Debt Markets Today - May 14, 2021

CIS EUROBOND MARKETHigh volatility in benchmark rates meant that investors in the Eurobond market took up a wait-and-see stance yesterday. Russian sovereign Eurobond quotes were basically unchanged on the day, with only the Russia 28 and Russia 35 giving up around 0.2 pp apiece.GOVERNMENT DEBTWednesday's inflation data from the US continued to exert pressure on local EM debt markets yesterday, pushing yields in most markets 3-10 bps higher. OFZ yields were trading up to 10 bps above Wednesday's closing levels leading into the open on Wall Street, at which point global risk sentiment began to sharply recover. This caused yields on OFZs to pull back, and they finished the day only 2-5 bps higher. OFZ trading volumes totaled R19 bln yesterday, which is around R7 bln below the average level over the past month.STORIES> Weekly inflation slows to 0.1%> Finance Ministry aims to lower share of floating-rate OFZs> Nonresident share in OFZs drops significantly in April> Ukrainian inflation edges down to 8.4% y-o-y in April> Belarusian inflation ticks up to 8.6% y-o-y in April