Speaker: Andrew Cornthwaite, Renaissance Capital Deputy CEO - Presenter: Kiryl Sukhotski
reasonably certain that. That's -- unlike some of some company countries that Iraqi Government is pretty sort of sort of kicking the the money box upon them what's left. So I think they gonna do things market conditions next -- we'll be back and now. Nobody has -- Kristobal . We have a good feeling about well it's certainly we we think that the Russian market as a plays on the -- Russian finance minister exit question still voices this morning that plus a glance and he he billion dollars from privatization of the next five years. That marks an increase from the previously announced on port 29 billion dollars status detail over three years. Looks investors should make counts and it will discuss it -- and record and play. The deputies here and had an investment banking at the nation's capital Russia's biggest investment bank. And you dwarfs. -- you make out with then mixed messages about Clinton on and -- it -- in some states and bankers say in this cable company here. Mr. Putin says -- here next -- What do you make. Well lets -- them on I think there's no hard. In the state plans to sort of reasonably certain that. That's -- unlike some of some company countries that Iraqi Government is pretty sort of sort of kicking the the money box upon them what's left. So I think they gonna do things in a way to maximize battery. And I think monies because it's more like picnics. Them in this. There's some very obvious things that that's disposal dime from flood zone to just over control executive sent -- the since the bank this is gonna be sold out of Bosnia so some very big assets you can calculate the values the public. That there have been some prodding companies -- these devices. Looking good relations who have relations with the fat. And content well. There's a -- question about whether -- directions right now I don't know we go to the Russian assets right now the public market on -- beyond the we should talk about that. But. Yes. That there is that I clearing mechanism approximate passes. Some of these assets like that likely to -- have a public marketplace. Colonial due -- market. Good keeping good market conditions next -- we'll be back and now. Nobody has -- Kristobal . We have a good feeling about well it's certainly we we think that the Russian market as a plays on the -- you Iraq. We think Rios yes yes it's it could be that much on the and just that we definitely think that -- the personal capital. And you have you -- that. All -- little bit on. What is necessary. See -- it. -- process many times pool chances around the world that may do little to back -- next year's. That we'll be able place these rational brain signals. Will be some kind of can hear it positions C a couple who -- some of these assets it will close. So I don't think you're gonna have any problem -- And selling them. Thank you spent for example particularly terrorists and actually with. Vocalist immunity deal programs -- Auckland in London I'm. We does he -- that this sort of took a look at what's available for these listings is completely Honda which you load of money sitting on the sidelines. Have been signals on -- of those funerals. And although that money will be put -- when people think that -- access that the house investment. Already looking -- you. -- people already have some on the sidelines for the first 678 months -- this there's been very little activity particularly in me -- Russian markets. The only thing that's gonna say we think we're we're entering a more annoying macroeconomic environment with the Internet and environment where markets are gonna run in the way. let the -- and connect to your previous pointed out in Russian stocks now undervalued. That some would argue that that. -- the reason because this industries could. Well that victory -- and undervalued relative to emerging markets relative to China or Brazil or India com. But -- so whether there's there's rationality into a religious sensitivities. In the Russian market is trading at. -- of the level of some perspective he all of the Indian market for example. And Russian markets presents -- this -- 67 times the the the average American markets eleven times. I think in other markets credit thirteen times. Some would argue that political uncertainties. -- they'll see at least slices. Dick and wounded if you look at the other way because that is not a lot of political uncertainty that you could say that this. There it does put a little bit political risk it Kennedys in anticipating and they've changed in the political environment. Anytime soon and this is a regime. If you look could be the but the combination of the president's prime minister which has done some very good things the market that is. The Burleson reports of those those group. -- flat tax -- with 13% which is being. And view of any country in the world that don't load things that are very useful. I pay -- the question I just very specific on how much -- fuel and and he's cute and he her invitation status -- that's that's really is up for grabs I mean. Historically in these propositions. Maps new levels he's been reasons behind that are gonna answer that look of crises that you billion dollars is -- generates. The reason MySpace. How reasonable. That the mavericks open -- bank as art but I think the good thing about this proposition -- is that. There's going to be and a -- there here. Russian investment banks are well thought trust investment banks borrowing requirement that. But I think all. And I can mean that shouldn't include them in the process. There's gonna ruin performance bonuses coming in as well. You know -- an advisory. Committee registering more than 3% you can you can do the -- socialism. That the amount of money they want to rise and see that it will be a recently launched him. I can't see out that -- and head of investment they have connections capital advisors Russia's largest investment bank and your -- place.