Sberbank CIB Says Russian Surplus Will Help Cut Valuation Gap

“The pullback of liquidity globally is probably going to be a net positive for Russia,” Todd Berman, head of investment banking at Sberbank CIB, says in phone interview in London * “Russian macro story will stand out” * Strong current account, likely budget surplus in 2013 means “substantially stronger” position vs some other EMs * “Over time” Russian macro position will help reduce valuation gap between Russian and other EM equities * Sees “strong demand” for Russian Eurobonds

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To contact the editor responsible for this story: Gavin Serkin at

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