- Anton Stroutchenevski
- Artem Vinogradov
- Ekaterina Sidorova
- Igor Rapokhin
- Olga Sterina
- Research Team
- Sergey Kolesnikov, FRM
Debt Markets Today - October 22, 2021. NLMK and PhosAgro Results, Samruk-Kazyna Debut Eurobond Placement, NBU Rate Decision Review
CIS EUROBOND MARKETThe downtrend in CIS Eurobonds continued yesterday. In the Russian sovereign market, the belly of the curve looked worse than the market, the Russia 35 and Russia 29 edging down 0.2 pp. The Russian corporate segment also closed in the red. Gazprom issues slid 0.2-0.5 pp, while the MKB 26 and VEON 27 lost 0.2 pp each. The Armenia 29 and 31 again recorded the biggest loss among other regional sovereigns, dropping 0.4 pp apiece, followed by the Kazakhstan 45 (down 0.3 pp).GOVERNMENT DEBTThe ongoing correction in local EM debt markets dampened sentiment in the OFZ market yesterday. Another negative factor was the acceleration of weekly inflation in Russia. As a result, OFZ yields climbed 5-10 bps in yield, with short-dated issues under particular pressure. Trading volumes on the Moscow Exchange totaled R48 bln, which is well above the daily average of the past month. The 10y paper of EM peers rose 5-15 bps in yield yesterday.STORIES> NLMK 3Q21 results: Leverage unchanged at 0.4 despite higher net debt> PhosAgro publishes 3Q21 trading update> Samruk-Kazyna places debut Eurobond> National Bank of Ukraine keeps key policy rate at 8.5%
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.
PhosAgro is a producer of phosphate-based fertilizers. As of Dec 31 2014, Co. had two segments: Phosphate-based products, which includes mainly production and distribution of ammophos, diammoniumphosphate, sodium tripoly phosphate and other phosphate based and complex (NPK) fertilisers on the factories located in Cherepovets, Balakovo and Volkhov, and production and distribution of apatite concentrate extracted from the apatite-nepheline ore, which is mined and processed in Kirovsk; and Nitrogen-based products,which includes mainly production and distribution of ammonia, ammonium nitrate and urea on the factory located in Cherepovets.
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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