Russia FX/Rates Snapshot - June 18, 2018
The CBR left the key rate unchanged at 7.25% on Friday and made a very hawkish statement, citing the VAT hike and possible rise of inflation expectations. It seems that the bank intends to cut the rate to this level only in 2019. This pushed swap rates and yields on OFZs with maturity up to 10y up 20 bps, while OFZs with tenors more than 10y yielded 10 bps higher. Markets seem to have now ruled out any cuts at least in the next 12 months, which we think may be overdone.
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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