- Alexey Kirichok
- Alisa Zakirova
- Ekaterina Sidorova
- Irina Lapshina
- Nikolay Minko
- Olga Sterina
- Research Team
- Vladimir Lezhnev
Debt Markets Today - February 17, 2021
CIS EUROBOND MARKETRising US Treasury yields yesterday continued to put pressure on Russian sovereign Eurobond prices. The biggest movements occurred in long issues, with the Russia 43 down 1.7 pp, the Russia 42 off 1.5 pp and the Russia 47 down 1.2 pp. Nevertheless, the Z-spread of the Russia 47 still narrowed by 3 bps to 174 bps.GOVERNMENT DEBTThe auctions announcement yesterday brought significant pressure on the OFZ market yesterday. Today, the Finance Ministry will again offer nominal issues in the belly (the 7y OFZ 26236; May 2028) and at the long end (the 15y OFZ 26233; July 2035) with no set limits. The announcement caused yields to generally surge another 7-12 bps, while the yield on the 7y paper being placed today moved 19 bps higher. Yesterday, the CEOs of VTB and Sber said they stood ready to buy OFZs in significant volumes but that the supply of floaters and nominal issues should be balanced. In light of this, we could see increased demand from local banks at today's auctions. However, should the premiums on offer continue to exceed the average at the end of last year (2-3 bps), yields could continue to climb.STORIES> Nornickel: 2H20 IFRS; leverage to stay under 1.0 if fine paid in 1H21
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).
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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