Sberbank - RUSAL (RUALR) ... Debt Markets Today - March 28, 2018

Report

Sberbank

Alexander Kudrin ...

Alexey Bulgakov
Alisa Zakirova
Anton Stroutchenevski
Artem Vinogradov
Rodion Lomivorotov
Sergei Konygin

Debt Markets Today - March 28, 2018

CIS EUROBOND MARKET
Russian sovereign Eurobonds were well bid. The Russia 42 led the way, climbing 0.5 pp to 107.2% (YTM 5.1%, Z-spread 220 bps), closely followed by the Russia 43, which rose to 111.1% (YTM 5.1%, Z-spread 219 bps).

GOVERNMENT DEBT
OFZs maturing in up to 7y experienced a selloff, and yields moved 3-5 bps higher. Volumes were average.

STORIES
> Russian inflation to rise to 3.2% in 2018 on higher food prices
> Petropavlovsk raises large prepayment loan
> Holders of RUSAL Eurobonds agree to covenant changes

28/03/2018 38 EN

Underlyings

RUSAL

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United Company RUSAL international PJSC

United Company Rusal is a producer of aluminium and alloys. Co.'s production chain include bauxite and nepheline ore mines, alumina refineries, aluminium smelters and casting houses, foil mills and packaging production centres. Co. operates in four reportable segments: Aluminium, which is involved in the production and sale of primary aluminium; Alumina, which involved in the mining and refining of bauxite into alumina and the sale of alumina; Energy, which include the mining and sale of coal and the generation and transmission of electricity; Mining and Metals, which includes the equity investment in Co.'s joint venture, PJSC MMC Norilsk Nickel.

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JE00B5BCW814 Jersey

Provider

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

Alexander Kudrin

Alexey Bulgakov

Alisa Zakirova

Anton Stroutchenevski

Artem Vinogradov

Rodion Lomivorotov

Sergei Konygin

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Debt Markets Today - March 28, 2018

Debt Markets Today - February 10, 2022. Russian Current Account, Inflation, Basic Sector Output; OFZ Auctions Review; Rusal, Eurotorg Operating Results

Долговые рынки сегодня - 27 октября 2021. Минфин РФ вернулся к защитной тактике на аукционах ОФЗ на этой неделе; РУСАЛ опубликовал операционные итоги 3К21

Russian Consumer - Unemployment and Income: The Outlook for 2022

Russian Banks - What We Know at This Stage

Валютный рынок и процентные ставки - 24 марта 2022. После резкого укрепления рубль возьмет паузу

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