Report
Alexander Sychev ...
  • Alexey Bulgakov
  • Alexey Kirichok
  • Alisa Zakirova
  • Andrey Kuznetsov
  • Cole Akeson
  • Irina Lapshina

Debt Markets Today - September 25, 2019

CIS EUROBOND MARKETYesterday, demand subsided on the Russian sovereign Eurobond market following the previous day's sharp gains, despite a decline in US Treasury yields. Quotes closed 0.5 pp lower at the long end and 0.2-0.3 pp lower in the belly. Volumes were below average.GOVERNMENT DEBTTrading was again muted on the OFZ market. Yields followed the ruble, declining 1-2 bps in the morning before climbing to end 1-2 bps higher on the day. Volumes came in at R15 bln, with the greatest interest in 7y paper.STORIES> US House to launch impeachment inquiry into President Trump> Coking coal benchmark slides to three-year low> Metalloinvest announces early redemption of 2020 Eurobond> PhosAgro BoD approves new FCF-based dividend policy> Naftogaz Ukrainy reports 1H19 IFRS results
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.

PhosAgro PJSC

PhosAgro is a producer of phosphate-based fertilizers. As of Dec 31 2014, Co. had two segments: Phosphate-based products, which includes mainly production and distribution of ammophos, diammoniumphosphate, sodium tripoly phosphate and other phosphate based and complex (NPK) fertilisers on the factories located in Cherepovets, Balakovo and Volkhov, and production and distribution of apatite concentrate extracted from the apatite-nepheline ore, which is mined and processed in Kirovsk; and Nitrogen-based products,which includes mainly production and distribution of ammonia, ammonium nitrate and urea on the factory located in Cherepovets.

PhosAgro PJSC Sponsored GDR RegS

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 Sychev

Alexey Bulgakov

Alexey Kirichok

Alisa Zakirova

Andrey Kuznetsov

Cole Akeson

Irina Lapshina

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