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Тавровский Ян
Yan Tavrovsky
President of the CB J.P. Morgan Bank International
Quotes
24.05.2018
SPIEF 2018
The Russian Capital Market on the Threshold of a New Era
As for Russian demand in general, it has grown significantly. If we talk about debt instruments or Eurobonds, 10 years ago the share of Russian investors was about 10–15%. Now Russians buy a third or even more issues. Same applies to stock. Latest transactions have shown Russian investors’ demand to be somewhere around 30–35% of their books value, whereas its historical level was 10% 10 years ago
24.05.2018
SPIEF 2018
The Russian Capital Market on the Threshold of a New Era
The circle of foreign investors has narrowed, especially over the last few years. Basically, now the only funds that are looking at Russia are the ones investing in emerging markets. This is the result of the sanctions driven risk, as well as the result of investors generally becoming more selective. Right now, an IPO is significantly more difficult than it was in 2006–2007 or 2011–2012. As a result, valuation of Russian companies dropped
24.05.2018
SPIEF 2018
The Russian Capital Market on the Threshold of a New Era
70% of the market belongs to foreigners. The only way to reduce the Russian discount and to increase capitalization is to develop domestic demand and, accordingly, reduce dependence on foreign money