- Alexey Kirichok
- Alisa Zakirova
- Andrey Gromadin
- Anna Kotelnikova
- Anton Stroutchenevski
- Artem Vinogradov
- Ekaterina Sidorova
- Fedor Kornachev
- Ilyas Yerzhanov
- Irina Lapshina
- Nikolay Minko
- Research Team
- Rodion Lomivorotov
- Vladimir Lezhnev
Debt Markets Today - October 29, 2020
CIS EUROBOND MARKETYesterday's sharp risk-off move across global markets weighed on Russian sovereign Eurobond prices. For the day, the long-dated issues lost 0.7-2.0 pp, while intermediate papers gave up 0.5-0.7 pp. GOVERNMENT DEBTA rise in global risk aversion caused the ruble and oil prices to weaken sharply yesterday and put pressure on the OFZ market. Yields climbed 7-10 bps. At yesterday's auctions, the Finance Ministry placed a record R437 bln of OFZs between two issues (see our review below), also setting a record for the largest placement in a single auction (R430 bln in the floater offered). After the auction results were announced, the yield on the 10y nominal OFZ 26228 (April 2030) added an additional 2-3 bps. However, overall volumes remained low at R18 bln.STORIES> Russian weekly inflation stays at 0.1%> OFZ Auction Results: Record placement> Rusal 3Q20 trading update in line on volumes; strong sales mix> Lukoil seeks UHV crude oil MET deduction> Novatek sees start of gradual recovery in 3Q20> RusHydro 3Q20 RAS: Another solid quarterPJSC 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.
Novatek is an independent gas producer and natural gas producer in Russia. Co. is engaged in the exploration, production, and processing of natural gas and liquid hydrocarbons. Co.'s upstream activities are concentrated in the Yamal-Nenets region, which is a natural gas producing area and accounts for a significant part of Russia's natural gas production. Co.'s three core fields are located in the regions of Yurkharovskoye, East Tarkosalinskoye and Khancheyskoye. Co. maintains natural gas reserves of approximately 1,144 bcm. Co.'s total net proved reserves totals around 8,088 million barrels of oil equivalent (boe).
PJSC Lukoil is a vertically-integrated oil company engaged in the exploration and production of crude oil and natural gas. Co. is engaged in all main sectors of the modern oil business including supplies, refining, marketing, transportation, petrochemicals and oil-related activities. Co.'s operations are divided into five business segments: Exploration and Production; Refining, Marketing and Distribution; Chemicals; Power Generation and Other Business Segments. Co. owns and operates refineries in Bulgaria (LUKOIL Neftochim Bourgas AD) and Romania (Petrotel-LUKOIL).
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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