Debt Markets Today - July 28, 2021. Rusal Releases Strong 2Q21 Trading Update; No Volume Limits at Weekly OFZ Auctions for First Time Since June
CIS EUROBOND MARKETPrice movement in the CIS Eurobond market was again muted yesterday. The only significant gains in the sovereign segment were seen along the Belarusian curve (+0.2-0.5 pp). In the corporate segment, the only real outliers were the DME Airport 28 (+0.2 pp) and Global Ports 22 (-0.4 pp).GOVERNMENT DEBTOFZ yields remained on the decline yesterday, supported by fresh purchases by nonresidents and continued interest from locals. We think that many market participants expect the significant tightening of CBR monetary policy to help push inflation back down to the CBR's target quickly (meaning that further rate hikes may not be necessary). By the end of the day OFZ yields were down 1-3 bps, though they had flirted with lower levels throughout the day. Dynamics were restrained by the decision of the Finance Ministry to offer two OFZs without set volume limits (see below). Trading volumes amounted to R35 bln, 60% higher than the average for the month; the share of short dated paper with a fixed coupon rose, with R13 bln changing hands yesterday.STORIES> Finance Ministry to auction off OFZs without volume limits for first time since June> Rusal releases strong 2Q21 trading update
United Company Rusal is a producer of aluminium and alloys. Co.'s production chain include bauxite and nepheline ore mines, alumina refineries, aluminium smelters and casting houses, foil mills and packaging production centres. Co. operates in four reportable segments: Aluminium, which is involved in the production and sale of primary aluminium; Alumina, which involved in the mining and refining of bauxite into alumina and the sale of alumina; Energy, which include the mining and sale of coal and the generation and transmission of electricity; Mining and Metals, which includes the equity investment in Co.'s joint venture, PJSC MMC Norilsk Nickel.
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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