Report
Alexander Golinsky ...
  • Alexey Bulgakov
  • Alisa Zakirova
  • Andrew Keeley
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Ekaterina Sidorova
  • Kirill Rogachev
  • Nikolay Minko
  • Research Team
  • Rodion Lomivorotov

Debt Markets Today - June 25, 2020

CIS EUROBOND MARKETRussian sovereign Eurobond quotes drifted lower yesterday, even though most investors in Russia had the day off. The Russia 47 shed 0.7 pp, while the Russia 42 gave back 0.4 pp.GOVERNMENT DEBTDemand was down at this week's OFZ auctions on Tuesday. The Finance Ministry placed a total of R39 bln: R29.5 bln in the 7y OFZ 26232 with no premium to the secondary market and R9.1 bln in the 15y OFZ 26233 with a 4 bp premium. The volumes placed were well below average, in contrast to the abnormally high volumes last week, due to the market correction following the 100 bp CBR rate cut on Friday and weak demand at the CBR's 1y repo auction (just R5 bln placed out of R400 bln on offer). Some investors appear to have expected local banks to use this instrument to fund purchases of OFZs.STORIES> SberIndex improves only slightly in the week to June 21> Personal income tax hike, payments for children, IT tax cuts proposed> VTB to buy stake in Yandex> Gazprom places new 7y dollar Eurobond> Closing our recommendation to buy the Belarus 31
Underlyings
Gazprom (GDR)

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.

VTB Bank (GDR)

VTB Bank PJSC

Bank VTB PAO is a Russia-based bank engaged in the provision of financial services. The Bank reports five segments: Corporate-Investment banking includes operations with corporate customers that are large business customers and banking financial institutions, as well as operations on the securities market; Mid-Corporate banking covers operations with medium business corporate customers; Retail business includes operations with individuals and small business corporate customers, and offers operations on Internet and mobile Point-of-Sale acquiring, plastic cards, payroll services and financial consulting, among others; Treasury comprises operations to manage liquidity, operations on financial and interbank markets, cash flow management and debit financing operation; as well as Other business includes two business: Construction and development involves operations undertaken by Company in the construction and development industry, and Other activities represent non-banking business.

Provider
Sberbank
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.

Analysts
Alexander Golinsky

Alexey Bulgakov

Alisa Zakirova

Andrew Keeley

Anton Stroutchenevski

Artem Vinogradov

Ekaterina Sidorova

Kirill Rogachev

Nikolay Minko

Research Team

Rodion Lomivorotov

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