Report
Alexander Golinsky ...
  • Alexander Sychev
  • Alexey Bulgakov
  • Alexey Kirichok
  • Alisa Zakirova
  • Ekaterina Sidorova
  • Irina Lapshina
  • Nikolay Minko
  • Vladimir Lezhnev

Debt Markets Today - February 3, 2020

CIS EUROBOND MARKETRussian sovereign Eurobond quotes advanced again on Friday amid a decline in US Treasury yields. The Russia 47 (+1.3 pp) led the way, followed by the Russia 43 and 42 (both + 1.2 pp). Intermediate paper added 0.4-0.5 pp.GOVERNMENT DEBTAmid a stabilizing global market backdrop, OFZ yields eased 1-4 bps on Friday morning after rising for several days. However, risk aversion intensified later and yields began to climb again, closing 1-2 bps higher on the day in the 3y+ segment. However, the redemption of the OFZ 29011, which took place last Wednesday, continued to support short issues (which were yielding 20-40 bps lower by the close) and floaters, which witnessed the bulk of Friday's turnover. Volumes totaled R34 bln.STORIES> Foreigners increase OFZ holdings to new all-time high> Severstal publishes 4Q19 IFRS results> Nornickel: Good 4Q19 production results> TMK: Some color ahead of new Eurobond placement
Underlyings
MMC Norilsk Nickel PJSC

MMC Norilsk Nickel PJSC is a global producer of nickel, palladium, platinum and copper. Co. also produces by-products, such as cobalt, chromium, rhodium, silver, gold, iridium, ruthenium, selenium, tellurium and sulfur. Co. is involved in prospecting, exploration, extraction, refining and metallurgical processing of minerals, as well as in production, marketing and sale of base and precious metals. Co.'s production facilities are located in five countries: Russia, Australia, Botswana, Finland, and South Africa. Co.'s production units are integrated and include: the Polar Division (the Taimyr Peninsula); and the Kola Mining and Metallurgical Company (Kola MMC or the Kola Peninsula).

Severstal (GDR)

Severstal PAO

PAO Severstal is an integrated Iron & Steel works company with a range of products: hot and cold rolled steel, roll-formed shapes and pipes, rolled sections, a large group of coke products and by-products. Co. also has various social responsibilities such as the operation and maintenance of sports complexes, holiday and recreational facilities and public housing. Co.'s operations are organized along three principal divisions: Severstal Russian Steel engaged in crude steel production; Severstal Resources engaged in the production of iron ore concentrate, pellets and coking coal; and Severstal International engaged in the production of high-quality flat-rolled products.

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
Alexander Golinsky

Alexander Sychev

Alexey Bulgakov

Alexey Kirichok

Alisa Zakirova

Ekaterina Sidorova

Irina Lapshina

Nikolay Minko

Vladimir Lezhnev

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