Debt Markets Today - May 25, 2021. Updating Our Ruble Rates Recommendations Amid Expected Front-Loaded Rate Hike Cycle
CIS EUROBOND MARKETIn the Russian sovereign Eurobond market, price changes continued to be minimal, as was the case in the Russian corporate segment as well. An exception was the MKB perpetual and subordinated papers due in 2027, which added 0.4 pp apiece.GOVERNMENT DEBTTrading volumes on the Moscow Exchange came in at R17 bln yesterday, which is 70% of the daily average YTD. Of this, R7 bln came in the floating-rate paper on reports that a buyback of this paper in the secondary market may be undertaken. Fixed-rate OFZs, meanwhile, traded in the red yesterday, yields adding 1-4 bps. Selling in these issues has been observed at the beginning of the week in recent weeks. It is likely that a large player has been cutting positions ahead of the weekly auctions on Wednesday. Floating-rate paper, meanwhile, climbed 0.1-0.5 pp in price.STORIES> OFZ Weekly Flows: Slight nonresident outflow last week> How to play a front-loaded rate hike cycle
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