Debt Markets Today - December 7, 2021. Putin-Biden Call Preview, OFZ Weekly Flows Review
CIS EUROBOND MARKETRussian sovereign Eurobonds finished yesterday's session up 0.25-0.50 pp in price. The Russia 35 continued to find a decent bid, while the Russia 47 was the most heavily traded issue. GOVERNMENT DEBTTrading activity in the OFZ market spiked yesterday, with turnover at R95 bln, more than triple the daily average YTD. This was driven by heavy trading (R51.4 bln) in the 3y floater OFZ 24021 (April 2024) ahead of an impending R350 bln redemption of OFZs. In addition, high activity was observed in short-term fixed-coupon OFZs (R15 bln). Yields across the OFZ curve shifted 6-12 bps higher yesterday amid persisting nervousness surrounding the planned Putin-Biden call. Other EM local debt markets were mixed on the day, while most of the yield moves were insignificant.STORIES> Presidents Putin, Biden to speak this evening> OFZ Weekly Flows: Nonresidents keep trimming positions
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