- Andrey Gromadin
- Anton Stroutchenevski
- Artem Vinogradov
- Ekaterina Sidorova
- Igor Rapokhin
- Olga Sterina
- Research Team
- Rodion Lomivorotov
- Sergey Kolesnikov, FRM
- Yuri Popov
Debt Markets Today - August 9, 2021. Russian Core Inflation Print for July, Putin Announces MET Hike for Metals, Fire at Gazprom's Urengoi Gas Plant, PhosAgro 1H21 IFRS Results
CIS EUROBOND MARKETLong-dated Russian Eurobond quotes moved 0.4-0.5 pp lower on Friday amid the sharp growth in US Treasury yields. However, this took place without significant actual selling. GOVERNMENT DEBTLast week saw a R41.2 bln net inflow of nonresident money into the OFZ market, which meant a total of R190 bln over the past three weeks, during which trading volumes were relatively high. The inflows were again concentrated in the belly (which saw a R36.1 bln inflow) and at the long end of the curve (a R20 bln inflow), while the short end witnessed outflow (of R14.6 bln). The "new" OFZs saw net inflow of R27 bln last week, having significantly lagged the "old" issues in inflow over the weeks prior. We prefer the "new" OFZs to the "old" ones, as they trade with a 15 bp premium to the curve in the secondary market (see our recent report ).STORIES> Annualized core inflation remains above CBR's target in July> President Putin announces MET hike for metals in 2022> August Ruble/FX Flows> Urengoi fire to reduce Gazprom's liquids production in 2021-22> PhosAgro reports 1H21 IFRS results
PJSC Gazprom is a gas company based in Russia. Co.'s principal activity is the sale of gas. Co. is also involved in other types of activities which include leasing of assets, gas transportation and storage services, sale of gas condensate and refined products. Co. and its subsidiaries and associates operates gas pipelines systems in Russia. Co. is responsible for substantially all gas production and high pressure gas transportation in the Russian Federation. Co. is also a major exporter of gas to European countries. Co. is directly involved in exploration and drilling for hydrocarbons, production of gas and other hydrocarbons and domestic and export sale of gas and other hydrocarbons.
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.
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.
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