Our analytical division is one of our company’s leading departments, a think tank where trading ideas are generated. The function of analysts is not just to pick investments and provide news about the market to managers and sales people, but also to constantly maintain a list of securities which are worthy of inclusion in investment portfolios.
Our analysts are focused on finding ideas, and focus mainly on the higher-yield Eurobond market, including issues from developing countries. We don’t limit our scope to just Russia and the CIS, as is usually the case for the majority of Russian banks and investment companies. We find our trading ideas beyond those conventional horizons: in Asia, Europe, Latin America, and in Africa – virtually all over the world. Schildershoven analysts each focus on a geographic area – each is a specialist who covers a particular part of the world. However, they all work together; “interregional cooperation” is well-developed and encouraged: analysts often need to check whether a given company has competitors in another continent. When they are traded, though, it’s not a good idea to offer investors who buy Asian telecoms opportunities to invest in telecoms in Latin America.
The main question that our customers usually ask is: how can we look for ideas and opportunities to invest in companies which are so far away? We can do this because every trade idea we test is based on local expertise. Each of our analysts creates an extensive network of contacts with industry peers who work directly in the region and are intimately familiar with its characteristics. Their opinions reveal potential pitfalls that may not be seen immediately when viewed from afar. When foreign analysts and family offices understand that we’re not interested in making a hard sell, they are generally willing to maintain contact with us; they are willing to share thir opinions about our ideas and sometimes share their own.
Our analytical department’s most successful ideas are usually based on either our understanding of a company’s credit quality, which may differ from that of the market, or on our analysis of the various factors that may contribute to a change in this quality in the future. In both cases, it is possible to obtain not only money from coupon payments, but also income related to potential increases in the value of the bonds themselves.
Without fail, every idea undergoes a “due diligence” process, which involves an analysis of the risks associated with the company’s development prospects and how they may have a negative impact. These risks are ranked according to the likelihood that they’ll have an impact and the probability of their occurrence. It’s obligatory to fully inform managers and clients about such risks when a trading idea is presented. At the final stage, a business idea is reviewed by an investment committee, whose members attempt to assess its overall consistency and find nuances that may have been overlooked by whoever developed it.
The goal of each of our analysts is not just to find trading ideas, but to nurture them to the point of implementation, and attend to factors which require a timely adjustment. Our managers and customers can be assured that they will retain our full support; that we will provide them with prompt access to all of the information which Schildershoven’s analysts use to generate their trading ideas.

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• Turkey is suffering from high inflation and national currency devaluation on the one hand and low economic growth on the other. The Central bank is facing a difficult problem which is complicated by the heavy political pressure. • Falling currency reserves and weaker yuan may limit the Chinese regulator in its economy supporting measures…

09.01.2017 | Analytics | Comments (0) | Read more

• Some comments by Vladimir Putin on Syria, Trump, Russia- Turkey relations may affect the market. However, his previous conferences did not reveal any market important information. • Investors are likely to positively react to the news that Deutsche Bank has reached an agreement with the US Justice Department and almost halved an initial claim….

23.12.2016 | Analytics | Comments (0) | Read more

• S&P decision may negatively affect Samruk-Energy Eurobonds. However, it is unlikely investors will believe that the company may lose the government support. • Bank Otkritie rating CreditWatch placement with negative implications may cool down investors’ appetite for the bank’s Eurobonds. • We assume that the PrivatBank nationalization may trigger its Eurobond restructuring. • Indonesian…

22.12.2016 | Analytics | Comments (0) | Read more

• Turkey’s central bank decision to hold the rates may be positively assessed by the market as investors had predicted some policy tightening. The main risk for most investors is the lira dynamics. • We do not expect any market reaction to the Kazakh banks’ ratings affirmation.  • We see some risk for AK BARS…

21.12.2016 | Analytics | Comments (0) | Read more

• The attack on Russian ambassador in Turkey and a probable terrorist attack in Berlin may trigger a risk off mood among global investors. The correction should not be too deep and too long. • We do not expect any reaction in the Russian market to the EU sanctions extension.  • Changes in Chinese banking…

20.12.2016 | Analytics | Comments (0) | Read more

• Given the CBR decision has been expected by investors, the market reaction will be neutral. The main disappointment is that the next rate cut may be postponed to the 2nd quarter of 2017 which might limit the positive trend in local bonds. • We do not rule out some positive reaction to S&P outlook…

19.12.2016 | Analytics | Comments (0) | Read more



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