Report
Alexey Bulgakov ...
  • Alexey Kirichok
  • Alisa Zakirova
  • Andrew Keeley
  • Andrey Kuznetsov
  • Ekaterina Sidorova
  • Irina Lapshina
  • Kirill Rogachev

Debt Markets Today - August 9, 2019

CIS EUROBOND MARKETThe Russian sovereign Eurobond market saw a substantial drop in activity compared with last week. The Russia 35 was the focus of attention, and it fared the best (+0.3 pp) followed by the Russia 25 E (+0.2 pp).GOVERNMENT DEBTForeign accounts were buying OFZs in the morning, and yields eased 2-3 bps along the curve. Later on locals began to sell and the earlier gains were pared back. Only a few issues (3-5y, 15y and 20y) were yielding 1-2 bps lower by the close, while other OFZs were unchanged. Volumes reached R30 bln, with R11 bln going through in the OFZ 26212.STORIES> Fitch to disclose results of scheduled review of Russia's sovereign rating> Evraz publishes 1H19 IFRS results> VTB 2Q19: Weak quarter, high underlying costs, 2H to be stronger> Rusal 2Q19 IFRS results in line across the board
Underlyings
Evraz PLC

Evraz engages in the production and distribution of steel and related products and coal and iron ore mining. Co. also produces vanadium products. Co. has four segments: Steel, which includes production of steel and related products at all mills except for those in North America, and includes the extraction of vanadium ore and production of vanadium products, iron ore mining and enrichment and certain energy-generating companies; Steel, North America, which includes production of steel and related products in the U.S. and Canada; Coal, which includes coal mining and enrichment; and Other operations, which includes energy-generating companies, shipping and railway transportation companies.

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.

VTB Bank (GDR)

VTB Bank PJSC

Bank VTB PAO is a Russia-based bank engaged in the provision of financial services. The Bank reports five segments: Corporate-Investment banking includes operations with corporate customers that are large business customers and banking financial institutions, as well as operations on the securities market; Mid-Corporate banking covers operations with medium business corporate customers; Retail business includes operations with individuals and small business corporate customers, and offers operations on Internet and mobile Point-of-Sale acquiring, plastic cards, payroll services and financial consulting, among others; Treasury comprises operations to manage liquidity, operations on financial and interbank markets, cash flow management and debit financing operation; as well as Other business includes two business: Construction and development involves operations undertaken by Company in the construction and development industry, and Other activities represent non-banking business.

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
Alexey Bulgakov

Alexey Kirichok

Alisa Zakirova

Andrew Keeley

Andrey Kuznetsov

Ekaterina Sidorova

Irina Lapshina

Kirill Rogachev

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