Debt Markets Today - July 21, 2021. Expecting 100 bp Rate Hike, Hawkish Comments from CBR on Friday; Nornickel Reports 2Q21 Operating Results, Reiterates Guidance
CIS EUROBOND MARKETUS Treasury yields held near their lowest levels in several months for most of yesterday's trading session in Moscow. This provided support for Russia's sovereign Eurobonds, which gained 0.2-0.3 pp, led by the Russia 35.GOVERNMENT DEBTOFZ yields were on the decline yesterday on the back of the stabilization in global markets, a strengthening ruble and falling UST yields and ruble swap rates. In the intermediate segment, the decline in yields reached 4-9 bps for the day, while long-dated yields fell 3-5 bps. That said, trading was tepid, and turnover came in at R17 bln - 70% of the average for the month. It was intermediate issues that saw the highest turnover, with R7 bln changing hands. The 10y local bonds of other EM countries fell by 1-5 bps in yield.STORIES> CBR Preview: A mirror image of June 2020?> Nornickel reports 2Q21 operating results, reiterates 2021 guidance
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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