Sberbank - Debt Markets Today - October 13, 2021. Russian 9m21 Budget Data, Analysis of High Gas Prices for Ruble, Economy

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Sberbank

Alisa Zakirova ...

Anton Stroutchenevski
Artem Vinogradov
Ekaterina Sidorova
Igor Rapokhin
Olga Sterina
Research Team
Rodion Lomivorotov
Sergey Kolesnikov, FRM
Yuri Popov

Debt Markets Today - October 13, 2021. Russian 9m21 Budget Data, Analysis of High Gas Prices for Ruble, Economy

CIS EUROBOND MARKETWith US Treasury yields pulling back, quotes on Russian sovereign Eurobonds rose. The Russia 47 led the market with a 0.4 pp gain, followed by the Russia 42 (up 0.2 pp).GOVERNMENT DEBTOFZ yields climbed 2-5 bps yesterday ahead of the announcement of what will be offered at today's auction and amid rising rates on ruble swaps. Trading volumes on the Moscow Exchange came in at just R19 bln, significantly below the average for the month. We note that yesterday the US 10y yield dropped 4 bps to close below 1.60% thanks to a strong auction for 10y paper (the bid-to-cover ratio was 2.6, versus 2.5 at the last six auctions). Also playing a role were cautious comments from Fed Vice Chairman Richard Clarida.STORIES> What higher gas prices mean for Russia's macro picture> Strong budget surplus over 9m21 will be offset in 4Q21> Fixed Income Quarterly: Facing a stagflation narrative> High gas prices to speed euro depreciation, lift the ruble

13/10/2021 48 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

Alisa Zakirova

Anton Stroutchenevski

Artem Vinogradov

Ekaterina Sidorova

Igor Rapokhin

Olga Sterina

Research Team

Rodion Lomivorotov

Sergey Kolesnikov, FRM

Yuri Popov

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Debt Markets Today - October 13, 2021. Russian 9m21 Budget Data, Analysis of High Gas Prices for Ruble, Economy

Russian Consumer - Unemployment and Income: The Outlook for 2022

Russian Banks - What We Know at This Stage

Russia FX/Rates Snapshot - March 24, 2022. Ruble Could Take a Pause After Sharp Gains

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