Russia FX/Rates Snapshot - October 22, 2018
Against this backdrop, the ruble has firmed another 0.3% this morning, and we think it could strengthen further, as exporters are likely to increase FX sales this week to finance tax and dividend payments. MMK, Novatek, NLMK and Tatneft are set to pay dividends of a respective R18 bln, R28 bln, R31 bln and R70 bln. We estimate that R630 bln of MET is due on October 25, which would be a record high. However, the ruble could retreat on geopolitical concerns. Over the weekend, US President Trump said the US wanted to exit the Intermediate-Range Nuclear Forces Treaty, the landmark deal signed by the US and the Soviet Union in 1987. Today, US National Security Advisor John Bolton will meet his Russian counterpart, Nikolai Patrushev, to discuss this issue.
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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