Rates Weekly - July 21, 2020
OFZs and rates: We expect a 50 bp rate cut on Friday, but 25 bps is also possible. We think it very unlikely that the CBR will leave rates unchanged. If it does opt to cut by 25 bps, it would most likely signal that it intends to cut by another 25 bps in September. At tomorrow's auction, we think that demand for the 7y paper will likely be fairly high ahead of the CBR meeting, at which the market expects a rate cut. We think somewhere in the ballpark of R30-50 bln will be sold. We think the inflation-linker will garner lower demand and that R10-20 bln will be placed.
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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