Debt Markets Today - July 27, 2021. Federal Reserve Preview; Biggest Weekly Foreign Inflow into OFZs Since November; Kazakh NBK Hikes Rates 25 bps

CIS EUROBOND MARKETCIS Eurobonds continued to trade sideways, with only long-dated Russian sovereign issues managing to register notable gains (+0.2 pp). In the corporate segment, foreign investors showed interest in VEON issues.GOVERNMENT DEBTNonresidents continued to add to positions in OFZs yesterday, which helped the curve move 2-5 bps lower in the belly and at the long end. The yield on the 10y OFZ 26218 (September 2031) closed at 6.97%, the first time it has dipped below 7% since March. Short dated issues lagged the rally, shifting just 1 3 bps lower in yield. Trading remained brisk: R35 bln changed hands on the Moscow Exchange, which is more than one and a half times the average daily volumes over the past month. The government debt of EM peers, meanwhile, posted a mixed performance on the day.STORIES> Federal Reserve Preview: Hawkish voices to grow louder> OFZ Weekly Flows: Biggest weekly foreign inflow since last November> OFZ market awaiting auctions announcement today> National Bank of Kazakhstan increases base rate by 25 bps to 9.25%, remains cautious about raising rates