Russian Fixed Income - Foreign Share in OFZs Drops in 2Q18
In the latest edition of its Financial Market Risks Review, the CBR disclosed preliminary estimates indicating the scale of OFZ selling by nonresidents in June. It also provided an update on the share of nonresidents in select OFZ issues. The selloff in 2Q18 was concentrated in certain papers and came amid a selloff in EMs and a hawkish shift in the CBR's stance. Once the market stabilizes, we think that nonresidents will begin to take more of an interest in the issues that are currently being placed. These issues are attractive due to their inclusion in global bond indexes.
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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