Debt Markets Today - February 3, 2022. Russian Weekly Inflation, December Industrial Production; OFZ Auction Results

CIS EUROBOND MARKETThe absence of negative geopolitical headlines and a downtrend in UST yields in the first half of yesterday's session allowed Russian sovereign issues to continue recovering. The Russia 43 and Russia 42 tied for the top performance with gains of 3.8 pp.GOVERNMENT DEBTThe rally in OFZs had another leg yesterday amid further ruble appreciation, with international accounts raising their bid. Yields at the long end of the curve traded as much as 10-12 bps tighter d-o-d, but retraced back to 3-5 bps tighter by the close. The middle and front end of the curve saw yields narrow 5-10 bps. Trading volumes on the Moscow Exchange remained healthy at R30 bln. Notably, for the second day in row the majority of other EM local markets traded with gains, and 10y yields fell 3-10 bps.STORIES> Russian weekly inflation stays at 0.2%> Industrial production growth picks up in December and 4Q21> OFZ auctions resume on strong note