Debt Markets Today - February 28, 2018
CIS EUROBOND MARKETThe negative external backdrop sparked a wave of selling on the Russian sovereign Eurobond market. Long issues fared the worst, losing 0.4-0.5 pp. The Russia 42 dropped 0.5 pp, losses that made it a laggard. Other issues saw more slight moves.
GOVERNMENT DEBT
The fragile ruble, along with the Finance Ministry’s setting an auction for R50 bln today and UralSib Bank’s announcing that it would sell R45 bln of the OFZ 26207 tomorrow, sent OFZ yields higher. They were up 3-4 bps in the middle and at the long end. The 7y issue stood out, yielding 7 bps higher by the close. Yields were little changed at the short end. Volumes were above average.
STORIES
> Alfa Bank reports good 2017 IFRS numbers, upgraded to BB+ by S&P
> S&P upgrades ratings of Russian quasi-sovereign borrowers
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