- Alexey Bulgakov
- Alexey Kirichok
- Alisa Zakirova
- Andrew Keeley
- Andrey Gromadin
- Anna Kotelnikova
- Anton Stroutchenevski
- Artem Vinogradov
- Ekaterina Sidorova
- Irina Lapshina
- Kirill Rogachev
- Nikolay Minko
- Research Team
- Rodion Lomivorotov
- Vladimir Lezhnev
- Yuri Popov
Debt Markets Today - June 8, 2020
CIS EUROBOND MARKETLast week's strong US macro data, and Friday's nonfarm payrolls figure in particular, fueled a sharp uptick in US Treasury yields on Friday, which put pressure on Russian sovereign Eurobonds. The Russia 42 and 47 finished down 2.2-2.5 pp in price, while the losses near the middle of the curve were limited to 1.3 pp.GOVERNMENT DEBTSelling in the OFZ market, triggered by the fairly weak auction on Wednesday, continued from the get-go on Friday. It abated somewhat following CBR Governor Elvira Nabiullina's press conference at which she indicated that there was "significant scope" to cut rates but demurred from signaling a 100 bp cut at next Friday's meeting (see our comment below). In the evening, OFZ yields resumed climbing in line with government bonds in EM peer markets. For the day, yields on mid-dated OFZs rose 5 bps, while the long end of the curve saw yields rise 8-11 bps. Trading volumes totaled R48 bln.STORIES> Inflation in Russia eases to 0.3% m-o-m in May> Basic sectors hit in April, May promises improvement in consumption> CBR press conference review> CBR releases weekly update on banking sector> OPEC+ agrees to extend output cuts by one month> Nornickel: Update on fuel spill accident
Gazprom Neft PJSC is vertically integrated oil company operating in the Russian Federation, CIS and internationally. Co.'s principal activities include exploration, production and development of crude oil and gas, production of refined petroleum products and distribution and market ing operations through its retail outlets. Co.'s Upstream segment includes the exploration, development and production of crude oil and natural gas (including joint ventures results), oil field services. Co.'s Downstream segment processes crude into refined products and purchases and sells and transports crude and refined petroleum products (refining and marketing).
MMC Norilsk Nickel PJSC is a global producer of nickel, palladium, platinum and copper. Co. also produces by-products, such as cobalt, chromium, rhodium, silver, gold, iridium, ruthenium, selenium, tellurium and sulfur. Co. is involved in prospecting, exploration, extraction, refining and metallurgical processing of minerals, as well as in production, marketing and sale of base and precious metals. Co.'s production facilities are located in five countries: Russia, Australia, Botswana, Finland, and South Africa. Co.'s production units are integrated and include: the Polar Division (the Taimyr Peninsula); and the Kola Mining and Metallurgical Company (Kola MMC or the Kola Peninsula).
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).
OJSC OC Rosneft is a vertically-integrated Russian oil and gas company with upstream and downstream operations in each of Russia's oil-producing regions. Headquartered in Moscow, Co. operates ten oil and gas producing enterprises across Russia and is involved in over ten exploration projects. In addition to its upstream operations, Co. also owns two refineries, which have a combined capacity of 10 million tons per year, as well as four main oil export terminals and a nationwide network of over 600 service stations. Co.'s downstream operations consist of its crude oil export structure, refining operations and nationwide network of marketing subsidiaries.
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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