- Alisa Zakirova
- Andrey Gromadin
- Anna Kotelnikova
- Anton Stroutchenevski
- Artem Vinogradov
- Ekaterina Sidorova
- Nikolay Minko
- Research Team
- Rodion Lomivorotov
Debt Markets Today - September 21, 2020
CIS EUROBOND MARKETRussian sovereign Eurobonds continued to consolidate on Friday. The only issue to register a significant change in price was the Russia 47 (+0.2 pp).GOVERNMENT DEBTFriday's CBR decision was in line with expectations and did not affect the OFZ market (see our decision review below). Yields were basically flat for the day, while volumes came to just R10 bln, about a third (a little more than R3 bln) attributable to the 14y OFZ 26225.STORIES> What budget, tax changes augur> CBR leaves rates unchanged, we see inflation easing to 3% by year-end> Russia economic activity: Recovery loses steam in August> CBR review: CBR presses pause on rate cuts, may hit play in October> Rosneft could receive additional tax benefits> Novatek's Arctic LNG-2 could raise $9.5 bln in foreign project financing> Government eliminates export duty holidays for existing projects> Belarusian GDP down 1.7% y-o-y in 8m20> Georgian economy sees 5.6% y-o-y contraction in 1H20Novatek is an independent gas producer and natural gas producer in Russia. Co. is engaged in the exploration, production, and processing of natural gas and liquid hydrocarbons. Co.'s upstream activities are concentrated in the Yamal-Nenets region, which is a natural gas producing area and accounts for a significant part of Russia's natural gas production. Co.'s three core fields are located in the regions of Yurkharovskoye, East Tarkosalinskoye and Khancheyskoye. Co. maintains natural gas reserves of approximately 1,144 bcm. Co.'s total net proved reserves totals around 8,088 million barrels of oil equivalent (boe).
OJSC OC Rosneft is a vertically-integrated Russian oil and gas company with upstream and downstream operations in each of Russia's oil-producing regions. Headquartered in Moscow, Co. operates ten oil and gas producing enterprises across Russia and is involved in over ten exploration projects. In addition to its upstream operations, Co. also owns two refineries, which have a combined capacity of 10 million tons per year, as well as four main oil export terminals and a nationwide network of over 600 service stations. Co.'s downstream operations consist of its crude oil export structure, refining operations and nationwide network of marketing subsidiaries.
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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