- Alexey Kirichok
- Alisa Zakirova
- Anton Stroutchenevski
- Artem Vinogradov
- Ekaterina Sidorova
- Irina Lapshina
- Nikolay Minko
- Research Team
- Rodion Lomivorotov
- Vladimir Lezhnev
Debt Markets Today - October 14, 2020
CIS EUROBOND MARKETDespite the fairly sharp drop in US Treasury yields yesterday, Russian sovereign Eurobonds traded mostly flat. Medium-dated paper slightly outperformed, the Russia 29 gaining 0.2 pp in price. GOVERNMENT DEBTOFZ yields continued to decline yesterday morning, similar to last week. Nonresidents were buying in the middle of the curve, which sent yields 5 bps lower in this segment, while yields edged 1-2 bps lower at the long end. After the Finance Ministry announced that it will place the 15y nominal OFZ 26233 (July 2035) with no limit at today's auction, secondary market activity fell off and long-dated yields retraced to previous levels. The new 12y floating-rate OFZ 29017 (August 2032) will also be offered today (see our story below). We see around R300 bln being placed in the floater and R20-30 bln in the nominal issue. Volumes came in at R20 bln yesterday.STORIES> Russian budget remains in deficit, but revenues improve> We see R300-350 bln of OFZs being placed at today's auctions> MMK: Production and sales pick up in 3Q20; earnings preview> National Bank of Uzbekistan to place debut senior dollar bonds> Consumption and investment drag on Kazakhstan's GDP in 2Q20> Inflation in Belarus picks up to 6.1% y-o-y in September
BGEO Group is a holding company. Together with its subsidiary, JSC Bank of Georgia (the Bank) and other subsidiaries, Co. makes up a group of companies that provide banking, insurance, real estate, utility, leasing, beverage production and distribution, brokerage and investment management services to corporate and individual customers. Co. has two operating segments: banking business, which comprises: retail banking and payment services, corporate investment banking and wealth management operations and banking operations in Belarus; and investment business, which comprises Co.'s stakes in Georgia Healthcare Group PLC, Georgia Global Utilities, m2 Real Estate, Aldagi and Teliani Valley.
Magnitogorskiy Metallurgicheskiy Kombinat PAO, formerly Magnitogorskiy metallurgicheskiy kombinat OAO, is a Russia-based company, active in the steel industry. Its main products are sinter, coke, iron, crude steel, rolled products and ore materials. The Company offers a wide range of products such as wire rod, rebars, square bars, strips, round bars, among others. It is also involved in the coal ore mining, processing of ore materials, sale of ferrous metal products and others. Magnitogorskiy metallurgicheskiy kombinat OAO operates as a supplier for such industries as: pipelines, vehicles, railway, construction and shipbuilding, among others. Its subsidiaries include Lys'venskaya Metallurgicheskaya Kompaniya OOO, among others. The Company operates domestically, as well as exports its products to the Commonwealth of Independent States (CIS) countries, Asia, the Middle East and Europe.
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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