DAILY REPORT - Banca Intesa Beograd › upload › Daily2017_09_27...Lending facility 5.25% 0.25% Repo operations (one week) 2.75%-0.75% Source: NBS Source: Bloomberg 26.9.2017 25.9.2017

Source: Daily FX

Value Previous Change YTD Value Previous Change YTD

119.4324 119.3972 0.03% -3.27% 1.1793 1.1849 -0.47% 12.13%

101.4288 100.7741 0.65% -13.41% 1.1424 1.1452 -0.25% 6.56%

104.4355 104.2224 0.20% -9.07% 0.8762 0.8798 -0.41% 9.07%

136.0898 135.8021 0.21% -5.37% 1.3459 1.3467 -0.06% -4.03%Source: NBS 112.2500 111.7300 0.47% 2.66%

Source: Bloomberg

Source: Bloomberg Source: Bloomberg

Value Next decision Value

3.75% 9.10.2017 0.00%

Deposit facility 2.25% 1.25%

Lending facility 5.25% 0.25%

Repo operations (one week) 2.75% -0.75%

Source: NBS Source: Bloomberg

26.9.2017 25.9.2017 Change (bps) 26.9.2017 25.9.2017 Change(bps)

2.54% 2.55% -0.01 -0.359% -0.360% 0.001

3.07% 0.00% 3.07 -0.371% -0.371% 0.000

3.32% 0.00% 3.32 -0.329% -0.329% 0.000

3.53% 3.53% 0.00 -0.273% -0.272% -0.001

Source: Reuters Source: Bloomberg, EBF

Note: Values are with 1 day delay Note: Values are with 1 day delay

Value Previous Change (bps) Value Previous Change(bps)

1.234% 1.237% -0.002 -0.037% -0.057% 0.020

1.331% 1.330% 0.001 0.251% 0.217% 0.034

1.497% 1.497% 0.000 0.895% 0.856% 0.039

-0.785% -0.785% 0.000 1.804% 1.804% 0.000

-0.726% -0.726% 0.000 1.920% 1.948% -0.028

-0.649% -0.649% 0.000 2.187% 2.217% -0.030

Sources: ICE, Bloomberg Sources: IBA, Bloomberg

Libor 3M (CHF) USD ISDA 5Y FIXING


Libor 3M (USD) EURIBOR ISDA 5Y FIXING



BELIBOR 6M EURIBOR6M

Libor interest rates Interest rate Swap


BEONIA EONIA

BELIBOR1M EURIBOR1M

BELIBOR3M EURIBOR3M

United Kingdom (BOE) 14.12.2017

Switzerland (SNB) 14.12.2017

Serbia - Interbank interest rates Serbia Europe - Interbank interest rates - Europe

Next decision

Key policy rate Eurozone (ECB) 26.10.2017

US (FED) 1.11.2017

GBP/RSD GBP/USD

USD/JPY

National Bank of Serbia Interest rates Major interest rates

EUR/RSD EUR/USD

USD/RSD EUR/CHF

CHF/RSD EUR/GBP

FX rates and money market

FX rates on domestic market International markets

Currency Currency

Durable goods orders August P -6.8% 1.0%

Key events

TimeCountry/

RegionEvent Period Previous Forecast

14:30 US

Overall trading at the Belgrade Stock Exchange 49,4 mln RSD (0,4 mln €). No bonds trading.

The dollar extended gains after Federal Reserve Chair Janet Yellen boosted expectations for an interest-rate rise in December and ahead of the U.S. president

laying out his tax-reform plan.

European stocks little changed.

US equities end little changed.

Oil extended its advance as US industry data showed an unexpected decline in crude stockpiles.

Gold down due to expectation on US rate hike in December.

Financial Market Analysis

Treausury and ALM department

DAILY REPORT

Flash

Dinar slightly changed against euro (119,4324).

Bank of the Group

September 27, 2017

1.15

1.16

1.17

1.18

1.19

1.2

1.21EUR/USD

0

10

20

30

40

50

60

70

80

118

119

120

121

122

123

124

125EUR mio EUR/RSD

Turnover on FX market (right axis)

http://www.bancaintesa.rs/code/navigate.aspx?Id=1

Date Currency

Source: Public Debt Management Agency

Moody's S&P Fitch

Ba3 BB- BB-

Outlook Stable Positive Stable

Date 17.3.2017 16.6.2017 16.6.2017 Sources: Bloomberg, JPMorgan

Source: Bloomberg

Date Value Previous Date Value Previous

04.02.2016 2.75% 2.79% 30.08.2017 0.55% 0.55%

02.03.2017 2.64% 2.65% 14.09.2017 0.99% 1.04%

07.02.2017 3.48% 3.49% 21.09.2017 1.85% 1.87%

13.06.2017 4.65% 4.65% 20.07.2017 2.60% 2.69%

31.08.2017 4.80% 4.90% 13.07.2017 4.00% 4.00%

20.10.2015 6.50% 10.80% 06.09.2017 4.20%

25.07.2017 5.60% 5.60% Source: Public Debt Management Agency

21.10.2014 12.99%

23.06.2016NBS key rate +

0.25%

NBS key rate +

0.25%

Source: Public Debt Management Agency

Source: Public Debt Management Agency Source: Public debt Management Agency

Sources: Ministry of finance, Banca Intesa Sources: Ministry of finance, Banca Intesa

Vrednost Prethodna UST spred

Serbia 5y 2017 1.678% 1.710% 1.678%

Serbia 5y 2018 2.422% 2.390% 1.066%

Serbia 7y 2020 2.711% 2.716% 1.222%

Serbia 10y 2021 2.997% 2.998% 2.997%

Serbia 20y 2024 6.332% 6.332%Source: Bloomberg

Izvor: Bloomberg

Source: Bloomberg

7 years

10 years

24 month amortizing

Serbian Eurobonds yields (USD)

2 years 5 years

3 years 10 years

5 years 15 years

Maturity

3 months 53 weeks

6 months 2 years

53 weeks 3 years

Maturity

RSD Government securities EUR Government securities

Instrument Value

No scheduled auctions for today

Serbia Credit rating

Fixed income

Scheduled auctions

110

160

210

260

310

360bps JP Morgan EMBI Srbija

2.8

3.3

3.8

4.3

4.8

110

111

112

113

114

115

116

117

118

Serbian 10y Eurobond 2021

Price Yield (right axis)

1.52.53.54.55.56.57.58.59.5

10.511.512.513.514.5

Yields on RSD government securities primary auctions

3m 6m 53w 2y 3y NBS key rate 5y 10y

0.00.51.01.52.02.53.03.54.04.55.05.56.06.57.0

Yields on EUR government securities primary auctions

53w 2y 3y 5y 10y 15y

2

Source: Belgrade Stock Exchange

Source: Belgrade Stock Exchange Source: Belgrade Stock Exchange

Sourc: Bloomberg

CCNB 10,400 34,164,000 0.00% 0.97% 0.40 #N/A N/A -5.68

SLNP 220 4,609,000 0.00% 0.00% 0.53 5.18 9.97

KMBN 1,910 2,139,200 -0.37% -0.78% 0.46 7.71 6.61

ENHL 1,220 1,782,420 0.00% 1.58% 1.58 321.52 0.53

NIIS 673 1,323,118 0.15% -0.30% #N/A N/A #N/A N/A #N/A N/A

KOPB 7,500 1,177,500 0.00% 0.00% #N/A N/A #N/A N/A #N/A N/A

FITO 2,700 1,163,700 -1.82% 0.00% 1.55 9.39 17.60

CRSG 300 435,600 0.00% 0.00%#N/A Field Not Applicable#N/A Field Not Applicable#N/A Field Not Applicable

TGAS 12,282 319,332 -1.76% -1.74% 1.06 24.20 4.23

IMPL 3,500 175,000 -2.83% -7.89% 1.21 12.43 10.27

JMBN 6,500 110,500 -4.40% -1.52% 0.38 #N/A N/A -11.39

MTLC 1,900 104,500 0.00% -1.04% 1.29 16.08 7.98

Sources: Belgrade Stock Exchange; Bloombeg

-0.39%

-0.35%

0.36%

0.68%

0.59%

Source: Bloomberg

crobex sbi20


sofix bet-c

Izvor: Bloomberg Izvor: Bloomberg


dj balkan

Source: Bloomberg

DJ Stoxx Balkan 50 Balkan 459.50 456.81 10.55%

SOFIX Bugarska 683.35 680.87 16.53%

BET Rumunija 7,942.50 7,888.64 12.10%

Crobex Hrvatska 1,812.32 1,819.36 -9.15%

SBITOP Slovenija 799.82 802.66 11.46%

Regional stock exchanges

Index Country/Region ValueValue from the previous

dayChange YTD

IMPOL SEVAL AD SEVOJNO 3,298,004,500 Din.

JUBMES BANKA AD BEOGRAD 1,874,145,000 Din.

METALAC AD GORNJI MILANOVAC 3,876,000,000 Din.

GALENIKA FITOFARMACIJA AD 7,128,000,000 Din.

CRVENI SIGNAL AD BEOGRAD 54,594,000 Din.

MESSER TEHNOGAS AD 12,732,233,556 Din.

ENERGOPROJEKT HOLDING AD BEO 13,336,176,240 Din.

NIS AD NOVI SAD 109,739,649,200 Din.

KOPAONIK AD BEOGRAD 1,157,422,500 Din.

HALK BANK AD BEOGRAD 1,892,612,800 Din.

SLOGA AD NOVI PAZAR 121,979,000 Din.

KOMERCIJALNA BANKA AD BEOGRA 32,122,295,960 Din.

P/BV P/E ROE Market capitalization

The most traded stocks on Belgrade Stock Exchange from the previous day

Company Ticker Price RSDTurnovor

RSD

Daily

change

Weekly

change

Ratios P / B P / EBelex15 0,79 12,68

Turnover 49,414,419 RSD 305,500,129 RSD -83.83%Source: Belgrade Stock Exchange

413,866 € 2,562,725 € -83.85%

Belex 15 723.64 724.02 -0.05% 0.87%

Belex line 1,608.23 1,611.15 -0.18% 2.47%

Belgrade Stock Exchange

Value Previous value Change YTD

1,500

1,600

1,700

1,800

1,900

2,000

2,100

2,200

2,300

CROBEX

350

400

450

500

550

600

650

700

750

SOFIX

5,500

6,000

6,500

7,000

7,500

8,000

8,500

9,000

BET

300

400

500

600DJ Stoxx Balkan 50

500

550

600

650

700

750

800 Belex 15

-1.82% -1.76% -0.37% -0.22%

0.00% 0.00% 0.00% 0.00% 0.15%

15.48%

FITO TGAS KMBN AERO ENHL MTLC JESV ALFA NIIS SJPT

Daily change of Belex 15 members

1,000

1,200

1,400

1,600

1,800Belex line

600

650

700

750

800

850

SBITOP

3

Source: Bloomberg

dow jones s&p



nasdaq dax



nikkei dj stoxx





Source: Bloomberg

Snežana Topalović 201-1400 Snežana Spasojević 201-3621Vladimir Gavović 201-1263 Dragomir Milin 201-3622Dušan Mojsilović 201-3613 Biljana Radosavljević [email protected] [email protected]

Darko Karanović 201-3624 Vitomir Marić 201-1315Boban Todorović 201-3627 Olivera Glišić 201-1314Dragan Ignja 201-3626 [email protected]

[email protected]

ContactFinancial Market analysis Customer execution office (fixed income)

Dealing Custody

Disclaimer

This overview is written to inform and does not represent a call for making business decisions and buying or selling mentioned financial instruments. Banca Intesa ad Beograd does not guarantee exactness of summoned data.

Information, opinions and commentaries in this overview are given with the best intention according to available data provided from relevant sources and as a result of professional attitudes and orientations of analytical team working in

Banca Intesa ad Beograd. Banca Intesa ad Beograd does not assume responsibility for possible loss and damage caused by business activities according to any element and contents of the overview. This document may only be

reproduced in whole or in part together with the name of Banca Intesa Beograd.

Nikkei 225 Japan 20,330.19 20,397.58 -0.33% 6.36%

Dow Jones Stoxx 600 EU 384.03 383.90 0.03% 6.26%

FTSE UK 7,285.74 7,301.29 -0.21% 2.00%

DAX Germany 12,605.20 12,594.81 0.08% 9.79%

NASDAQ US 6,380.16 6,370.59 0.15% 18.52%

S&P 500 US 2,496.84 2,496.66 0.01% 11.52%

Dow Jones Industrial US 22,284.32 22,296.09 -0.05% 12.76%

Index Country/Region Value Previous value Change YTD

World stock exchanges

14,000

15,000

16,000

17,000

18,000

19,000

20,000

21,000

22,000

23,000Dow Jones Industrial

1,700

1,800

1,900

2,000

2,100

2,200

2,300

2,400

2,500

2,600

S&P 500

4,000

4,200

4,400

4,600

4,800

5,000

5,200

5,400

5,600

5,800

6,000

6,200

6,400

6,600NASDAQ Composite

260

280

300

320

340

360

380

400

420DJ Stoxx 600

9,000

11,000

13,000

15,000

17,000

19,000

21,000

Nikkei 225

\

8,000

9,000

10,000

11,000

12,000

13,000DAX

35

40

45

50

55

60

65Cena nafte Brent (USD/bbl)

1,050

1,100

1,150

1,200

1,250

1,300

1,350

1,400Zlato

\

5

7

9

11

13

15

17

19

Vix Index

4

http://www.bancaintesa.rs/

Documents

DAILY REPORT - Banca Intesa Beograd › upload › Daily2017_09_27...Lending facility 5.25% 0.25% Repo operations (one week) 2.75%-0.75% Source: NBS Source: Bloomberg 26.9.2017 25.9.2017