Alisa Zakirova ...
  • Andrey Gromadin
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Ekaterina Sidorova
  • Igor Rapokhin
  • Olga Sterina
  • Research Team
  • Rodion Lomivorotov

Debt Markets Today - November 25, 2021. Russian Inflation, Petropavlovsk Tender Offer, Lukoil and TCS Results

CIS EUROBOND MARKETTrading activity in the CIS Eurobond market was weak yesterday in the lead-up to the long holiday weekend in the US. Russian sovereign Eurobonds opened sharply higher, but the early gains were pared over the course of the session (to 0.5 pp at most).GOVERNMENT DEBTThe OFZ curve shifted 6-9 bps downward yesterday amid a strengthening ruble. Local accounts were doing most of the buying, while nonresidents were not all that active. Trading volumes totaled R34 bln, with R15 bln of that figure attributable to the 3y OFZ 26233 (February 2024), yesterday's most heavily traded issue.STORIES> Inflation remains at 0.2% last week> Industrial production growth accelerates to 7.1% in October, driven by extraction sector> Petropavlovsk announces another capped tender offer for 2022 notes> Lukoil 3Q21 IFRS review: Net debt drops to almost zero> TCS Group publishes 3Q21 IFRS results> Kazakh economy loses momentum in October> Inflation in Kazakhstan remains at 8.9% y-o-y in October
Oil company LUKOIL PJSC

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).

Oil company LUKOIL PJSC Sponsored ADR

TCS Group Holding Plc Sponsored GDR Class A RegS

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.

Alisa Zakirova

Andrey Gromadin

Anton Stroutchenevski

Artem Vinogradov

Ekaterina Sidorova

Igor Rapokhin

Olga Sterina

Research Team

Rodion Lomivorotov

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