Sberbank - Debt Markets Today - November 26, 2020

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Sberbank

Alexander Golinsky ...

Alisa Zakirova
Anton Stroutchenevski
Artem Vinogradov
Ekaterina Sidorova
Nikolay Minko
Research Team
Rodion Lomivorotov

Debt Markets Today - November 26, 2020

CIS EUROBOND MARKETWith the day short in the US yesterday ahead of the holiday, US investors were inactive in the Russian sovereign Eurobond markets, and movements were again restrained. Long-term issues underperformed, the Russia 47 dropping 0.2 pp to 136%.GOVERNMENT DEBTTrading was very thin in the OFZ market yesterday, which was largely attributable to minimal activity from nonresidents this week due to the Thanksgiving holiday in the US. Yields edged 1-3 bps higher due to a weakening ruble and weak auction results. At the auction, the Finance Ministry offered the new 7y nominal OFZ 26236 (May 2028) with no limit. Bids totaled just R23 bln, while only R18 bln was placed. We estimate the premium to secondary market quotes at 10 bps. We think that such a premium is warranted by the fact the issue will be illiquid for some time (see our Auction Results note for more).STORIES> Russian consumer prices up 0.2% for third week in a row> Decline in Kazakh economic activity widens in October> Uzbekistan update: Diversification helps shield from shocks

26/11/2020 15 EN

Provider

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

Alexander Golinsky

Alisa Zakirova

Anton Stroutchenevski

Artem Vinogradov

Ekaterina Sidorova

Nikolay Minko

Research Team

Rodion Lomivorotov

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Debt Markets Today - November 26, 2020

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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