- Anton Stroutchenevski
- Artem Vinogradov
- Ekaterina Sidorova
- Igor Rapokhin
- Olga Sterina
- Research Team
- Rodion Lomivorotov
Debt Markets Today - June 24, 2021. YE Key Rate Forecast Revision to 6.50%, Rusal Plans to Reduce Debt, Gazprom CHF Eurobond Placement, Polyus CMD
CIS EUROBOND MARKETRisk assets were generally in demand yesterday, which allowed CIS sovereign Eurobonds to remain resilient in the face of rising US Treasury yields. The Russian and Kazakh curves saw Z-spreads narrow 2-4 bps; the Uzbek, Armenian and Azeri curves 3-6 bps; and the Ukraine curve 6-8 bps. Prices did not move much though. The same was true of the EM Eurobond space as a whole.GOVERNMENT DEBTOFZs traded without significant movements early on yesterday, but trading picked up in the evening session. Given the increased risk appetite (demand was particularly strong for EM debt) and the fact that the 8y OFZ issue was placed in full at auction, OFZ yields ended up dropping 1-4 bps. Trading volumes on the Moscow Exchange totaled R22 bln, which is in line with the average of the past month. Other 10y EM bonds saw yields drop by no more than 5 bps.STORIES> Weekly inflation remains at 0.1%, average daily price growth slightly up> Russian industrial output for May up 11.8%> Moving base year-end key rate forecast to 6.50% on hawkish CBR> Rusal to use proceeds from Nornickel share buyback to pay off debt, finance capex> Polyus reaffirms key guidance for 2021 at its capital markets day> Gazprom places 6y, CHF500 mln Eurobond at 1.54%
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.
PJSC Polyus is an open joint stock company based in Russia. Co. is engaged in operations as a gold production company. Co.'s major assets are: in Krasnoyarsk region, Olympiada deposit as well as Blagodantoe, Titimukhta, Tyrada, Olenii, Razdolinskaya, Zyryanovskaya and Panimba fields; in Irkutsk region, Zapadnoe, Verninskoe, Pervenets, and Chertovo Koryto and Mukodek goldfields as well as some 94 placer deposits; in Magadan region, Natalka deposit and smaller Degdekan and Vostochnoye fields; in the Republic of Sakha (Yakutia), Kuranakh ore body and Kyutchus field as well as 50% interest in the giant Nezhdaninskoye field; and in Amur region, Bamskoe gold field.CJSC Deloitte & Touche CIS
United Company Rusal is a producer of aluminium and alloys. Co.'s production chain include bauxite and nepheline ore mines, alumina refineries, aluminium smelters and casting houses, foil mills and packaging production centres. Co. operates in four reportable segments: Aluminium, which is involved in the production and sale of primary aluminium; Alumina, which involved in the mining and refining of bauxite into alumina and the sale of alumina; Energy, which include the mining and sale of coal and the generation and transmission of electricity; Mining and Metals, which includes the equity investment in Co.'s joint venture, PJSC MMC Norilsk Nickel.
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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