In the unfavorable operating environment Eurasian Bank demonstrates weak ability to generate profit. Additional negative factor we consider to be the lack of a clear strategy and positioning of the Bank in the market with a low level of provisions, with little signs of improvement. However, participation in the State program of increasing financial stability will reduce the pressure on capital and lower credit risk. After repayment of Eurobonds in November 2017, debt instruments of the Bank do not offer adequate risk premium to investors in comparison with existing market conditions on Bank deposits and alternative debt obligations of other issuers with the comparable maturity, so we recommend to Hold the Bank's bonds.

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