Sberbank - Rates Weekly - November 17, 2021. Nominal Issue and CPI-linker on Offer at Todays OFZ Auction

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Sberbank

Alisa Zakirova ...

Igor Rapokhin
Yuri Popov

Rates Weekly - November 17, 2021. Nominal Issue and CPI-linker on Offer at Today's OFZ Auction

> Ruble liquidity: O/N rates set to remain stable ahead of tax payments thanks to balanced liquidity. Yesterday, the CBR conducted a weekly deposit auction with a limit of R1.4 trln. Banks placed just R1.2 trln, as some are likely hoarding liquidity ahead of R1.1 trln tax payments due next week. Demand for liquidity seems to be picking up, so over the next five working days we expect O/N interbank rates to edge up to around 7.4%, while banks' current accounts with the CBR should hover around R3.6 trln, R0.4 trln above the required level. > OFZs and rates: A nominal issue and a CPI-linker will be on offer at today's OFZ auction. Two OFZ issues will be auctioned off today: a nominal paper and a CPI-linker. The 10y OFZ 26239 (July 2031) will be offered with a R20 bln limit, as was the case last week. As for the linker, the Finance Ministry will offer up R10.1 bln in the 11y OFZ 52004, the CPI-linked issue it has usually been going with recently. Given the sharp deterioration in market conditions, this supply of interest rate risk looks a little heavy to us.

17/11/2021 7 EN

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Sberbank

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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Analysts

Alisa Zakirova

Igor Rapokhin

Yuri Popov

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Rates Weekly - November 17, 2021. Nominal Issue and CPI-linker on Offer at Today's OFZ Auction

Russian Consumer - Unemployment and Income: The Outlook for 2022

Russian Banks - What We Know at This Stage

Commodities Daily - March 24, 2022

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