Debt Markets Today - August 18, 2021. Metalloinvest and Alfa Bank 1H21 Results, Kazakh GDP Print for 2Q21, Belarusian July Inflation

CIS EUROBOND MARKETDemand for Russian sovereign Eurobonds remained strong yesterday, particularly at the long end of the curve, despite the volatility in global markets. We suspect the strong bid was mainly attributable to local investors. The Russia 43 gained 0.6 pp, while the Russia 42 and Russia 47 both added 0.4 pp.GOVERNMENT DEBTYesterday, OFZs got off to a strong start, with yields falling 2-3 bps in the early half of the session. However, the second half saw a turnaround in both US Treasuries and the ruble, while markets also took the Finance Ministry's decision to again place the 20y OFZ 26238 (May 2041), the longest issue, and 10y OFZ 26239 (July 2031) without limits somewhat cautiously. OFZ yields fully pared their early declines and finished 1-3 bps higher. Trading volumes picked up to R58 bln, well above the R35 bln average for the month.STORIES> Alfa Bank reports strong set of 1H21 results> Metalloinvest publishes 1H21 financial results> Kazakh GDP expands 6% y-o-y in 2Q21> Kazakh short term indicator improves in July on a low base> Belarusian inflation stabilizes at 9.8% y-o-y in July> Bank of Georgia 2Q21 IFRS: Strong quarter, helped by a rebounding economy