Rates Weekly - July 28, 2020
> Ruble liquidity: Liquidity surplus lingers. Even though banks had expected a cut from the CBR somewhat bigger than 25 bps on Friday, O/N rates are unlikely to climb over the next week, in our view. Even after recent tax payments, a ruble liquidity surplus will remain and support a minus 30-40 bp spread of O/N rates to the key rate.> OFZs and rates: Finance Ministry to place R70-100 bln at tomorrow's OFZ auctions. A premium to the secondary market will have to be offered to place R100 bln, however. We see a discount margin of 25-30 bps for the floater.
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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