Debt Markets Today - June 23, 2021. Gazprom to Open Book for New 6y CHF Eurobond
CIS EUROBOND MARKETWith UST yields having pushed higher on Monday evening, Russian sovereign Eurobond quotes opened lower yesterday. The largest declines on the day came at the long end of the curve (maturities in 2042-47), where quotes fell 0.3-0.5 pp. Other regional sovereign Eurobonds also retreated, with the exception of the Armenia 31, which added 0.3 pp, possibly reflecting a decrease in political uncertainty in the wake of Sunday's parliamentary elections. Ukraine underperformed (papers down 0.2-0.7 pp), as did Belarus (down 0.3-0.7 pp).GOVERNMENT DEBTOFZ trading volumes on the Moscow Exchange fell sharply yesterday, with only R4.4 bln changing hands, a quarter of the average for the last month. Yields rose 1-4 bps on the day, a typical performance for the day before Finance Ministry auctions. Overall, the market conditions were calm, with the 10y US yield trading for most of the day in a narrow range of around 1.48% and the ruble in a range of 73.0-73.3. The Finance Ministry's announcement that new 8y and 20y OFZs will be on offer at the auctions today came as expected by the market, in our view.STORIES> We expect new Gazprom CHF Eurobond to be placed at 1.4-1.5%
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.
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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