Report
Alexander Kudrin ...
  • Alexander Golinsky
  • Alexander Sychev
  • Alexey Bulgakov
  • Alisa Zakirova
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Irina Lapshina
  • Nikolay Minko
  • Rodion Lomivorotov
  • Sergei Konygin
  • Yuri Popov

Долговые рынки сегодня - 23 марта 2018

РЫНОК ВНЕШНЕГО ДОЛГА СТРАН СНГ
В четверг снижение доходности базовых активов, которое спровоцировали опубликованные накануне итоги заседания ФРС США, поддержало интерес инвесторов к еврооблигациям региона. Тем не менее, после того как Федрезерв озвучил свою позицию, настрой на рынке остался в значительной степени осторожным, что ограничило потенциал роста котировок бумаг.

ГОСУДАРСТВЕННЫЕ ЦЕННЫЕ БУМАГИ
На рынке продолжилось ралли, участники рынка в последние дни перед заседанием ЦБ решили увеличить длинные позиции в коротких и среднесрочных выпусках ОФЗ в расчете на снижение ключевой ставки не на 25 б. п., а сразу на 50 б. п. Доходность выпусков со сроками от десяти лет снизилась на 2–3 б. п., у более коротких – на 4–9 б. п. Активность торгов существенно выросла, при этом покупали бумаги в основном локальные инвесторы.


НОВОСТИ
> ЦБ абсорбировал необычайно высокую ликвидность посредством аукциона купонных облигаций
> США вывели из-под действия антидемпинговых тарифов на сталь и алюминий своих основных политических партнеров
> Феррованадий подорожал до $70/кг - позитивно для Evraz
> МХП разместил новые восьмилетние еврооблигации, объявил результаты выкупа облигаций
> Закрытие рекомендации покупать четырехлетний выпуск ОФЗ
> Комментарий к результатам Метинвеста за 2017 год по МСФО
> В феврале экономическая активность в Армении выросла на 7,3%
> За 2М18 годовой рост экономики Азербайджана составил 1,3%
Underlyings
Magnitogorsk Iron & Steel Works (GDR)

Magnitogorsk Iron & Steel Works PJSC

Magnitogorskiy Metallurgicheskiy Kombinat PAO, formerly Magnitogorskiy metallurgicheskiy kombinat OAO, is a Russia-based company, active in the steel industry. Its main products are sinter, coke, iron, crude steel, rolled products and ore materials. The Company offers a wide range of products such as wire rod, rebars, square bars, strips, round bars, among others. It is also involved in the coal ore mining, processing of ore materials, sale of ferrous metal products and others. Magnitogorskiy metallurgicheskiy kombinat OAO operates as a supplier for such industries as: pipelines, vehicles, railway, construction and shipbuilding, among others. Its subsidiaries include Lys'venskaya Metallurgicheskaya Kompaniya OOO, among others. The Company operates domestically, as well as exports its products to the Commonwealth of Independent States (CIS) countries, Asia, the Middle East and Europe.

MHP SE Sponsored GDR RegS

MHP is a holding company. Through its subsidiaries, Co. is engaged in poultry and related operations, grain growing, as well as other agricultural operations. Co.'s poultry and related operations integrate all functions related to the production of chicken, including hatching, fodder manufacturing, raising chickens to marketable age, processing and marketing of branded chilled products and include the production and sale of chicken products, sunflower oil, mixed fodder and convenience food products. Grain growing produces and sells grains. Other agricultural operations comprise the production and sale of cooked meat, sausages, beef, milk, goose meat, foie gras, fruit and feed grains.

NLMK (GDR)

Novolipetsk Steel

Novolipetsk Steel is a vertically integrated steel manufacturing and production group based in Russia. Co. specializes in the manufacturing of high-quality hot and cold rolled steel in a variety of grades and sizes. Co. is also engaged in production and sales of flat steel products including slabs, hot rolled and cold rolled sheet, electrical steel, galvanized steel, cold rolled sheet with polymeric coatings. In addition, Co.'s areas of manufacturing include sintering, coke production, blast furnace production, steel-making, hot and cold-rolled flat steel production, galvanized and prepainted steel production. Co. exports its products to 70 countries around the world.

Severstal (GDR)

Severstal PAO

PAO Severstal is an integrated Iron & Steel works company with a range of products: hot and cold rolled steel, roll-formed shapes and pipes, rolled sections, a large group of coke products and by-products. Co. also has various social responsibilities such as the operation and maintenance of sports complexes, holiday and recreational facilities and public housing. Co.'s operations are organized along three principal divisions: Severstal Russian Steel engaged in crude steel production; Severstal Resources engaged in the production of iron ore concentrate, pellets and coking coal; and Severstal International engaged in the production of high-quality flat-rolled products.

United Company RUSAL international PJSC

United Company Rusal is a producer of aluminium and alloys. Co.'s production chain include bauxite and nepheline ore mines, alumina refineries, aluminium smelters and casting houses, foil mills and packaging production centres. Co. operates in four reportable segments: Aluminium, which is involved in the production and sale of primary aluminium; Alumina, which involved in the mining and refining of bauxite into alumina and the sale of alumina; Energy, which include the mining and sale of coal and the generation and transmission of electricity; Mining and Metals, which includes the equity investment in Co.'s joint venture, PJSC MMC Norilsk Nickel.

Provider
Sberbank
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.

Analysts
Alexander Kudrin

Alexander Golinsky

Alexander Sychev

Alexey Bulgakov

Alisa Zakirova

Anton Stroutchenevski

Artem Vinogradov

Irina Lapshina

Nikolay Minko

Rodion Lomivorotov

Sergei Konygin

Yuri Popov

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