Debt Markets Today - July 9, 2021.

CIS EUROBOND MARKETUS Treasury yields were falling for most of yesterday's session, which helped Russian sovereign Eurobond quotes to add 0.2-0.3 pp. The euro-denominated sovereigns also ticked higher, gaining about 0.15 pp. Meanwhile, the Russian corporate segment ended the day without significant price movements. Among other CIS sovereign Eurobonds, the highlight was Kazakh papers, which extended their recent rally, adding 0.4 pp.GOVERNMENT DEBTFollowing Wednesday evening's inflation report, yesterday OFZ yields opened higher, while the curve resumed flattening. Yields on short-dated paper advanced 5-8 bps, medium-dated yields added 3-5 and the long end 2-3 bps. The 10y OFZ 26218 (September 2031) reached 7.23%, its highest level since the first half of June. Trading volumes on the Moscow Exchange totaled R31 bln, which is nearly twice the average daily figure over the last month. The 10y government debt of other EM countries mostly dropped 3-5 bps in yield.STORIES> Fixed Income Quarterly: Rising rates on the horizon> Digging into ruble's fair value and geopolitical premium> Euroclear starts settlement of new, on-the-run OFZs> Ukrzaliznytsya places new $300 mln Eurobond> Uzbekistan plans new Eurobond in dollars and local currency> New DTEK Energy bond added to JPMorgan CEMBI