetary Fund will visit Romania starting today for
the combined first and second reviews under the new precautionary SBA approved at the
end of Sep. 2013. The visit, which is planned to end on 5 Feb., will assess the
progresses made under the SBA, as well as implications on the budget plan for 2014
4.43
3.20
from postponing by three months the implementation of additional excise on fuels equal to
7 eurocents per litre. According to some government officials, the discussions might
include also measures aimed at stimulating consumption, the possibility of a zero
4.30
3.10
24-Dec
6-Jan
13-Jan
20-Jan
corporate tax rate for reinvested earnings and the reduction of social contributions paid
by employers (envisaged for July). Technical staffs from the European Commission and the
World Bank join the IMF staff for specific review of policies under existing financial
programs which Romania has concluded with these institutions.
3.2%
2.9%
2.6%
2.3%
2.0%
1.7%
1.4%
1.1%
17-Dec
24-Dec
6-Jan
13-Jan
Robor 1M
20-Jan
Robor 3M
Robor 6M
Equity market
7500
33000
BET FI (rhs)
BET
7000
31000
6500
29000
6000
27000
13-Dec
20-Dec
6-Jan
13-Jan
20-Jan
P a g e |1
1 day (%)
4.5374
0.16
3.3472
0.51
3.6780
3.2120
5.5045
3.0559
2.9492
0.5169
0.6081
0.5419
1.5051
Money market
ROBID ROBOR
O/N
0.51
1.01
1W
0.72
1.22
1M
0.95
1.45
3M
1.49
1.99
6M
1.93
2.68
9M
1.99
2.74
12M
2.02
2.77
4.6
3.7
4.5
3.6
4.4
3.5
4.3
3.4
4.2
3.3
5.5%
5.0%
4.5%
4.0%
3.5%
3.0%
2.5%
2.0%
1.5%
4.1
3.2
USD/RON (rhs)
EUR/RON
4.0
29-Jul-13
22-Oct-13
1.0%
29-Jul-13
3.1
22-Oct-13
20-Jan-14
ROBOR 1W
20-Jan-14
ROBOR 1M
ROBOR 6M
1Y
4.1
2.5
YTD
1.2
2.8
6M
-3.1
-2.5
-2.1
1Y
-4.5
-4.0
-3.4
YTD
-0.4
-0.5
-0.3
Euribor
Libor Usd
110
1 day (%)
EUR/USD
1.3556
GBP/USD
USD/CHF
USD/JPY
USD/JPY
0.14
O/N
1.6439
0.12
1W
0.221
0.1180
0.9113
-0.01
1M
0.240
0.1570
104.55
0.39
3M
0.302
0.2371
0.5%
1.43
EUR/USD (rhs)
0.359
0.0886
6M
0.408
0.3341
9M
0.497
n.a.
12M
0.570
0.5721
IRS 2Y
0.497
0.5220
IRS 5Y
1.140
1.7350
IRS 10Y
2.031
2.9350
0.4%
105
0.3%
1.35
100
0.2%
95
0.1%
1.26
90
0.0%
29-Jul-13
85
1.18
29-Jul
22-Oct
21-Jan
22-Oct-13
20-Jan-14
Euribor 1M
Euribor 6M
Libor Usd 1M
Libor Usd 6M
TDY/TDY
EUR/RON
USD/RON
GBP/RON
CHF/RON
Bid
4.4850
3.2950
5.4350
3.6030
Ask
4.5950
3.4200
5.5800
3.7420
EXCHANGE HOUSE
Bid
4.4700
3.2900
5.4000
3.6000
Ask
4.6000
3.4250
5.6100
3.7450
Bid
1.3114
0.8038
1.1986
138.43
Ask
1.3945
0.8454
1.2753
145.41
Raiffeisen Banks FX quotations as of 9.00 a.m. (local time); FX quotations may change during the
working day due to the market movements. For foreign exchange transactions, rates for amounts
greater than EUR 20,000 or equivalent are negotiable.
O/N
1W
2W
3W
1M
3M
RON
0.11
0.25
0.28
0.36
0.71
0.98
USD
0.19
0.57
0.58
0.59
1.36
1.44
EUR
0.41
0.73
0.78
0.79
1.39
1.50
CHF
0.09
0.24
0.24
0.24
0.49
0.72
GBP
0.47
0.72
0.72
0.73
1.23
1.27
Effective today
Min. amount: 5.000 units in each currency
P a g e |2
Yield (%,
bid)
2.02
2.31
3.34
4.35
5.27
ask)
1.72
2.01
3.09
4.10
5.02
Tenor
6M
1Y
3Y
5Y
10Y
5.5
5.0
4.5
4.0
3.5
3.0
2.0
2.5
1.0
1.5
6M
1Y
3Y
Curent
5Y
10Y
1 month ago
6M
1Y
5Y
10Y
3Y
Benchmark T-Bonds
Tenor
Auction date (Months)
Effective
Avg
Max
Auction
Tenor
Yield
yield
date
(Years)
Cupon
(%) Amount (RON mn)
Intended
Effective
Avg
Max
Yield
yield
2-Dec-13
16-Dec-13
6
12
800
1100
800
1100
2.78
2.90
2.85
2.93
5-Dec-13
9-Dec-13
12-Dec-13
19-Dec-13
5.0
6.5
2.0
2.7
5.60
5.75
5.80
4.75
500
500
300
600
500
500
441
863
4.90
5.14
3.59
3.97
4.92
5.17
3.60
3.97
9-Jan-14
23-Jan-14
6
12
500
1000
1023
2.00
2.04
6-Jan-14
13-Jan-14
16-Jan-14
20-Jan-14
27-Jan-14
2.6
7.4
13.5
4.9
9.2
4.75
5.95
5.8
5.6
5.85
700
500
100
500
500
755
560
100
714
3.92
4.99
5.41
4.15
3.94
5.02
5.49
4.19
Romanian Eurobonds
Romania CDS
Bid
Ask yield
250
Currency
Maturity
Cupon
Bid price
Ask price
yield(%)
(%)
EUR
Mar-2015
5.00
103.97
104.37
1.48
1.14
EUR
Jun-2016
5.25
107.60
108.33
1.97
1.67
210
EUR
Jun-2018
6.50
114.98
115.29
2.83
2.76
190
EUR
Nov-2019
4.88
104.63
105.38
3.96
3.82
EUR
Sep-2020
4.63
105.00
106.00
3.76
3.59
USD
Feb-2022
6.75
114.60
115.23
4.56
4.47
USD
Feb-2023
4.38
95.25
98.25
5.01
4.60
230
170
179
150
28-Aug-13
6-Nov-13
20-Jan-14
Note: Yields and CDS quotation as of: 20 Jan 2014 (16.00 local time)
Source: Thomson Reuters
P a g e |3
Most traded
Index
Company
Value
1D (%)
BET
6558.65
-0.02
BET C
3402.07
-0.13
BET FI
31923.35
-0.60
ROTX
13412.06
-0.29
1430.92
0.03
Rasdaq-C
-1.0
0.2
34.00
0.3
0.49
0.6
1.70
1.2
Close (RON)
1D (%)
Fd. Propr.
0.82
0.2
SIF 1
1.39
1.5
SIF 2
1.50
0.9
SIF 3
0.69
1.0
SIF 4
0.94
1.6
SIF 5
2.05
1.7
8.9
Company
1D (%)
31.6
Historical performance
1Y
YTD
BET
Index
5.3
9.2
20.8
17.8
1.0
BET C
4.9
7.9
17.3
13.0
1.7
BET FI
6.8
19.4
30.9
19.5
2.0
7500
32000
ROTX
8.1
11.9
25.5
19.6
3.6
7000
30000
Rasdaq-C
4.4
4.9
2.4
-1.5
4.7
6500
6000
Index
1M
1M
BET EUR
3.6
BET-C EUR
BET FI EUR
3M
3M
6M
6M
8500
YTD
13.8
-0.2
5500
5000
18.3
3.2
6.0
14.9
9.2
0.5
5.0
17.4
28.2
15.5
0.8
BET
8000
1Y
7.3
6800
RON mn
400
6600
300
6400
200
28000
6200
100
26000
6000
36000
BET FI (rhs)
34000
24000
22000
6-Sep-13
8-Nov-13
20-Jan-14
13Dec
20Dec
6-Jan
13Jan
20Jan
Total net profit for the banking sector in the first eleven months of 2013 was RON 1.73 bn; net profit for the first nine months was RON 1.46 bn;
We are inclined to view this slight deceleration of net profit as neutral for the two listed banks given the high pressures from the Central Bank to
increase provisions.
Alexandru Combei +40 21 306 1239 alexandru.combei@raiffeisen.ro
Fondul Proprietatea (FP RO): Five syndicates submitted offers for Hidroelectricas IPO neutral (Ziarul Financiar)
As rumored yesterday, five syndicates, comprising top tier investment banks, have submitted offers for the IPO of Hidroelecytrica: (i) Raiffeisen Capital
& Investment and Morgan Stanley, (ii) BCR, Erste Bank and Goldman Sachs, (iii) Wood, NBG Securities, BT Securities, Swiss Capital and Citigroup,
(iv) BRD -GSG, SocGen and JP Morgan and finally (v) UniCredit, Alpha Bank, Intercapital , Broker Cluj and Deutsche Bank;
Our latest valuation of Hidroelectrica from our update on FP was RON 5.6 bn while FP has recently upgraded its valuation for the power generator at
RON 11.2 bn.
Alexandru Combei +40 21 306 1239 alexandru.combei@raiffeisen.ro
P a g e |4
Raiffeisen
Raiffeisen
Raiffeisen
Raiffeisen
Raiffeisen
Raiffeisen
Raiffeisen
Raiffeisen
Raiffeisen
Prosper
Benefit
Romania Actiuni
Confort
RonPlus
RonFlexi
EuroPlus (in EUR)
DolarPlus (in USD)
Confort Euro (in EUR)
Jun
Jun
Aug
Sep
Sep
Jun
Oct
Oct
Oct
Performance (%)
2006
2006
2007
2007
2008
2011
2009
2010
2013
Year on year
Year to date
(RON mn)*
unit (NAV)
(yoy)
(ytd)
20.21
13.66
15.21
99.36
2,043.37
516.63
360.32
72.10
9.64
97.6659
142.7268
40.3834
150.9485
159.3713
116.0173
117.4719
1106.9491
27.0183
1.1
9.4
18.2
7.3
6.3
5.5
3.4
3.1
n.a.
1.0
0.7
2.5
0.6
0.3
0.2
0.1
0.1
0.3
NAV as of:
17 Jan 2014
* EUR mn for Raiffeisen EuroPlus and Confort Euro, and USD mn for Raiffeisen DolarPlus
For further details please visit www.raiffeisenfonduri.ro
110
41
155
Raiffeisen Confort
Raiffeisen Prosper
Raiffeisen Benefit
100
37
90
23-Sep-13
18-Nov-13
120
17-Jan-14
Raiffeisen RonPlus
160
119
155
116
150
112
135
29
23-Jul-13
123
Raiffeisen Ron Flexi (rhs)
145
33
80
165
125
23-Jul-13
23-Sep-13
18-Nov-13
17-Jan-14
145
108
23-Jul-13
23-Sep-13
18-Nov-13
17-Jan-14
1150
Raiffeisen DolarPlus (rhs)
Raiffeisen EuroPlus
115
1100
110
1050
23-Jul-13
23-Sep-13
18-Nov-13
17-Jan-14
P a g e |5
Editor:
Research team:
+40-21-306-1269
+40-21-306-1262
+40-21-306-1369
Released on:
21 January 2014
DISCLAIMER
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P a g e |6