Debt Markets Today - September 23, 2021. Russian Weekly Inflation, August Industrial Output; US Draft Amendment Aimed at Debt Market; Fed Review; OFZ Auction Results

CIS EUROBOND MARKETAhead of the Fed decision, trading activity in the CIS Eurobond market was low. In the Russian sovereign segment, long-term dollar issues gained 0.2 pp, while the medium-term papers were flat. Demand for euro-denominated sovereigns - visible since the beginning of September - continued to rise, in particular for the issues maturing in 2032 and 2036.GOVERNMENT DEBTOFZ yields continued to decline at the beginning of the day yesterday, reaching 2-4 bps lower, but the market gave up the gains in the evening amid a correction across risk assets ahead of the Fed decision. Trading volumes amounted to R20 bln, about half the average for the month.STORIES> Weekly inflation ticks back up to 0.1% as harvest impact fades> Russian industrial output drops m-o-m in August> US draft amendment poses risk to debt market; outcome likely neutral> Fed review: Fed turns hawkish, but markets don't bite> OFZ Auction Results: Full placement goes to single participant