Russia FX/Rates Snapshot - June 30, 2021. Full Placement at Today's OFZ Auctions Might Prove Elusive
Today, the ruble is still trading around 72.8 to the dollar, though it has made attempts to strengthen. If the rebalancing operations have wrapped up, then we think the ruble could rebound to 72.4 today. The Finance Ministry is set to offer the on-the-run 10y OFZ 26239 (July 2031) and the new 15y OFZ 26240 (July 2036). The offer sizes are R30 bln and R20 bln, respectively. Given Nabiullina's hawkish comments on Monday, a full placement looks to be challenging.
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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