Debt Markets Today - July 1, 2021. CBR Could Adjust Inflation-Targeting Framework, June Inflation at 0.7%, 3Q21 OFZ Borrowing Plan Lowered to R700 bln

CIS EUROBOND MARKETYesterday, the Russian sovereign Eurobond market continued to see flows related to portfolio end-quarter rebalancing. They were most active and went in both directions in the middle of the curve, while selling prevailed at the long end. On the day, the sovereigns did not show pronounced changes in price, despite rising dollar benchmark rates for most of yesterday's session. In the Russian corporate segment, selling by foreigners in the papers of Sibur, Alrosa, Evraz, Gazprom and Lukoil continued.GOVERNMENT DEBTThe OFZ curve closed largely unchanged yesterday amid the Finance Ministry's decision to limit yield premiums at the weekly auctions. Trading volumes came in slightly below the average for the month at R17 bln, with R6 bln going through in short-term issues.STORIES> CBR could be mulling change to inflation target> Latest weekly data suggests inflation of 0.7% m-o-m in June> Multi-Asset Sputnik: Enter the hawks> Bi-Weekly FICC Strategy: New Belarus sanctions softer than some feared> Finance Ministry decides not to sacrifice pricing at yesterday's OFZ auctions> Third-quarter OFZ borrowing target lowered to R700 bln