Debt Markets Today - March 9, 2021

CIS EUROBOND MARKETOn Friday and continuing through yesterday, Russian sovereign Eurobonds were selling off as the 10y US Treasury yield consolidated above 1.50%. The largest slides over the two days (Russia was on holiday yesterday) came at the long end of the curve, with the Russia 43 tumbling 4.2 pp and the Russia 47 4.0 pp.GOVERNMENT DEBTOn Friday morning, OFZ yields rose 8-10 bps amid sanction fears generated by a Bloomberg report from the prior evening. Later in the day, the market drifted toward the view that the Bloomberg report contained nothing new, and yields came down to 5-8 bps above the previous day's close. However, late in the day another rise in US Treasury yields pushed OFZ yields higher - they closed the day 10-13 bps higher.STORIES> Russia's growth-stability dichotomy> Inflation accelerates to 5.7% y-o-y in February> Global Ports 2H20 IFRS: Debt continues to fall> Economic activity in Ukraine weakens in January> NBU raises key rate to 6.5%, may hike again in 1H21