Debt Markets Today - December 22, 2021. Russia-US Security Talks; Our "CBR Vector Index"; Belarusian GDP; Uzbekistan Trip Notes

CIS EUROBOND MARKETYesterday, trading in the CIS Eurobond market was light and the recent negative trend persisted. In the Russian sovereign segment, short-term papers changed hands the most, while at the long end a lack of buyers caused prices to sink (the Russia 43 and 47 down 0.7 pp each).GOVERNMENT DEBTThe main trading activity yesterday was seen in short-dated, fixed-coupon OFZs in which R20 bln traded hands. This was partly attributable to available funds being allocated ahead of the protracted New Year holiday. As a result, yields in this segment moved 3-10 bps lower yesterday. Yields in the middle and at the long end of the curve rose 3-6 bps following the announcement of the lineup for today's auctions. Peer EM bond markets were mostly under pressure yesterday, with yields shifting 5-10 bps higher.STORIES> Russia-US security talks to take place in January> Our new rate forecasting tool: The "CBR Vector Index"> Belarus GDP climbs 2.3% y-o-y in 11m21> Uzbekistan virtual trip: We retain a positive outlook