- Alexey Kirichok
- Alisa Zakirova
- Andrew Keeley
- Anton Stroutchenevski
- Artem Vinogradov
- Ekaterina Sidorova
- Irina Lapshina
- Nikolay Minko
- Olga Sterina
- Research Team
- Rodion Lomivorotov
- Vladimir Lezhnev
Debt Markets Today - March 12, 2021
CIS EUROBOND MARKETRussian sovereign Eurobond quotes rose yesterday, with trading volumes fairly high in the middle and at the long end of the curve amid falling UST yields in the first half of the day. The Russia 42 and 43 outperformed, adding 1.0 pp and 0.9 pp, respectively.GOVERNMENT DEBTYesterday morning, following the weak results from Wednesday's auction of medium-dated paper and some rather hawkish comments out of the CBR (see our story from Wednesday's daily), the OFZ curve continued to flatten, with yields rising as much as 10 bps in the middle and 5 bps at the long end. This occurred despite a fairly benign global backdrop (for instance the US 10y yield fell to 1.47%). However, nonresidents stepped in and started buying at these levels, which wiped out about half of the early rise in yields. Trading volumes rose to R42 bln.STORIES> Inflation remains high in early March> Budget deficit at R0.7 trln in 2m20, receipts to start rising> TCS 4Q20 IFRS: Strong end to year, bullish 2021 outlook> Severstal CMD: Key targets unchanged, more details released
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.
TCS Group Holding is a retail banking services group based in the Russian Federation. Co. is principally engaged in providing retail banking services in the Russian Federation through its subsidiaries, primarily Tinkoff Credit Systems. Co., through this subsidiary, fully licensed by the Central Bank of Russia and a member of the Deposit Insurance System, specializes in credit cards. Co. provides online retail financial services through a branchless operating platform. Co. also offers remote access to its financial products and services through its online banking as well as through mobile banking and high-volume call centers.
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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