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Gazprom shuts open-ended bond fund

by Robert St George on Mar 24, 2014 at 10:34

Gazprom shuts open-ended bond fund

GPB Asset Management, a subsidiary of Gazprombank, has announced that it will close its fixed income fund.

The Russian Fixed Income fund is an open-ended investment company incorporated in Ireland through GPB’s umbrella Omega Trust.

GPB has told investors that it will compulsorily redeem their holdings in the Russian Fixed Income fund on 22 April and will sell the portfolio’s non-cash assets – which include bonds issued by VTB Bank and Gazprom itself – ‘in an orderly fashion’.

Expenses arising from the liquidation will be borne by the fund.

The fund has returned 10.3% over the past three years compared with its benchmark’s 19.5%, and 1.8% on a one-year view versus the benchmark’s loss of 0.2%.

In the fund’s most recent update, GPB said: ‘Global markets will closely watch the situation in Ukraine during March. The possibility of a military conflict there has already pushed the yields of Russian eurobonds much higher. It creates buying opportunities in the most undervalued Eurobonds of the issuers with solid credit profiles.’

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