Debt Markets Today - April 6, 2018
CIS EUROBOND MARKETDemand again prevailed in the Russian sovereign Eurobond market yesterday, and prices continued to climb higher. The long end of the curve saw the biggest gains, which ranged between 0.5 and 1.0 pp. The Russia 43 led the market, adding 1.0 pp to 113.9% (YTM 4.9%, Z-spread 199 bps). The Russia 29 gained 0.4 pp to 99.7% (YTM 4.4%, Z-spread 153 bps).
GOVERNMENT DEBT
As on Wednesday, there was moderate demand for long-dated OFZs in the first half of yesterday’s trading. In the second half, yields on shorter notes rose 1-3 bps on thin volumes. Overall, trading volume in the secondary market was about average yesterday. The OFZ 52001, the old CPI linker, fell 2 bps in yield to 2.64%, while the new CPI-linked OFZ 52002 was trading around 2.90%, around 7 bps below the placement yield.
STORIES
> Russian light vehicle sales data for 3m18
> Gazprombank perps offer conditional upside
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