Sberbank - Debt Markets Today - November 23, 2021. Changes to Corporate Recommendations, OFZ Weekly Flows

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Sberbank

Alisa Zakirova ...

Ekaterina Sidorova
Igor Rapokhin
Olga Sterina
Research Team
Sergey Kolesnikov, FRM

Debt Markets Today - November 23, 2021. Changes to Corporate Recommendations, OFZ Weekly Flows

CIS EUROBOND MARKETThe geopolitical backdrop continued to deteriorate yesterday, causing Russian sovereign Eurobonds to drop 0.5-1.0 pp in price. The highest trading volumes were registered in the issues due in 2042 and 2043.GOVERNMENT DEBTOFZ yields jumped 20-30 bps yesterday amid continued negative geopolitical news flow. Another factor driving the move was a rise in EM local government bond yields - the rise in benchmark 10y yields ranged from 2-20 bps. It seems that the sharp selloff was mainly driven by the hawkish comments from Fed representatives on Friday about potentially speeding up QE tapering and the headlines about the deteriorating Covid situation in Europe. Trading volumes on the Moscow Exchange totaled R28 bln, close to the average over the previous month. Short- and medium-dated issues together accounted for 75% of this amount.STORIES> OFZ Weekly Flows: Flows mostly balanced> Tactical changes to our list of corporate recommendations

23/11/2021 41 EN

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Sberbank

Sberbank CIB Investment Research is a research firm offering equity, fixed income, economics, and strategy research. It covers analysis on all aspects of Russia’s capital markets, issues and industries. The firm analyzes trends in Russia and combines local knowledge with a global perspective. It processes macroeconomic data, market and company-specific news, stock quotes and other information for providing research reports. The firm provides details and latest prices on the most traded names and most traded paper on all segments Russian market. In strategy research, it provides thematic research, tips and descriptions of the methodology used to evaluate companies.

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Analysts

Alisa Zakirova

Ekaterina Sidorova

Igor Rapokhin

Olga Sterina

Research Team

Sergey Kolesnikov, FRM

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Debt Markets Today - November 23, 2021. Changes to Corporate Recommendations, OFZ Weekly Flows

Russian Consumer - Unemployment and Income: The Outlook for 2022

Russian Banks - What We Know at This Stage

CIS Market Daily - March 24, 2022

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