Rates Weekly - June 2, 2020
> Ruble liquidity: Overnight rates to fall as current averaging period wraps up. Over the next week, liquidity in the banking system should expand due to budget expenditures at the beginning of the month. In addition, it will be supported by a contraction of cash in circulation. We expect the spread of O/N rates to the key rate to widen to between -40 bps and -20 bps in the next week. > OFZs and rates: R100-120 bln likely to be placed at tomorrow's OFZ auctions. Thanks to last week's R232 bln redemption, the intermediate issues that are to be auctioned tomorrow should find demand. We think R80-100 bln will be placed. We expect R30-40 bln to be placed in the other issue to be offered tomorrow, a 15y paper, as foreign demand for it remains weak.
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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