- Alexey Kirichok
- Alisa Zakirova
- Anton Stroutchenevski
- Artem Vinogradov
- Ekaterina Sidorova
- Irina Lapshina
- Nikolay Minko
- Olga Sterina
- Research Team
- Rodion Lomivorotov
- Vladimir Lezhnev
Debt Markets Today - February 8, 2021
CIS EUROBOND MARKETRussian sovereign Eurobond prices did not react to the jump in US Treasury yields on Friday and traded sideways. The only movers were the Russia 42 and Russia 47, which added 0.2 pp apiece.GOVERNMENT DEBTA decline in geopolitical risks, a rise in oil prices and a strengthening ruble continued to provide support to the OFZ market on Friday. Yields fell 6-9 bps, with the sharpest declines seen at the long end of the curve, which also saw the highest volumes. Total trading volume amounted to R33 bln. With weekly inflation stabilizing and geopolitical risks subsiding, the focus this week will be on Wednesday's OFZ auction. Since the Finance Ministry triggered a rather sharp correction when it announced that it would auction off a couple of nominal issues without a limit last week, we think it could be inclined to offer up more defensive issues this week in order to support the market. However, we would not rule out another offering of nominal paper without a limit in light of the ongoing rally that kicked off late last week.STORIES> National Wealth Fund could be used to spur growth this year> Inflation continues to accelerate, reaching 5.2% y-o-y in January> Court orders Nornickel to pay R146 bln environmental fine> Rusal: Good 4Q20 trading update; earnings preview
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).
United Company Rusal is a producer of aluminium and alloys. Co.'s production chain include bauxite and nepheline ore mines, alumina refineries, aluminium smelters and casting houses, foil mills and packaging production centres. Co. operates in four reportable segments: Aluminium, which is involved in the production and sale of primary aluminium; Alumina, which involved in the mining and refining of bauxite into alumina and the sale of alumina; Energy, which include the mining and sale of coal and the generation and transmission of electricity; Mining and Metals, which includes the equity investment in Co.'s joint venture, PJSC MMC Norilsk Nickel.
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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