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Source: Daily FX
Value Previous Change YTD Value Previous Change YTD
118.0868 118.1760 -0.08% -0.33% 1.2283 1.2338 -0.45% 2.32%
96.1541 95.8598 0.31% -2.99% 1.1534 1.1550 -0.13% -1.41%
102.3637 102.2549 0.11% 1.07% 0.8826 0.8816 0.11% 2.94%
133.7185 133.9864 -0.20% 0.22% 1.3918 1.3995 -0.55% -4.36%Source: NBS 107.7800 107.3300 0.42% -0.58%
Source: Bloomberg
Source: Bloomberg Source: Bloomberg
Value Next decision Value
3.50% 8.3.2018 0.00%
Deposit facility 2.00% 1.50%
Lending facility 5.00% 0.50%
Repo operations (one week) 2.52% -0.75%
Source: NBS Source: Bloomberg
21.2.2018 20.2.2018 Change (bps) 21.2.2018 20.2.2018 Change(bps)
2.66% 2.66% 0.00 -0.368% -0.369% 0.001
2.83% 2.83% 0.00 -0.370% -0.370% 0.000
3.13% 3.13% 0.00 -0.329% -0.329% 0.000
3.24% 3.24% 0.00 -0.271% -0.273% 0.002
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)
1.603% 1.596% 0.007 0.087% 0.090% -0.003
1.920% 1.904% 0.016 0.491% 0.495% -0.004
2.146% 2.129% 0.017 1.147% 1.151% -0.004
-0.796% -0.796% 0.000 0.000% 2.628% -2.628
-0.746% -0.746% 0.000 0.000% 2.759% -2.759
-0.663% -0.663% 0.000 0.000% 2.914% -2.914
Sources: ICE, Bloomberg Sources: IBA, Bloomberg
Overall trading at the Belgrade Stock Exchange RSD8,03 mn (RSD0,07 mn). No bonds trading.
Euro slides against dollar. Trading at $1.227.
European stocks rose. Stoxx 600 up 0.2% at the close, FTSE 100 up 0.5%, DAX down 0.1%.
U.S. stocks finished the day in the red. S&P 500 down 0.6%, Dow Jones Industrial Average down 0.7%.
Oil drops on dollar strenght and U.S. supply concerns (WTI $61.14, Brent $64.93).
Gold declines for fifth day, longest stretch since June ($1,321.6).
Financial Market Analysis
Treausury and ALM department
DAILY REPORT
Flash
Dinar adds against euro 0.1% (118.0868). National Bank of Serbia bougth €15 mn at forex market.
Bank of the Group
February 22, 2018
Key events
TimeCountry/
RegionEvent Period Previous Forecast
FX rates and money market
FX rates on domestic market International markets
Currency Currency
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
United Kingdom (BOE) 22.3.2018
Switzerland (SNB) 15.3.2018
Serbia - Interbank interest rates Serbia Europe - Interbank interest rates - Europe
Next decision
Key policy rate Eurozone (ECB) 8.3.2018
US (FED) 21.3.2018
BELIBOR 6M EURIBOR6M
Libor interest rates Interest rate Swap
Libor 1M (USD) EURIBOR ISDA 3Y FIXING
BEONIA EONIA
BELIBOR1M EURIBOR1M
BELIBOR3M EURIBOR3M
Libor 3M (CHF) USD ISDA 5Y FIXING
Libor 6M (CHF) USD ISDA 10Y FIXING
Libor 3M (USD) EURIBOR ISDA 5Y FIXING
Libor 6M (USD) EURIBOR ISDA 10Y FIXING
Libor 1M (CHF) USD ISDA 3Y FIXING
1.17
1.18
1.19
1.2
1.21
1.22
1.23
1.24
1.25
1.26EUR/USD
0
20
40
60
80
100
120
140
160
117
118
119
120
121
122EUR mio EUR/RSD
Turnover on FX market (right axis)
Date Currency
Source: Public Debt Management Agency
Moody's S&P Fitch
Ba3 BB BB
Outlook Stable Stable Stable
Date 17.3.2017 15.12.2017 15.12.2017 Sources: Bloomberg, JPMorgan
Source: Bloomberg
Date Value Previous Date Value Previous
04.02.2016 2.75% 2.79% 18.01.2018 0.47% 0.48%
02.03.2017 2.64% 2.65% 01.02.2018 0.96% 0.99%
07.02.2017 3.48% 3.49% 02.02.2018 1.29% 1.49%
24.10.2017 4.05% 4.65% 19.02.2018 1.88% 1.95%
30.01.2018 3.88% 4.29% 13.07.2017 4.00% 4.00%
13.02.2018 4.28% 4.30% 06.09.2017 4.20%
23.10.2017 5.00% 5.60% Source: Public Debt Management Agency
20.02.2018 5.29% 5.35%
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 2018 2.796% 2.804% 0.817%
Serbia 7y 2020 3.466% 3.450% 1.200%
Serbia 10y 2021 3.781% 3.749% 3.781%
Serbia 20y 2024 6.476% 6.469%Source: Bloomberg
Izvor: Bloomberg
Source: Bloomberg
Fixed income
Scheduled auctions
RSD Government securities EUR Government securities
Instrument Value
Serbia Credit rating
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
7 years
10 years
24 month amortizing
Serbian Eurobonds yields (USD)
80
130
180
230
280
330
bps JP Morgan EMBI Srbija
2.8
3.3
3.8
4.3
4.8
110
111
112
113
114
115
116
117
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 7y 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
JESV 5,100 4,590,000 2.00% 0.99% 0.70 5.29 11.62
NIIS 708 2,073,732 -0.28% -1.12% #N/A N/A #N/A N/A #N/A N/A
EPEN 13,802 400,258 -0.02% 0.01% 5.30 14.71 42.27
AERO 1,701 210,924 0.00% -4.17% 2.34 17.06 14.52
AVEN 1,000 209,000 0.00% 0.00% 0.53 2.82 20.81
MTLC 2,045 163,600 0.74% -0.24% 1.39 17.31 7.98
ENHL 700 123,200 0.00% -14.63% 0.91 184.48 0.53
SJPT 301 76,755 6.36% -8.23% #N/A N/A #N/A N/A #N/A N/A
KMBN 1,899 47,475 0.96% 2.04% 0.46 7.66 6.61
TGAS 12,499 37,497 0.00% 0.11% 1.07 24.63 4.23
VDAV 4,000 36,000 -2.44% -2.44% 0.38 17.93 2.69
JMBN 6,749 20,247 0.13% 0.00% 0.39 #N/A N/A -11.39
Sources: Belgrade Stock Exchange; Bloombeg
-1.56%
-0.37%
-0.38%
-0.31%
0.47%
Source: Bloomberg
crobex sbi20
Source: Bloomberg Source: Bloomberg
sofix bet-c
Izvor: Bloomberg Izvor: Bloomberg
Source: Bloomberg Source: Bloomberg
dj balkan
Source: Bloomberg
Belgrade Stock Exchange
Value Previous value Change YTD
Belex 15 757.79 754.93 0.38% -0.64%
Belex line 1,592.96 1,586.04 0.44% -4.60%
Ratios P / B P / EBelex15 0,82 13,58
Turnover 8,028,912 RSD 18,423,650 RSD -56.42%Source: Belgrade Stock Exchange
67,940 € 155,821 € -56.40%
The most traded stocks on Belgrade Stock Exchange from the previous day
Company Ticker Price RSDTurnovor
RSD
Daily
change
Weekly
change
JEDINSTVO SEVOJNO AD 1,554,066,900 Din.
NIS AD NOVI SAD 115,446,763,200 Din.
ENERGOPROJEKT ENTEL AD BEOGR 5,831,275,990 Din.
P/BV P/E ROE Market capitalization
ENERGOPROJEKT HOLDING AD BEO 7,651,904,400 Din.
SOJAPROTEIN AD 4,483,552,724 Din.
KOMERCIJALNA BANKA AD BEOGRA 31,937,298,444 Din.
AERODROM NIKOLA TESLA AD BEO 58,326,184,350 Din.
AUTOVENTIL AD UZICE 150,512,000 Din.
METALAC AD GORNJI MILANOVAC 4,171,800,000 Din.
Regional stock exchanges
Index Country/Region ValueValue from the previous
dayChange YTD
MESSER TEHNOGAS AD 12,957,188,342 Din.
VODA VRNJCI AD 459,148,000 Din.
JUBMES BANKA AD BEOGRAD 1,945,939,170 Din.
Crobex Hrvatska 1,826.46 1,855.43 -0.89%
SBITOP Slovenija 815.86 818.86 1.16%
SOFIX Bugarska 691.71 694.36 2.10%
BET Rumunija 8,281.28 8,307.04 6.80%
DJ Stoxx Balkan 50 Balkan 482.14 479.89 2.40%
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
-0.28%
0.00% 0.00% 0.00% 0.00% 0.00% 0.74% 0.96%
2.00%
6.36%
NIIS AERO ENHL TGAS FITO ALFA MTLC KMBN JESV 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
Izvor: Bloomberg Izvor: Bloomberg
Source: Bloomberg Source: Bloomberg
nasdaq dax
Izvor: Bloomberg Izvor: Bloomberg
Source: Bloomberg Source: Bloomberg
nikkei dj stoxx
Izvor: Bloomberg Izvor: Bloomberg
Source: Bloomberg Source: Bloomberg
Izvor: Bloomberg Izvor: Bloomberg
Source: Bloomberg Source: Bloomberg
Source: Bloomberg
Snežana Topalović 201-1400 Snežana Spasojević 201-3621Vladimir Gavović 201-1263 Dragomir Milin [email protected] Biljana Radosavljević 201-3610
Darko Karanović 201-3624 Vitomir Marić 201-1315Boban Todorović 201-3627 Olivera Glišić 201-1314Dragan Ignja 201-3626 [email protected]
Index Country/Region Value Previous value Change YTD
World stock exchanges
S&P 500 US 2,701.33 2,716.26 -0.55% 1.04%
Dow Jones Industrial US 24,797.78 24,964.75 -0.67% 0.32%
DAX Germany 12,470.49 12,487.90 -0.14% -3.46%
NASDAQ US 7,218.23 7,234.31 -0.22% 4.56%
Dow Jones Stoxx 600 EU 381.10 380.51 0.16% -2.08%
FTSE UK 7,281.57 7,246.77 0.48% -5.28%
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 21,970.81 21,925.10 0.21% -3.49%
14,00015,00016,00017,00018,00019,00020,00021,00022,00023,00024,00025,00026,00027,00028,000
Dow Jones Industrial
1,700
1,800
1,900
2,000
2,100
2,200
2,300
2,400
2,500
2,600
2,700
2,800
2,900
3,000
S&P 500
4,0004,2004,4004,6004,8005,0005,2005,4005,6005,8006,0006,2006,4006,6006,8007,0007,2007,4007,6007,800
NASDAQ 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
23,000
25,000
Nikkei 225
\
8,000
9,000
10,000
11,000
12,000
13,000
14,000DAX
35
40
45
50
55
60
65
70
75Oil Brent (USD/bbl)
1,050
1,100
1,150
1,200
1,250
1,300
1,350
1,400Gold
\
5
10
15
20
25
30
35
40 Vix Index
4