Debt Markets Today - March 14, 2022. Government Allocates Funds to Support Economy, TMK Results

CIS EUROBOND MARKETRussian Finance Minister Anton Siluanov provided further comments regarding the servicing of Russia's external debt yesterday, though his remarks were much the same as before. He said, "We have total reserves of around $640 bln; about $300 bln in reserves is now in a state in which we cannot use it. He added, "We need to pay for critical imports. Food, medicines, a number of other vital goods. But - I repeat once again - the debts that we have to pay to countries that are unfriendly to the Russian Federation and have imposed restrictions on the use of gold and foreign exchange reserves - it is to these countries that we will pay debts in ruble terms." We published a note last week on the new, temporary external debt servicing regime and the implications for bonds and other assets. The next coupon payments on Russian sovereign Eurobonds are on March 16 (for the Russia 23 and Russia 43, with a "XS" ISIN) and March 21 (for the Russia 29, with a "RU" ISIN).GOVERNMENT DEBTThe CBR has decided to extend the suspension of trading in the securities section of the Moscow Exchange through March 18. OFZs are quoted at yields of around 20% in the OTC market.STORIES> Government allocates R1 trln to support the economy> TMK releases 4Q21 and 2021 financial results