- 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 - March 4, 2021
CIS EUROBOND MARKETPrices of Russian sovereign Eurobonds slid yesterday as US Treasury yields jumped back up. The Russia 43 and 47 were the biggest decliners, their quotes down 1.0 pp and 0.9 pp, respectively. However, selling by nonresidents was mostly concentrated in the belly of the curve.GOVERNMENT DEBTOFZ yields fell 5-9 bps in the wake of yesterday's strong auction results for the 5y issue (see the story below) and amid media reports that the ministry is considering reducing its borrowing target for this year by R0.5-1.0 trln from the current R2.7 trln net. In light of this, we reiterate our recommendation to buy the 20y OFZ 26230 (see our report). The ongoing rise in US Treasury yields, which added another 7 bps yesterday, constrained the gains for OFZs. Turnover reached R36 bln.STORIES> Government mulling cut to 2021 borrowing target> Weekly data suggests inflation may have risen to 5.6% in February> Basic sector output down 1.8% y-o-y in January> OFZ Auction Results: Despite demand, supply at long end low> Potanin discusses Nornickel accidents, we see possible 10% EBITDA hit> Sovcombank posts robust 4Q20/2020 IFRS results
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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