Debt Markets Today - October 22, 2019
CIS EUROBOND MARKETThe selloff in Russian sovereign Eurobonds intensified yesterday amid rising US Treasury yields. Activity also increased, especially in the Russia 26, 42 and 43. The Russia 43 and 47 fared the worst, closing 0.3 and 0.4 pp lower, respectively.GOVERNMENT DEBTThe OFZ rally continued yesterday in the wake of CBR Governor Elvira Nabiullina's comments at the end of last week, which appear to have given succor to market expectations of a 50 bp rate cut this week. In the middle of the curve and at the long end, nonresidents were buying and locals were selling. OFZs outperformed other EM local government debt, with yields easing 7-8 bps in maturities up to 7y and 4-6 bps further along the curve. Volumes totaled R37 bln, with R10 bln of this going through in the floating-rate OFZ 29006.STORIES> Petropavlovsk releases 3Q19 trading update
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