Debt Markets Today - July 22, 2021. Russian Weekly Inflation Slows to Zero; US and Germany Reach Nord Stream 2 Deal; S&P Upgrades MKB to BB; Petropavlovsk and Kernel Publish 2Q21 Operating Results

CIS EUROBOND MARKETRussian sovereign Eurobonds again seemed to ignore the volatility in benchmark rates and finished with only slight price changes. Local demand remained in place. GOVERNMENT DEBTThe positive dynamics in the OFZ market seen on Tuesday continued yesterday thanks to improved risk appetite globally, a strong OFZ auction and gains in the ruble owing to the US and Germany having reached an agreement over Nord Stream 2. The OFZ curve shifted 4-9 bps lower on purchases from both locals and foreigners, with short- and mid-dated paper again outperforming. Trading volumes on the Moscow Exchange were quite high yesterday at R47 bln, of which R33 bln came in mid-dated paper.STORIES> Weekly inflation slows to zero> CBR: Inflation expectations at highest level since November 2016> Yesterday's OFZ auction strongest in more than a month> US and Germany reach deal on Nord Stream 2> Petropavlovsk publishes 2Q21 trading update; 2021 production guidance confirmed> S&P upgrades Credit Bank of Moscow to BB> Kernel Holding releases operating numbers for fiscal 4Q21