Sberbank - Debt Markets Today - December 15, 2020

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Sberbank

Alexander Golinsky ...

Alisa Zakirova
Anton Stroutchenevski
Artem Vinogradov
Ekaterina Sidorova
Nikolay Minko
Research Team
Rodion Lomivorotov

Debt Markets Today - December 15, 2020

CIS EUROBOND MARKETThe favorable external backdrop during the European session helped EM assets to advance yesterday, and Russian sovereign quotes closed slightly higher. EM peers saw significant demand, so the relative underperformance was probably due to media reports of cyberattacks on the US Treasury.GOVERNMENT DEBTA strengthening ruble and generally positive backdrop allowed for OFZ yields to drop 1 bp early yesterday. However, later in the day mounting geopolitical risks and a reversal in the ruble caused OFZs to retrace the move and close virtually flat. Trading volumes remained subdued, totaling just R17 bln. Today, the Finance Ministry will make its announcement about tomorrow's OFZ auction. We expect it to announce that it will offer up the 5y OFZ 26234 (July 2025) and 10y OFZ 26235 (March 2031). We do not expect the market to show much of a reaction to the announcement. Given the growing geopolitical risks, the ministry could set limits for the auction.STORIES> OFZ Weekly Flows: Nonresident holdings rise for second week> NBK leaves policy rate at 9%, tightens rate corridor to 8-10%

15/12/2020 14 EN

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Sberbank

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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Analysts

Alexander Golinsky

Alisa Zakirova

Anton Stroutchenevski

Artem Vinogradov

Ekaterina Sidorova

Nikolay Minko

Research Team

Rodion Lomivorotov

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Debt Markets Today - December 15, 2020

Russian Consumer - Unemployment and Income: The Outlook for 2022

Russian Banks - What We Know at This Stage

Commodities Daily - March 24, 2022

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