Debt Markets Today - December 14, 2021. Russian Budget Data for November, Talks on Russia-Ukraine Standoff Today, OFZ Weekly Flows Review

CIS EUROBOND MARKETLiquidity in the Eurobond market remains low as investors take a wait-and-see approach ahead of the Fed decision tomorrow. In the Russian sovereign segment, the only issue to have shown significant price moves yesterday was the Russia 47, which added 0.3 pp. Elsewhere in the region's sovereign space the Armenia 29 and Kazakhstan 44 climbed by the same amount. Russian corporate paper closed essentially flat on the day.GOVERNMENT DEBTYields on medium- and long-dated OFZs climbed 3-5 bps yesterday amid a weakening of the ruble and deterioration of risk sentiment globally. Trading was thin yesterday, with only R15 bln changing hands. Of this more than a third came in fixed-coupon paper, which is related to reinvestment by holders of the OFZ 25083, which comes due this week. This allowed short-dated paper to outperform: these issues closed with either no yield change or with yields moving 2 bps lower.STORIES> Budget continues to show strong revenue growth in November> US official visiting Moscow today for talks on Russia-Ukraine standoff> OFZ Weekly Flows: Outflows from nonresidents seen for fourth straight week