Debt Markets Today - April 8, 2020

CIS EUROBOND MARKETSupported by an improved external backdrop, Russian sovereign Eurobonds continued to rise yesterday. The Russia 23 and 26 outperformed, adding 0.9 pp in price, followed by the Russia 43 (up 0.7 pp). GOVERNMENT DEBTThe OFZ market remained fairly inactive yesterday, as investors were probably adopting a wait-and-see stance ahead of the OPEC+ meeting. Yesterday morning witnessed sluggish selling by nonresidents, which was hoovered up by local accounts. The Finance Ministry's decision to resume auctions after freezing them for more than a month failed to pressure secondary quotes, despite the fact that the ministry will offer three issues as early as today. OFZ yields closed little changed, and volumes totaled R17 bln. According to the National Settlement Depository, nonresident outflows reached R2.7 bln on Monday, with the bulk of this going through in the 1y OFZ 26205.STORIES> The Russian Eagle: Entering survival mode> Russian Railways reports 2019 IFRS results> Sovcombank 4Q19 and 2019 IFRS review> Sovcombank to buy back $40 mln in subordinated Eurobonds> Armenia economy: Improved fundamentals to help withstand storm