Report
Alisa Zakirova ...
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Ekaterina Sidorova
  • Igor Rapokhin
  • Maria Martynova
  • Olga Sterina
  • Research Team
  • Rodion Lomivorotov
  • Sergey Donskoy
  • Sergey Kolesnikov, FRM

Debt Markets Today - December 3, 2021. Severstal Sells Coal Operations, Belarus Sanctions, Kazakhstan Inflation

CIS EUROBOND MARKETRussian long issues extended recent gains. The Russia 47 added 1.5 pp, while the Russia 42 and 43 firmed 1 pp apiece, followed closely by the Gazprom 34 and Gazprom 37. In the broader CIS space, Belarusian issues underperformed, losing 0.1-0.2 pp in price.GOVERNMENT DEBTOFZ yields opened 10-12 bps higher yesterday as Wednesday's weekly inflation print was priced in. However, the early losses were subsequently partially pared back and yields ended up just 3-7 bps higher. The key drivers behind the latter move were a strengthening of the ruble and comments by CBR Governor Elvira Nabiullina. On the one hand, she repeated that the CBR remains concerned about current inflation expectations. However, she also said that the bank did not expect the key rate to reach double digits next year and reiterated the CBR's forecast that the key rate will return to the inflation-neutral level in 2023. If disinflationary risks being to prevail, she said the CBR will be prepared to cut rates more quickly than it currently envisages. Trading volumes on the Moscow Exchange were modest at just R21 bln of which nearly R7 bln came in the floating-rate OFZ.STORIES> Severstal says farewell to its coal operations> EU and US announce new sanctions on Belarusian entities and sovereign debt> Kazakh inflation eases to 8.7% y-o-y in November
Underlyings
Severstal (GDR)

Severstal PAO

PAO Severstal is an integrated Iron & Steel works company with a range of products: hot and cold rolled steel, roll-formed shapes and pipes, rolled sections, a large group of coke products and by-products. Co. also has various social responsibilities such as the operation and maintenance of sports complexes, holiday and recreational facilities and public housing. Co.'s operations are organized along three principal divisions: Severstal Russian Steel engaged in crude steel production; Severstal Resources engaged in the production of iron ore concentrate, pellets and coking coal; and Severstal International engaged in the production of high-quality flat-rolled products.

Provider
Sberbank
Sberbank

​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.

Analysts
Alisa Zakirova

Anton Stroutchenevski

Artem Vinogradov

Ekaterina Sidorova

Igor Rapokhin

Maria Martynova

Olga Sterina

Research Team

Rodion Lomivorotov

Sergey Donskoy

Sergey Kolesnikov, FRM

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