Debt Markets Today - December 10, 2021. Russia Current Account Surplus Hits Record in 11m21

CIS EUROBOND MARKETFollowing the growth in US Treasury yields on Wednesday evening and amid ongoing geopolitical tension, Russian sovereign Eurobonds saw continued selling yesterday. The steepest losses were posted by the Russia 42 and 35, which were down 0.4 pp and 0.5 pp, respectively. The Russian corporate segment, meanwhile, continued to trade in a narrow range yesterday: the only notable movers were the Koks 25, Borets 22 (down 0.3 pp) and Rusal 22 (down 0.4 pp). GOVERNMENT DEBTOFZ yields moved 5-7 bps lower yesterday as the slowdown in weekly inflation and the ratcheting-down of geopolitical risks were priced in. Both locals and nonresidents were on the bid. Trading volumes on the Moscow Exchange, however, totaled a mere R17 bln, which is just a little more than half of the average volume over the past month. Meanwhile, peer EM markets saw mixed dynamics.STORIES> Russia's current account surplus reaches a record $111 bln in 11m21