Debt Markets Today - September 29, 2021. Finance Ministry Cancels Weekly Auctions; Updated Corporate Bond Recommendations
CIS EUROBOND MARKETRussian sovereign Eurobonds continued dropping in price yesterday amid rising benchmark dollar yields yesterday. Long-dated issues lost 1.5-1.6 pp, while medium-dated paper closed 0.6-0.9 pp lower. GOVERNMENT DEBTThere were several competing drivers for OFZs yesterday, but when the dust settled yields finished the day unchanged. The ongoing correction in US Treasuries (the 10y yield added another 5 bps to 1.54%) triggered selling in OFZs by nonresidents early in the day. However, the Finance Ministry's having canceled today's auctions fueled demand from locals later on. Trading volumes on the Moscow Exchange totaled R31 bln, two thirds of which came in the 4-10y segment.STORIES> Finance Ministry cancels auction; long OFZs to get a breather> Changes to our list of corporate recommendations
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