Debt Markets Today - March 5, 2021

CIS EUROBOND MARKETPrices on Russian sovereign Eurobonds barely budged over the course of yesterday's session, though some small moves were seen, mainly at the long end of the curve, where selling predominated. The only issue to post a significant change in price was the Russia 35, which added 0.2 pp. GOVERNMENT DEBTYesterday, yields on long-dated OFZs dropped another 7-9 bps in a continued reaction to the reports that the Finance Ministry is considering lowering its borrowing target for this year by R0.5-1.0 trln. Trading volumes rose to R23 bln. Local investors continued to account for most of the volume traded, with foreigners seemingly waiting to see what today's jobs data from the US has to offer. However, headlines began to appear late last night that the US and UK were looking into additional sanctions on Russia, including on its sovereign debt, which could trigger a rise in the geopolitical premium.STORIES> Bloomberg claims more sanctions under consideration; neutral> MTS 4Q20 IFRS results: Broadly in line with consensus> Russian Railways to place 7y ruble Eurobonds> Georgia planning to place new Eurobond> Ukraine confirms commitment to meet some IMF requirements> GDP in Belarus climbs 1.3% y-o-y in January