Debt Markets Today - November 16, 2021. Russian Budget and Current Account Stats, OFZ Weekly Flows, Belarus Strategy

CIS EUROBOND MARKETRussian sovereign Eurobonds opened with sharp declines yesterday. The most heavily traded issues were the Russia 26, 27 and 29. The early losses were pared later in the session amid support from local accounts, and the segment finished 0.50-0.75 pp lower in price.GOVERNMENT DEBTOFZs continued to trade in the red yesterday due to the negative geopolitical backdrop. Yields moved 10-12 bps higher, while trading volumes on the Moscow Exchange dropped to R26 bln, which is below the daily average over the past month. Meanwhile, thanks to the rise in UST yields, other EM local debt markets were also weaker, the 10y paper of peer markets moved 2-10 bps higher in yield.STORIES> Russian budget posts surplus of R0.5 trln in October> Russia's current account surplus reaches $94.4 bln in 10m21> OFZ Weekly Flows: Nonresident inflows increased until uptick in geopolitical tensions> Belarus strategy: Webinar highlights: $1 bln in loans from Russia, EFSD next year