- Andrey Gromadin
- Anna Kotelnikova
- Ekaterina Sidorova
- Igor Rapokhin
- Research Team
Debt Markets Today - August 2, 2021. Further Hawkish Comments from CBR, VTB 2Q21 IFRS Results and Management Comments
CIS EUROBOND MARKETTrading activity remained subdued in the FSU Eurobond market on Friday, and prices closed generally flat for the day. Exceptions were the EaDB 22 issue of Eurasian Development Bank (up 0.2 pp) and the Rusal 23-1 (down 0.2 pp).GOVERNMENT DEBTOFZ yields opened around 2 bps higher across the curve, although at these levels buyers started to show interest amid a strengthening ruble and a downward shift in the US Treasury curve. OFZs went on to finish the day 3-6 bps lower in yield, with the 10y OFZ 26218 (September 2031) closing at 6.88%, the lowest since March. The movement in quotes again came amid elevated trading activity. Trading volumes on the Moscow Exchange totaled R33.5 bln, about 1.5 times the average for the previous month. It appears that nonresidents have continued to build positions in the OFZ market. According to NSD data, last week saw foreign inflow exceed R100 bln, the highest weekly figure since April 2020.STORIES> Hawkish comments from CBR continue> VTB reports 2Q21 IFRS results, upgrades 2021 earnings guidance> VTB management comments on bank's capital position> Finance Ministry provides general update on oil tax changes
Bank VTB PAO is a Russia-based bank engaged in the provision of financial services. The Bank reports five segments: Corporate-Investment banking includes operations with corporate customers that are large business customers and banking financial institutions, as well as operations on the securities market; Mid-Corporate banking covers operations with medium business corporate customers; Retail business includes operations with individuals and small business corporate customers, and offers operations on Internet and mobile Point-of-Sale acquiring, plastic cards, payroll services and financial consulting, among others; Treasury comprises operations to manage liquidity, operations on financial and interbank markets, cash flow management and debit financing operation; as well as Other business includes two business: Construction and development involves operations undertaken by Company in the construction and development industry, and Other activities represent non-banking business.
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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