- Anton Stroutchenevski
- Artem Vinogradov
- Ekaterina Sidorova
- Igor Rapokhin
- Olga Sterina
- Research Team
- Rodion Lomivorotov
Debt Markets Today - July 23, 2021. Results from MMK and NLMK, Russian Industrial Output Flat in June.
CIS EUROBOND MARKETEurobonds from the CIS region continued to trade sideways yesterday. Trading activity in sovereign issues fell to a minimal level, while in the Russian corporate segment nonresidents showed interest in papers from Gazprom and Lukoil, though quotes on these papers didn't budge. The only papers that registered a change in price were the EBRD 26 E (+0.3 pp), the MKB perp (+0.2 pp) and ММК issues (-0.2 pp).GOVERNMENT DEBTOFZ yields moved lower again yesterday amid demand from both locals and foreigners. An additional positive catalyst was Wednesday evening's weekly inflation report, which showed nearly zero price growth after the prior week. OFZ yields shifted 4-9 bps lower yesterday, while the 10y OFZ 26218 (September 2031) reached its lowest yield (7.04%) since April. Trading remained brisk - R53 bln changed hands on the Moscow Exchange, which is 2.5 times higher than the monthly average. OFZs generally outperformed EM peers, which mostly traded mixed.STORIES> Industrial production in June effectively flat versus May level> MMK reports strong 2Q21 IFRS figures; net debt at zero> NLMK posts solid 2Q21 IFRS results; more euro-denominated issues an option in future
Magnitogorskiy Metallurgicheskiy Kombinat PAO, formerly Magnitogorskiy metallurgicheskiy kombinat OAO, is a Russia-based company, active in the steel industry. Its main products are sinter, coke, iron, crude steel, rolled products and ore materials. The Company offers a wide range of products such as wire rod, rebars, square bars, strips, round bars, among others. It is also involved in the coal ore mining, processing of ore materials, sale of ferrous metal products and others. Magnitogorskiy metallurgicheskiy kombinat OAO operates as a supplier for such industries as: pipelines, vehicles, railway, construction and shipbuilding, among others. Its subsidiaries include Lys'venskaya Metallurgicheskaya Kompaniya OOO, among others. The Company operates domestically, as well as exports its products to the Commonwealth of Independent States (CIS) countries, Asia, the Middle East and Europe.
Novolipetsk Steel is a vertically integrated steel manufacturing and production group based in Russia. Co. specializes in the manufacturing of high-quality hot and cold rolled steel in a variety of grades and sizes. Co. is also engaged in production and sales of flat steel products including slabs, hot rolled and cold rolled sheet, electrical steel, galvanized steel, cold rolled sheet with polymeric coatings. In addition, Co.'s areas of manufacturing include sintering, coke production, blast furnace production, steel-making, hot and cold-rolled flat steel production, galvanized and prepainted steel production. Co. exports its products to 70 countries around the world.
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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