- Alexander Sychev
- Alexey Bulgakov
- Alisa Zakirova
- Andrew Keeley
- Anton Stroutchenevski
- Artem Vinogradov
- Ekaterina Sidorova
- Kirill Rogachev
- Nikolay Minko
- Research Team
- Rodion Lomivorotov
Debt Markets Today - May 12, 2020
CIS EUROBOND MARKETDespite the absence of local investors, Russian sovereign Eurobonds continued advancing yesterday. Long-dated issues climbed 0.7-1.0 pp in price (the Russia 43 led the way), while the middle part of the curve moved 0.3-0.4 pp higher. GOVERNMENT DEBTTrading activity was muted prior to Nabiullina's weekly press conference on Friday, but the CBR head's comment that a 100 bp cut was considered at the April meeting (a cut of 50 bps was ultimately decided upon) sparked a massive rally. She added that if the situation continued to evolve as it is currently, cuts of larger than 50 bps would be on the table at upcoming meetings (see the story below). The late rally was most pronounced in the belly of the curve, where yields came down 15-20 bps, while further out yields declined around 8 bps on average. Trading volume was up significantly from Thursday's level at R41 bln.STORIES> Putin eases lockdown and announces third round of support> Monetary stimulus has started working> Consumer prices rise 0.1% last week, with daily rate further easing> Nabiullina comments on banking sector> VTB 1Q20 IFRS review: Decent revenues, but high write-downs> Ukrainian inflation eases to 2.1% y-o-y in April
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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