Debt Markets Today - December 9, 2021. Russian November Inflation; SberCIB 2022 Fixed Income Preview; OFZ Auctions Recap

CIS EUROBOND MARKETRussian sovereign Eurobonds had an up-and-down session yesterday. Prices rose 0.5-1.0 pp in the morning amid a bid from Asian investors but then came under pressure amid a rise in US Treasury yields in the second half of the day's trading, which sparked selling among Western accounts. As a result, prices at the long end finished 1.3 pp off their intraday highs.GOVERNMENT DEBTThe market perceived the Putin-Biden call as positive, against which backdrop OFZs opened yesterday with gains, and yields declined by 5-10 bps. However, by the end of the day most of the gains had been erased and yields closed only 1-3 bps lower. We think the market was likely affected by the sharp rise in the US Treasury yields yesterday and uncertainty about Russian inflation prints due after the close of trading.STORIES> Russian inflation jumps to 8.4% in November; we expect some deceleration in December> 2022 Fixed Income Preview: From Great Inflation to Great Moderation?> Ten-year OFZ placed without yield premium