- Andrew Keeley
- Arthur Cherkesov
- Ekaterina Sidorova
- Georgiy Ivanin
- Igor Rapokhin
- Research Team
- Sergey Kolesnikov, FRM
Debt Markets Today - August 27, 2021. TCS, RusHydro, Sovcomflot and NC KMG Report 2Q21 IFRS Results
CIS EUROBOND MARKETTrading in the Russian sovereign Eurobond market was thin yesterday, and the biggest moves were seen at the long end, where prices slid 0.3 pp. In the corporate segment, flows were multidirectional, with local investors mainly on the bid. Price changes were not significant. Among other CIS sovereign Eurobonds, the only movers were the Belarus 23 and the Uzbekistan 30, which added 0.5 pp and 0.3 pp, respectively.GOVERNMENT DEBTThe OFZ market reacted to Wednesday night's disappointing weekly inflation data yesterday. A weakening ruble did not help matters. Yields rose 2-4 bps at the long end and 3-7 bps in the middle of the curve. Trading volumes on the Moscow Exchange totaled R28 bln. The 8y OFZ 26237 (March 2029) was the most heavily traded issue, registering R13 bln in volume.STORIES> TCS 2Q21 IFRS review: Record quarter, guidance raised> RusHydro 2Q21 IFRS results in line with consensus> Sovcomflot 2Q21 IFRS review: Tanker rates may begin to slowly recover in 4Q21> NC KMG releases 2Q21 IFRS resultsPJSC RusHydro is a hydro-generating company based in Russia. Co. is engaged in the generation and sale of electricity and capacity on the Russian wholesale and retail markets, as well as generation and sale of heat energy. The main activity of Co. is production of power from renewable energy sources, developing power generation using water flows, tidal, wind and geothermal energy. It has an installed electricity generation capacity of 38.5 GW; and heat capacity of 16.2 GCal/h.
TCS Group Holding is a retail banking services group based in the Russian Federation. Co. is principally engaged in providing retail banking services in the Russian Federation through its subsidiaries, primarily Tinkoff Credit Systems. Co., through this subsidiary, fully licensed by the Central Bank of Russia and a member of the Deposit Insurance System, specializes in credit cards. Co. provides online retail financial services through a branchless operating platform. Co. also offers remote access to its financial products and services through its online banking as well as through mobile banking and high-volume call centers.
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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