- Andrew Keeley
- Andrey Gromadin
- Anna Kotelnikova
- Anton Stroutchenevski
- Artem Vinogradov
- Ekaterina Sidorova
- Igor Rapokhin
- Olga Sterina
- Research Team
- Rodion Lomivorotov
Debt Markets Today - May 27, 2021. Strong OFZ Auction Results; Lukoil's 1Q21 Financials Deliver Strong Beat; VTB's 4m21 IFRS Shows Strong Loan Growth in April
CIS EUROBOND MARKETActivity in the Russian sovereign Eurobond market picked up considerably yesterday. Against the backdrop of the UST 10y yield falling below 1.60%, both locals and nonresidents were on the bid. The issues maturing in 2023, 2029, 2035 and 2043 saw the highest volumes yesterday. For the day, however, the price gains were limited to 0.5 pp.GOVERNMENT DEBTThe OFZ market was quiet for the first half of the day yesterday, but yields dipped 1-3 bps after the results of yesterday's auction came out. Meanwhile, many peers continued to outperform OFZs. For instance, 10y local government bonds from the Czech Republic, Hungary, Colombia and Brazil shed 4-9 bps in yield. Trading volumes rose to R18 bln yesterday, with around 70% of this amount attributable to floaters and short-dated issues with a fixed coupon. A couple of floating-rate issues extended their recent gains, adding another 0.1-0.2 pp.STORIES> Russian CPI inflation accelerates to 0.2% last week> OFZ Auction Results: Entire R40 bln placed with no tangible concessions and highest demand in a month> Lukoil 1Q21 results: Strong beat across the board> VTB 4m21 IFRS: Strong loan growth in April, ROE stays close to 20%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).
Bank VTB PAO is a Russia-based bank engaged in the provision of financial services. The Bank reports five segments: Corporate-Investment banking includes operations with corporate customers that are large business customers and banking financial institutions, as well as operations on the securities market; Mid-Corporate banking covers operations with medium business corporate customers; Retail business includes operations with individuals and small business corporate customers, and offers operations on Internet and mobile Point-of-Sale acquiring, plastic cards, payroll services and financial consulting, among others; Treasury comprises operations to manage liquidity, operations on financial and interbank markets, cash flow management and debit financing operation; as well as Other business includes two business: Construction and development involves operations undertaken by Company in the construction and development industry, and Other activities represent non-banking business.
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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