Report
Alexander Golinsky ...
  • Alexander Sychev
  • Alexey Bulgakov
  • Alexey Kirichok
  • Alisa Zakirova
  • Andrey Gromadin
  • Anna Kotelnikova
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Ekaterina Sidorova
  • Irina Lapshina
  • Nikolay Minko
  • Rodion Lomivorotov

Debt Markets Today - March 11, 2020

CIS EUROBOND MARKETFollowing the massive selloff in Russian sovereign Eurobonds on Monday, prices rebounded with the return of local investors yesterday, though volumes were not especially high. The biggest gainers were the Russia 30 (+1.5 pp) and Russia 35 (+1.4 pp), followed by longer-dated issues (+1.0 pp).GOVERNMENT DEBTVolatility in the OFZ market was very high yesterday, the first day of trading following the extended holiday weekend in Russia, during which time a risk-off mood took hold in global markets amid a further spread of the coronavirus and a collapse in oil prices. Yields gapped 60-80 bps higher at the open, but the market was able to stabilize as the ruble pared back earlier losses, with yields retreating to just 20-40 bps above Friday's closing levels, at which point locals stepped up their buying. However, sentiment soured again later on, and yields finished 60 80 bps higher at the short end and 50-55 bps higher further out on the curve. Volumes totaled R68 bln, with nearly half of that going through in the two longest issues, the 15y OFZ 26225 and 20y OFZ 26230.STORIES> Impact of lower oil prices on Russia, Kazakhstan, Azerbaijan> Alrosa: Good 4Q19 IFRS results, muted 2020 outlook> Lukoil maintains strong FCF generation in 4Q19> Inflation in Belarus slows to 4.4% y-o-y in February
Underlyings
ALROSA PJSC

AK Alrosa PAO. AK Alrosa PAO (Aktsionernaya kompaniya ALROSA PAO or ALROSA Company PJSC), formerly AK Alrosa OAO, is a Russia-based company which is principally engaged in the exploration, mining, manufacture and sales of diamonds. Its operations include five Integrated Mining and Processing Complexes: Mirny, Udachny, Aikhal, Anabar and Nyurba located in the Sakha Republic; sorting divisions and diamond cutting and polishing division. The Company is a member of variable diamonds associations. It operates through several representative offices, branches and subsidiaries, including Alrosa-Nyurba OAO, Almazy Anabara OAO and Severalmaz OAO.

Oil company LUKOIL PJSC

PJSC Lukoil is a vertically-integrated oil company engaged in the exploration and production of crude oil and natural gas. Co. is engaged in all main sectors of the modern oil business including supplies, refining, marketing, transportation, petrochemicals and oil-related activities. Co.'s operations are divided into five business segments: Exploration and Production; Refining, Marketing and Distribution; Chemicals; Power Generation and Other Business Segments. Co. owns and operates refineries in Bulgaria (LUKOIL Neftochim Bourgas AD) and Romania (Petrotel-LUKOIL).

Provider
Sberbank
Sberbank

​Sberbank CIB Investment Research is a research firm offering equity, fixed income, economics, and strategy research. It covers analysis on all aspects of Russia’s capital markets, issues and industries. The firm analyzes trends in Russia and combines local knowledge with a global perspective. It processes macroeconomic data, market and company-specific news, stock quotes and other information for providing research reports. The firm provides details and latest prices on the most traded names and most traded paper on all segments Russian market. In strategy research, it provides thematic research, tips and descriptions of the methodology used to evaluate companies.

Analysts
Alexander Golinsky

Alexander Sychev

Alexey Bulgakov

Alexey Kirichok

Alisa Zakirova

Andrey Gromadin

Anna Kotelnikova

Anton Stroutchenevski

Artem Vinogradov

Ekaterina Sidorova

Irina Lapshina

Nikolay Minko

Rodion Lomivorotov

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  • Research Team
  • Rodion Lomivorotov

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