- Andrey Gromadin
- Anton Stroutchenevski
- Artem Vinogradov
- Ekaterina Sidorova
- Igor Rapokhin
- Research Team
Debt Markets Today - October 28, 2021. Russian Industrial Production, Weekly Inflation; OFZ Auction Review; VTB Earnings; Putin Meeting with Gas Executives
CIS EUROBOND MARKETThe rally in long-dated US Treasuries pulled yields lower and flattened curves across the EM sovereign bond space. The Russia 47 fell 4 bps in yield (rising 0.8 pp in price), the Russia 42 and Russia 43 both fell 3 bps, and the rest of the curve was little changed. The long-dated Gazprom 31 and Gazprom 37 also fared well, climbing 0.5-0.7 pp in price. GOVERNMENT DEBTYesterday, the recent streak of losses for OFZs was broken amid falling ruble swap rates and US Treasury yields (the US 10y closed 7 bps lower in yield at 1.54%). By the end of the day, long-dated OFZs had declined 2-4 bps in yield. Turnover was again more than double the average for the last month, coming in at R52 bln.STORIES> Industrial production growth accelerates to 6.8% y-o-y in September> Weekly inflation edges up to 0.28% over October 19-25> Finance Ministry provides no concession at CPI-linker auction> VTB reports 3Q21 IFRS numbers> Putin again sends a message to calm EU gas market, requests focus on Yamal gas refining
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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