Debt Markets Today - March 24, 2021
CIS EUROBOND MARKETRussian sovereign Eurobonds were on the retreat yesterday. The largest losses came in long-term issues, with quotes on the Russia 43 and 47 ending the day 0.8 pp and 0.9 pp lower, respectively.GOVERNMENT DEBTIn the OFZ market, positions were being liquidated yesterday, likely amid burgeoning expectations of new sanctions, which, according to media reports, could be announced already this week. Yield growth in short- and medium-dated OFZs reached 25 26 bps, while the long end of the curve added 15 bps. However, news that the Finance Ministry decided to cancel today's auction helped the market stabilize and even recoup part of its losses. This is the first time an auction has been canceled since last August. Even in February, during a sharp selloff in the market, the Finance Ministry continued to place paper at auctions. By the close, meanwhile, yields had rebounded somewhat to 15 bps higher in the belly of the curve and 10 bps higher at the long end. Trading volumes surged to R70 bln.STORIES> Weekly update on OFZs and other ruble rates
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