Positive news for Credit Bank of Moscow.
Credit Bank of Moscow added to the list of systemically important banks
The Central Bank of Russia has added Credit Bank of Moscow (CRBKMO, BB-/BB-, CS fundamental credit view: Stable) to its list of systemically important banks. This means that the bank will be subject to more stringent capital requirements, but will have access to central bank liquidity. We view the news as credit positive. We have BUY recommendation on the bank’s 5.875% due 11/2021 Eurobond (XS1510534677), which closed at 103/5.06% (offer) on Thursday.