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Silver Point

Thomas J. Monaco

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Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Equity Bottom-Up

Sberbank of Russia PJSC / Equity Bottom-Up

*New US Sanctions: The US Biden administration announced a series of sanctions today against Russia, which leaves the country on the verge of being tossed out of Western banking/finance markets related to SolarWinds and US elections meddling; and  *Nuclear Option Still Available: As bad as this is for Russia and her largest financial institutions, such as Sberbank of Russia (SBER.RU), the Biden administration did not move to the nuclear option of barring investors from holding Russian sovereign debt in the secondary market nor did it actually add tycoons to the sanctions list. The painful worst case scenario of barring ownership of Russian debt has been avoided, as foreign investors own some 20% or USD 37 bn in Russian paper - US investors account for half of foreign holdings. This situation could have triggered substantial indices-related selling.

*New US Sanctions: The US Biden administration announced a series of sanctions today against Russia, which leaves the country on the verge of being tossed out of Western banking/finance markets related to SolarWinds and US elections meddling; and  *Nuclear Option Still Available: As bad as this is for Russia and her largest financial institutions, such as Sberbank of Russia (SBER.RU), the Biden administration did not move to the nuclear option of barring investors from holding Russian sovereign debt in the secondary market nor did it actually add tycoons to the sanctions list. The painful worst case scenario of barring ownership of Russian debt has been avoided, as foreign investors own some 20% or USD 37 bn in Russian paper - US investors account for half of foreign holdings. This situation could have triggered substantial indices-related selling. 

Sberbank of Russia – Dealing With New Sanctions