Report
Alex Fak ...
  • Alexander Kudrin
  • Alexander Sychev
  • Alexey Bulgakov
  • Alisa Zakirova
  • Andrey Kuznetsov
  • Anna Kotelnikova
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Rodion Lomivorotov
  • Sergei Konygin
  • Valery Nesterov

Debt Markets Today - March 16, 2018

CIS EUROBOND MARKET
Russian sovereign Eurobond quotes continued to fall yesterday. The Russia 47 underperformed, losing 0.5 pp to 100.5% (YTM 5.2%, Z-spread 231 bps). The Russia 27 fell 0.4 pp to 99.4% (YTM 4.3%, Z-spread 147 bps).

GOVERNMENT DEBT
Early in the day yesterday, Wednesday’s trend of selling at the long end of the OFZ curve (with maturities of longer than 8y) continued. Demand for short-term papers appeared around midday and was eventually met by the evening by offers after the political backdrop had worsened.


STORIES
> Russia's budget surplus increases to R227 bln in February
> More rhetoric in Skripal case; new, unrelated OFAC sanctions
> Russia offering generous premium for new Eurobonds
> Rosneft 4Q17 IFRS results preview
> Metalloinvest reports 2017 IFRS results
Underlyings
Rosneft Oil Co.

OJSC OC Rosneft is a vertically-integrated Russian oil and gas company with upstream and downstream operations in each of Russia's oil-producing regions. Headquartered in Moscow, Co. operates ten oil and gas producing enterprises across Russia and is involved in over ten exploration projects. In addition to its upstream operations, Co. also owns two refineries, which have a combined capacity of 10 million tons per year, as well as four main oil export terminals and a nationwide network of over 600 service stations. Co.'s downstream operations consist of its crude oil export structure, refining operations and nationwide network of marketing subsidiaries.

Rosneft Oil Co. Sponsored GDR RegS

Provider
Sberbank
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.

Analysts
Alex Fak

Alexander Kudrin

Alexander Sychev

Alexey Bulgakov

Alisa Zakirova

Andrey Kuznetsov

Anna Kotelnikova

Anton Stroutchenevski

Artem Vinogradov

Rodion Lomivorotov

Sergei Konygin

Valery Nesterov

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