Sberbank - Gazprom (GDR) (OGZD) ... Debt Markets Today - December 13, 2019

Report

Sberbank

Alexey Bulgakov ...

Alisa Zakirova
Andrey Gromadin
Anna Kotelnikova
Anton Stroutchenevski
Artem Vinogradov
Ekaterina Sidorova
Rodion Lomivorotov

Debt Markets Today - December 13, 2019

CIS EUROBOND MARKETRussian sovereign Eurobond quotes rose again yesterday despite rising US Treasury yields. Volumes languished due to a dearth of sellers. The Russia 42 (+1.1 pp) and 43 (+1.0 pp) led the gains.GOVERNMENT DEBTOFZ yields gapped 1-2 bps lower at the opening yesterday due to rising global risk appetite following the Fed meeting. The downward shift extended to 3-4 bps with the opening in New York. Positive headlines on the US-China trade negotiations sparked a rally in risk assets globally and OFZ yields declined even more. They closed 6-8 bps lower in the belly and 3-4 bps lower at the long end. Nonresidents prevailed on the bid side. Volumes totaled R36 bln.STORIES> Agriculture, industrial output and trade boost GDP growth in 3Q19> Russian banks' subordinated Eurobonds may extend rally> Gazprom management approves dividend policy, gas capex plan> NBU cuts aggressively in face of hryvnia strength and weak inflation> Kazakh economic indicator growth slows to 5.2% y-o-y in November

13/12/2019 43 EN

Underlyings

Gazprom (GDR)

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US3682872078 Moscow Exchange MICEX-RTS Russia

Gazprom Neft (GDR)

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US36829G1076 Pink OTC Markets United States

Gazprom Neft PJSC

Gazprom Neft PJSC is vertically integrated oil company operating in the Russian Federation, CIS and internationally. Co.'s principal activities include exploration, production and development of crude oil and gas, production of refined petroleum products and distribution and market ing operations through its retail outlets. Co.'s Upstream segment includes the exploration, development and production of crude oil and natural gas (including joint ventures results), oil field services. Co.'s Downstream segment processes crude into refined products and purchases and sells and transports crude and refined petroleum products (refining and marketing).

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RU0009062467 Moscow Exchange MICEX-RTS Russia

Gazprom PJSC

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.

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RU0007661625 Moscow Exchange MICEX-RTS Russia

Provider

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.

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Analysts

Alexey Bulgakov

Alisa Zakirova

Andrey Gromadin

Anna Kotelnikova

Anton Stroutchenevski

Artem Vinogradov

Ekaterina Sidorova

Rodion Lomivorotov

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Debt Markets Today - December 13, 2019

Vermilion Compass: Weekly Equity Strategy

Vermilion Short Shots: Technically Vulnerable Stocks

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Russian Consumer - Unemployment and Income: The Outlook for 2022

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