Debt Markets Today - September 1, 2021. EU CBAM Implications for Russian Exporters; Data on Russian Pension Fund Flows into OFZs, Munis; ChelPipe 1H21 Results; Gazprom 2Q21 Conference Call

CIS EUROBOND MARKETDespite a renewed rise in US Treasury yields, Russian sovereign Eurobond prices at the long end extended their gains from Monday. The Russia 47 (up 0.4 pp) and Russia 43 (up 0.2 pp) closed better than the market. In the Russian corporate segment, Gazprom issues (up 0.2 pp) and MKB perpetual papers (plus 0.2 pp) outperformed. GOVERNMENT DEBTTrading was again thin yesterday, the last day of summer, with R29 bln worth of OFZs changing hands (80% of the average daily volume over the past month). Yields dropped an insignificant 1-2 bps on the day. Sentiment in EM peer markets was restrained by rise in the 10y Bund yield (jumped 6 bps to -0.38%, its highest level since mid-July), which came on the heels of a higher than expected eurozone inflation print and hawkish comments by two ECB officials.STORIES> Implications of EU CBAM for Russian exporters> Russian pension funds net buyers of OFZs and municipal bonds in 2Q21> ChelPipe reports 1H21 IFRS results> Gazprom 2Q21 conference call: Positive outlook for 2H21-2022> Adding the Gazprom 29 to our corporate recommendations list> Kazakhstan local rates: Upside risks prevail for tenge