Debt Markets Today - June 18, 2019

CIS EUROBOND MARKETTrading activity in the Russian sovereign Eurobond space shifted up a gear yesterday, particularly in the middle of the curve (specifically the Russia 26 and 27), but again quotes were little changed, though long-dated paper gained 0.2-0.3 pp. Nonresidents dominated the bid.GOVERNMENT DEBTOFZ yields resumed their slide that began on Friday after the CBR decision. It intensified later against the backdrop of a strengthening ruble. Yields closed 4-5 bps lower across most of the curve but 9 bps lower in the 15y paper, indicating that the market expects the first placement of 20y paper by the Finance Ministry at tomorrow's auctions. Demand was again dominated by nonresidents. Volumes totaled R18 bln, with half of this going through in the 8y OFZ 26207.STORIES> Alfa Bank placing debut local perpetual bond issue> Kazakh economic indicator slows in May> Russia-Belarus integration program said to be 90% negotiated> Monthly inflation in Belarus at 0.3% in May> Belarusian GDP expands 1.0% in 5m19