- Alexey Kirichok
- Alisa Zakirova
- Andrey Gromadin
- Anna Kotelnikova
- Anton Stroutchenevski
- Artem Vinogradov
- Ekaterina Sidorova
- Irina Lapshina
- Nikolay Minko
- Research Team
- Rodion Lomivorotov
- Vladimir Lezhnev
- Yaroslav Lissovolik
Debt Markets Today - September 14, 2020
CIS EUROBOND MARKETRussian sovereign Eurobonds consolidated on Friday amid a lack of triggers. Prices did not move more than 0.2 pp in either direction. The Russia 35 and Russia 42 outperformed. GOVERNMENT DEBTThe OFZ market was fairly inactive on Friday morning despite sharp ruble strengthening. However, following news about the Finance Ministry's borrowing plans for this year and next (see the story below), yields began to climb at the long end and ended 6-9 bps higher. The ministry's net borrowing target now stands at R4.4 trln for this year and R2.7 trln for 2021 (a respective R5.4 trln and R3.8 bln in gross terms). The ministry has placed just R1.87 trln on a net basis so far this year (R2.4 trln gross). Nonresidents were again not particularly active on Friday, with buying and selling mainly coming from local accounts. Volumes totaled R19 bln.STORIES> Russian economics: The ruble paradox of the pandemic> Budget shows improvement in August, but still in deficit> Russia holds local elections> Borrowing target now net R4.4 trln in 2020, R2.7 trln in 2021> Gazprom's Management Committee formalizes guided capex cut> De Beers posts strong sales for its recent trading sessionAK 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.
PJSC Gazprom is a gas company based in Russia. Co.'s principal activity is the sale of gas. Co. is also involved in other types of activities which include leasing of assets, gas transportation and storage services, sale of gas condensate and refined products. Co. and its subsidiaries and associates operates gas pipelines systems in Russia. Co. is responsible for substantially all gas production and high pressure gas transportation in the Russian Federation. Co. is also a major exporter of gas to European countries. Co. is directly involved in exploration and drilling for hydrocarbons, production of gas and other hydrocarbons and domestic and export sale of gas and other hydrocarbons.
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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