Debt Markets Today - June 21, 2019

CIS EUROBOND MARKETPrices on long-dated Russian sovereign Eurobonds soared yesterday amid the sharp decline in US Treasury yields following the Fed's more dovish than expected comments on Wednesday. The Russia 42 led the way, closing with a gain of 2.9 pp, even after a mild correction late in the session. The Russia 47 trailed close behind with a 2.6 pp gain. Shorter-dated issues, on the other hand, finished little changed in price, as the selling by nonresidents intensified.GOVERNMENT DEBTOFZs rallied yesterday against a backdrop of elevated risk appetite in global markets. Yields were down as much as 12-14 bps at one point in the session, but they picked up later on amid continued selling by locals and closed just 8 9 bps lower. Trading volumes totaled R40 bln, of which R24 bln was attributable to the OFZ 26212.STORIES> Russia's economic dynamics remain sluggish in May> Fixed Income Quarterly: An island of stability> Increased trading activity in the 8y OFZ: Possible causes> Russia taps Eurobonds for $2.5 bln> Ukrainian GDP growth in 1Q19 revised upward to 2.5% y-o-y> Armenia fixed income: Out of touch with fundamentals