- Anton Stroutchenevski
- Artem Vinogradov
- Ekaterina Sidorova
- Igor Rapokhin
- Olga Sterina
- Research Team
- Rodion Lomivorotov
Debt Markets Today - January 25, 2022. Russian External Debt, Halt to CBR FX Purchases, Nornickel 4Q21 Operating Results, Kazakh Rate Hike
CIS EUROBOND MARKETAgainst the backdrop of rising geopolitical risks, Russian assets continued to sell off yesterday. There were practically no buyers in the Russian sovereign Eurobond market, and quotes slid 5.2-5.9 pp across the board. In the Russian corporate segment, the situation was the same. GTLK bonds sank 3.0-3.4 pp, VEB papers gave up 2.3-2.6 pp and the Gazprom 34 and 37 lost 2.1 pp and 2.7 pp, respectively.GOVERNMENT DEBTOFZ yields moved another 30-35 bps higher yesterday amid a weakening of the ruble and further selling by nonresidents. Later in the day, bids from locals somewhat alleviated the pressure. Short-dated yields nearly reached 10%, while yields on longer-dated issues exceeded 9.60%. Trading volumes on the Moscow Exchange came in over R40 bln, which is above the average for the last month. Peer EM markets, meanwhile, showed mixed dynamics.STORIES> Russia's external debt climbs to $478 bln in 2021 due to IMF SDRs> CBR halts FX purchases under fiscal rule> OFZ Weekly Flows: Nonresident outflows rise, as expected> Nornickel reports 4Q21 and 2021 operating results> NBK raises key rate 50 bps to 10.25%, more hikes could follow
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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