- Anton Stroutchenevski
- Artem Vinogradov
- Ekaterina Sidorova
- Igor Rapokhin
- Olga Sterina
- Research Team
- Rodion Lomivorotov
Debt Markets Today - September 13, 2021. CBR Decision, Closing a Trade Recommendation, Russian GDP Growth
CIS EUROBOND MARKETThe FSU region's Eurobond market continued trade without strong movements. Among Russian sovereigns, the Russia 47 and 42 climbed 0.2 pp, as did the Russia 36 E. Elsewhere in the region, the Belarus 26 and 27 added 0.3 pp and 0.5 pp (see our Debt Markets Today from Friday). Corporate issues, meanwhile, were mostly flat on the day.GOVERNMENT DEBTOFZ yields declined in response to the CBR decision and subsequent rhetoric, the curve shifting 2-5 bps lower by the end of the day. Trading volumes on the Moscow Exchange totaled R38 bln on Friday, which is one and a half times above the average daily figure for the last month. A significant chunk (R14 bln) of the turnover came in 7-8y paper.STORIES> Russia Economic Monthly: Very strong revenues allow government to boost spending> Russian GDP growth in 2Q21 revised upward to 10.5% y-o-y> Budget revenues remain strong in August, covering higher social expenditures> CBR Review: Softer action, harsher guidance> Alrosa reports August sales results> We close our recommendation to buy the Rusal 22AK 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.
United Company Rusal is a producer of aluminium and alloys. Co.'s production chain include bauxite and nepheline ore mines, alumina refineries, aluminium smelters and casting houses, foil mills and packaging production centres. Co. operates in four reportable segments: Aluminium, which is involved in the production and sale of primary aluminium; Alumina, which involved in the mining and refining of bauxite into alumina and the sale of alumina; Energy, which include the mining and sale of coal and the generation and transmission of electricity; Mining and Metals, which includes the equity investment in Co.'s joint venture, PJSC MMC Norilsk Nickel.
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.
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