- Alexey Bulgakov
- Alexey Kirichok
- Alisa Zakirova
- Andrew Keeley
- Andrey Gromadin
- Anna Kotelnikova
- Anton Stroutchenevski
- Artem Vinogradov
- Ekaterina Sidorova
- Irina Lapshina
- Kirill Rogachev
- Nikolay Minko
- Research Team
- Rodion Lomivorotov
- Vladimir Lezhnev
- Yuri Popov
Debt Markets Today - May 18, 2020
CIS EUROBOND MARKETThe decline in US Treasury yields for most of the day on Friday triggered gains in quotes of Russian sovereign Eurobonds. As was the case all of last week, demand picked up in the middle of the curve. The strongest gain was shown by the Russia 35, which added 1.0 pp, while the Russia 47 was next with a 0.8 pp gain. GOVERNMENT DEBTOFZs continued to rally on Friday, still fueled by the CBR's announcement on Thursday about its first long-dated repo auctions (1m on May 25 and 1y on June 22). A muted weekly inflation print added to the downward pressure on OFZ yields, which were trading as much as 25 bps lower at one point. However, some profit taking emerged, and yields closed 10-15 bps lower in the belly and 18-22 bps lower at the long end. Volumes were again elevated, at R77 bln.STORIES> Current account and trade balances remained positive in April> Revenues from Sberbank deal help keep budget in surplus in April> Ruble supported in May as old FX sales mechanism likely brought back> Rosneft publishes 1Q20 IFRS results> Rosneft 1Q20 IFRS conference call highlights> PhosAgro reports seasonally strong 1Q20 IFRS results> CBR posts weekly update on sector balance sheet, loan restructuringsPhosAgro 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.
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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