Report
Alisa Zakirova ...
  • Andrey Gromadin
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Ekaterina Sidorova
  • Georgiy Ivanin
  • Igor Rapokhin
  • Olga Sterina
  • Research Team
  • Rodion Lomivorotov
  • Sergey Kolesnikov, FRM

Debt Markets Today - October 19, 2021. Severstal, Global Ports 3Q21 Results; Gazprom October Exports; Lukoil and Samruk-Kazyna Plans to Place Eurobonds

CIS EUROBOND MARKETUS Treasuries traded sideways yesterday, which translated into muted price movement in Russian sovereign and corporate Eurobonds. The only real outliers were the Lukoil 30 (-0.3 pp) and Petropavlovsk 22 (-0.4 pp).GOVERNMENT DEBTThe week got off to a downbeat start for the OFZ market amid a correction across the EM local debt space. OFZ yields moved 8-10 bps higher at the short end and 7-9 bps higher at the long end of the curve. The main sellers were foreigners. The 10y paper of peers also advanced in yield, from 3 bps higher for the Chinese benchmark bond to a surge of 20-25 bps for Hungarian and Brazilian paper. Trading volumes in OFZs were modest at just R14 bln.STORIES> Potentially higher than expected oil to have little impact on ruble> OFZ Weekly Flows: Nonresidents stick to wait-and-see approach> Severstal 3Q21 operating results> Severstal 3Q21 financial results> Global Ports posts neutral set of 3Q21 operating results> Gazprom reduces exports to Europe by 30% y-o-y in October> Lukoil to place 5y and 10y Eurobond issues> Samruk-Kazyna planning Eurobond placement> Inflation in Belarus edges up to 10.2% y-o-y in September
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.

Global Ports Investments (GDR)

Oil company LUKOIL PJSC

PJSC Lukoil is a vertically-integrated oil company engaged in the exploration and production of crude oil and natural gas. Co. is engaged in all main sectors of the modern oil business including supplies, refining, marketing, transportation, petrochemicals and oil-related activities. Co.'s operations are divided into five business segments: Exploration and Production; Refining, Marketing and Distribution; Chemicals; Power Generation and Other Business Segments. Co. owns and operates refineries in Bulgaria (LUKOIL Neftochim Bourgas AD) and Romania (Petrotel-LUKOIL).

Oil company LUKOIL PJSC Sponsored ADR

Severstal (GDR)

Severstal PAO

PAO Severstal is an integrated Iron & Steel works company with a range of products: hot and cold rolled steel, roll-formed shapes and pipes, rolled sections, a large group of coke products and by-products. Co. also has various social responsibilities such as the operation and maintenance of sports complexes, holiday and recreational facilities and public housing. Co.'s operations are organized along three principal divisions: Severstal Russian Steel engaged in crude steel production; Severstal Resources engaged in the production of iron ore concentrate, pellets and coking coal; and Severstal International engaged in the production of high-quality flat-rolled products.

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
Alisa Zakirova

Andrey Gromadin

Anton Stroutchenevski

Artem Vinogradov

Ekaterina Sidorova

Georgiy Ivanin

Igor Rapokhin

Olga Sterina

Research Team

Rodion Lomivorotov

Sergey Kolesnikov, FRM

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