Russia FX/Rates Snapshot - August 11, 2021. Ruble's Potential to Further Weaken Limited, As Current Weakness Owes to Dividend Conversions
The ruble has found its footing close to the 74 mark. We believe this is because buyers find the ruble attractive at this level. This factor should support the local currency today, allowing it to hold close to the 74 mark even if the dollar strengthens globally, as would likely occur if US inflation comes in above the expected 0.5% m-o-m in July. Meanwhile, the Finance Ministry has decided to offer up the 8y OFZ 26237 (March 2029, 6.70%) and 15y OFZ 26240 (July 2036, 7.00%) at today's auction, without a limit for either. This is exactly what was on offer two weeks ago, and it is just what we had expected taking into account the elevated demand these two "new" issues have been seeing in the secondary market.
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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