Debt Markets Today - June 17, 2021. Fed Decision Review, OFZ Auction Review, Gazprom CFO Press Conference, Belarusian 5m21 GDP

CIS EUROBOND MARKETRussian Eurobonds traded sluggishly ahead of the Fed meeting and price movements were minimal. Demand has ticked up for the issues denominated in euro (maturing in 2027 and 2032). GOVERNMENT DEBTYesterday morning, OFZ yields remained on the rise ahead of what marked the first auction since the new US sanctions on the primary OFZ market kicked in. However, by the end of the day long-term yields had returned to the previous closing levels, supported by nonresident buying. Meanwhile, the short end of the curve and the belly saw yields climb 1-4 bps and 7 13 bps, respectively, on the day. Turnover jumped to R31 bln (65% above the average for the month), with floaters accounting for R13 bln of that.STORIES> Putin-Biden summit: Constructive tone, few concrete measures> Federal Reserve Review: Inflation concern leads to hawkish turn> OFZ auction results: Demand for 10y unsurprisingly softer than last week> Gazprom expects net debt/EBITDA to fall to 1.6-1.8 by year-end; plan to curtail borrowing confirmed> Belarusian GDP up 3.1% y-o-y in 5m21 on low base, led by retail and freight