Report
Alex Fak ...
  • Alexander Kudrin
  • Alexander Sychev
  • Alisa Zakirova
  • Anna Kotelnikova
  • Irina Lapshina
  • Nikolay Minko
  • Tom Levinson

Debt Markets Today - April 27, 2018

CIS EUROBOND MARKETRussian sovereign Eurobonds were supported by a decline in US Treasury yields yesterday. The Russia 42 posted the best result in the segment, adding 0.3 pp, while the Russia 27 advanced 0.2 pp to 97.2% (YTM 4.6%, Z-spread 163 bps). GOVERNMENT DEBTThe weakening ruble pushed OFZ yields considerably higher in the morning, though local investors exhibited modest demand later. Yields closed around 2 bps higher at the short end and 5 bps higher at the long end. Volumes were low. Almost half of the daily turnover was concentrated in the 15y OFZ 26221 (March 2033, 7.70%).STORIES> CBR Preview: Cut to be put on hold> US 10y hits 3% - trouble ahead > Gazprom reports 4Q17 IFRS results> Evraz 1Q18 trading update: Low volumes, good pricing> Norilsk 1Q18 trading update: Strong due to reconfiguration, Chita lags
Underlyings
MMC Norilsk Nickel PJSC

MMC Norilsk Nickel PJSC is a global producer of nickel, palladium, platinum and copper. Co. also produces by-products, such as cobalt, chromium, rhodium, silver, gold, iridium, ruthenium, selenium, tellurium and sulfur. Co. is involved in prospecting, exploration, extraction, refining and metallurgical processing of minerals, as well as in production, marketing and sale of base and precious metals. Co.'s production facilities are located in five countries: Russia, Australia, Botswana, Finland, and South Africa. Co.'s production units are integrated and include: the Polar Division (the Taimyr Peninsula); and the Kola Mining and Metallurgical Company (Kola MMC or the Kola Peninsula).

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
Alex Fak

Alexander Kudrin

Alexander Sychev

Alisa Zakirova

Anna Kotelnikova

Irina Lapshina

Nikolay Minko

Tom Levinson

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