Debt Markets Today - January 19, 2022. Russian Current Account, PIK Group Trading Update

CIS EUROBOND MARKETAlthough demand is starting to return for Russian sovereign Eurobonds maturing after 2035, these issues still closed 2.0-2.5 pp lower in price yesterday. Mid-dated paper, meanwhile, remains under selling pressure. GOVERNMENT DEBTYesterday, the OFZ market was highly volatile, as we had expected. By the middle of the day, OFZ yields had risen 5-10 bps relative to Monday's closing levels, but by the end of the day yields had fallen to reach 5-7 bps lower than the previous close. The Finance Ministry's decision to cancel the weekly auctions today helped in part, but, in our view, had been already been expected by most market participants. Trading on the Moscow Exchange amounted to R26 bln, close to the average for the past few months. Emerging-market peers, meanwhile, suffered losses yesterday (10y bond yields rose 5-15 bps) amid the selloff in US Treasuries.STORIES> Russian current account surplus hits record $120 bln last year> PIK Group 4Q21 trading update: Housing prices continued to grow