Report
Alexey Bulgakov ...
  • Alexey Kirichok
  • Alisa Zakirova
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Irina Lapshina
  • Rodion Lomivorotov

Debt Markets Today - October 16, 2019

CIS EUROBOND MARKETRussian sovereign Eurobond quotes advanced yesterday, despite rising US Treasury yields, although turnover was low. The Russia 47 led the way, gaining 0.3 pp.GOVERNMENT DEBTOFZ yields again moved lower yesterday morning, sliding as much as 1-2 bps, but later sprang back. Volumes totaled R27 bln. Local accounts were generally selling, particularly at the long end (mostly the OFZ 26221 due in March 2033 and the OFZ 26225 due in May 2034), probably prompted by today's auction of the 20y OFZ 26230 (March 2039). Given that the long end of the curve has been well bid since the end of last week (particularly among nonresidents) and that the OFZ 26230 was last placed quite some time ago (in early September), we expect the issue to find strong demand. In addition, the inflation-linked OFZ 52002 will be offered today.STORIES> NLMK: 3Q19 trading update review and earnings preview> MMK: 3Q19 trading update review and earnings preview> Kazakh economic indicator slows in September
Underlyings
Magnitogorsk Iron & Steel Works (GDR)

Magnitogorsk Iron & Steel Works PJSC

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.

NLMK (GDR)

Novolipetsk Steel

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.

Provider
Sberbank
Sberbank

​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.

Analysts
Alexey Bulgakov

Alexey Kirichok

Alisa Zakirova

Anton Stroutchenevski

Artem Vinogradov

Irina Lapshina

Rodion Lomivorotov

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