The current annual yield of both PRObonds portfolios (over the last 355 days) dropped to 12-12.3%. Such profitability is still a temporary phenomenon caused by the accelerated growth of portfolios a year ago. This growth was followed by a severe correction. Taking it into account, the current annual yield should soon be above 13%.
The next Thursday, February 18, it is planned to place bonds of Concern Pokrovsky (https://smart-lab.ru/company/ivolga_capital/blog/675750.php) (issuer – Plemzavod Pobeda, 1 billion rubles, coupon / yield 9, 75% / 10.11%). Bonds will be added to portfolios by 7-6.5%. For this acquisition, a number of bond positions are reduced (see tables), and the remainder of the position in IC Legion is removed from the portfolio completely. The reduction of positions will take place gradually over the next week and a half. The cash position of the portfolios will also slightly decrease. However, free money in both portfolios will remain in case of hedging or buying certain sagging bonds.
Further changes will be carried out in the first half of March, when the placement of bonds of MFO Zaimer is planned (issue for qualified investors, 300 million rubles, coupon target 12-13%).
The expected return on PRObonds portfolios for 2021 remains at the level of 12% per annum. All portfolio transactions are published in the public domain until they are completed.
Not an investment recommendation (https://www.probonds.ru/upload/files/15/35d1bb8a/Disklei%CC%86mer_dlya_portfelei%CC%86.pdf)