Sberbank - Debt Markets Today - July 7, 2021. OFZ Auctions Preview, Changes to Our Russian and FSU Corporate Bond Recommendations

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Sberbank

Alisa Zakirova ...

Ekaterina Sidorova
Igor Rapokhin
Olga Sterina
Research Team
Sergey Kolesnikov, FRM

Debt Markets Today - July 7, 2021. OFZ Auctions Preview, Changes to Our Russian and FSU Corporate Bond Recommendations

CIS EUROBOND MARKETRussian sovereign Eurobonds saw mixed flows yesterday. When US Treasury yields started dropping in the evening, the Russian sovereign issues with maturity beyond 2035 added 0.2-0.3 pp. The most actively traded issues were the Russia 35 and 47.GOVERNMENT DEBTOFZs were affected by a mixed set of factors yesterday. On the negative side, a decline in global risk appetite weighed on EM local government debt and EM currencies, including the ruble. On the positive side, US Treasury yields dropped sharply, while the Finance Ministry decided to offer only R20 bln at today's auction. The end result was a 2-4 bp rise in yields up to the 5y mark and either a flat performance or 1 bp increase further out on the curve.STORIES> Modest offer at today's OFZ auctions> Changes to Russian and FSU corporate bond recommendations

07/07/2021 42 EN

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Sberbank

Sberbank CIB Investment Research is a research firm offering equity, fixed income, economics, and strategy research. It covers analysis on all aspects of Russia’s capital markets, issues and industries. The firm analyzes trends in Russia and combines local knowledge with a global perspective. It processes macroeconomic data, market and company-specific news, stock quotes and other information for providing research reports. The firm provides details and latest prices on the most traded names and most traded paper on all segments Russian market. In strategy research, it provides thematic research, tips and descriptions of the methodology used to evaluate companies.

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Analysts

Alisa Zakirova

Ekaterina Sidorova

Igor Rapokhin

Olga Sterina

Research Team

Sergey Kolesnikov, FRM

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Debt Markets Today - July 7, 2021. OFZ Auctions Preview, Changes to Our Russian and FSU Corporate Bond Recommendations

Russian Consumer - Unemployment and Income: The Outlook for 2022

Russian Banks - What We Know at This Stage

CIS Market Daily - March 24, 2022

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