Tellimer

EEMEA Sector Flash - Russian and Ukrainian corporates: Limited exposure to Belarus

  • In light of the latest geopolitical developments, we comment on and quantify the exposure of Russian and Ukrainian corporates in our coverage to Belarus.
  • Despite the close political ties between Russia and Belarus and the fairly high level of economic cooperation between the two countries, the 14 Russian corporates in our coverage have limited exposure to Belarus. The spreads of Russian corporate bonds have not reacted to the latest headlines related to Belarus, which we believe is a fair response.
  • Like Ukraine, Belarus is a net exporter of agricultural commodities and steel. As a result, Ukrainian corporates in our coverage – MHP (poultry), Kernel (sunflower oil) and Metinvest (steel) – also have a limited exposure to Belarus.

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