reports
- Alisa Zakirova
- Anton Stroutchenevski
- Artem Vinogradov
- Ekaterina Sidorova
- Igor Rapokhin
- Olga Sterina
- Research Team
- Rodion Lomivorotov
Долговые рынки сегодня - 24 марта 2022. "Недружественные" страны будут...
РЫНОК ВНЕШНЕГО ДОЛГА СТРАН СНГВ среду рынок российского суверенного долга оставался неактивным.ГОСУДАРСТВЕННЫЕ ЦЕННЫЕ БУМАГИВ среду мы наблюдали откат на рынке ОФЗ - доходности повысились на 20-40 б. п. Это довольно умеренное изменение, если учесть недавнюю волатильность (в понедельник-вторник доходности с открытия упали на 250-300 б. п.). Бумаги закрылись в основном с доходностью в диапазоне от 13,5% до 16%. Объемы торгов продолжают постепенно восстанавливаться: МосБиржа сообщила, что дневной о...
- Alisa Zakirova
- Andrew Keeley
- Anton Stroutchenevski
- Artem Vinogradov
- Arthur Cherkesov
- Ekaterina Sidorova
- Igor Rapokhin
- Olga Sterina
- Research Team
- Rodion Lomivorotov
Debt Markets Today - March 24, 2022. Ruble Settlement for Gas, Russian...
CIS EUROBOND MARKETThe Eurobond market remained inactive yesterday.GOVERNMENT DEBTYesterday saw a correction in the OFZ market, with yields rising 20-40 bps. This was actually a fairly modest move given how volatile things have been recently (yields dropped 250-300 bps on Monday-Tuesday, after the market reopened). Most of the OFZ curve closed in the 13.5-16.0% range. Trading volumes continued to gradually recover, reaching R13.5 bln yesterday on the Moscow Exchange. Still, that is only around h...
Raiffeisen Research Institutional Equity Daily 14.03.2022
AT: Verbund - Press reports on windfall profit politics, special dividend in discussion (neutral) CEE: Banks - Deutsche Bank and Commerzbank announced withdrawal from Russia (neutral) CZ: CEZ - Tender for new block at Dukovany nuclear power plant to be launched this week (neutral) RU: Russia - Stock market to stay frozen another week (neutral) RU: Russian Steel - EU bans steel import from Russia (negative) RU: Russian Steel - Government plans to reduce domestic steel prices by restri...
PEO BANK POLSKA KASA OPIEKI SA
CEZ CEZ AS
PKO PKO BANK POLSKI S.A.
BHW BANK HANDLOWY W WARSZAWIE S.A.
VER VERBUND AG CLASS A
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
NLMK NOVOLIPETSK STEEL
CHMF SEVERSTAL PAO
OTP OTP BANK NYRT
MAGN MAGNITOGORSK IRON & STEEL WORKS PJSC
ALR ALIOR BANK SA
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
ADKO ADDIKO BANK
SEVERSTAL sees an upgrade to Positive due to a better fundamental star...
The general evaluation of SEVERSTAL (RU), a company active in the Steel industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Positive. As of the analysis date March 4, 2022, the closing price was RUB 1,315.00 and its potential wa...
- Andrew Keeley
- Andrey Gromadin
- Anton Stroutchenevski
- Artem Vinogradov
- Arthur Cherkesov
- Cole Akeson
- Dmitry Troshin
- Georgiy Ivanin
- Konstantin Samarin
- Maria Martynova
- Research Team
- Sergey Donskoy
CIS Market Daily - February 21, 2022
MARKET COMMENT - GRIM DONBASS HEADLINES, HOPES FOR A PRESIDENTS' SUMMITThe RTS fell 4% on Friday to 1,391 following bearish headlines from southern Russia and eastern Ukraine late in the afternoon. Global markets were also soft, the MSCI ACWI slipping 0.9%. Russia assets are higher early this morning, corresponding with news of a more mixed global environment and hopes for a summit between the Russian and US presidents. STORIES> Sharp escalation in tensions ahead of diplomatic meetings this week...
- Alisa Zakirova
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Ekaterina Sidorova
- Igor Rapokhin
- Olga Sterina
- Research Team
- Rodion Lomivorotov
Debt Markets Today - February 21, 2022. Russian GDP, Geopolitics Weekl...
CIS EUROBOND MARKETA worsening geopolitical backdrop continued to drive FSU sovereign bonds lower, while 10y EM benchmarks again traded flat. Long-dated Russian issues lost 2.4-2.7 pp, while medium-term issues fell 1.2-1.5 pp. GOVERNMENT DEBTSwings in the FX market continued to drive ruble rates on Friday. OFZs widened 2-7 bps in yield on the day, as the ruble took a hit from another wave of negative news on the Donbass crisis. Peer EM local debt markets traded more or less flat.STORIES> Russian...
- Alisa Zakirova
- Anton Stroutchenevski
- Artem Vinogradov
- Ekaterina Sidorova
- Igor Rapokhin
- Olga Sterina
- Research Team
- Rodion Lomivorotov
Долговые рынки сегодня - 21 февраля 2022. ВВП России в 2021 году вырос...
РЫНОК ВНЕШНЕГО ДОЛГА СТРАН СНГВ пятницу ухудшение геополитического фона продолжало оказывать давление на котировки суверенных еврооблигаций на постсоветском пространстве, а цены 10-летних индикативных выпусков развивающихся рынков практически не изменились. Долгосрочные российские суверенные бумаги подешевели на 2,4-2,7 п. п., а среднесрочные - на 1,2-1,5 п. п. ГОСУДАРСТВЕННЫЕ ЦЕННЫЕ БУМАГИРынок рублевых ставок в пятницу по-прежнему следовал за курсом рубля. Доходность ОФЗ выросла на 2-7 б. п., ...
- Andrew Keeley
- Andrey Gromadin
- Anton Chernyshev
- Anton Stroutchenevski
- Artem Vinogradov
- Arthur Cherkesov
- Cole Akeson
- Dmitry Troshin
- Georgiy Ivanin
- Konstantin Samarin
- Maria Martynova
- Research Team
- Sergey Donskoy
CIS Market Daily - 21 февраля 2022
КОММЕНТАРИЙ И ПРОГНОЗ - ПЕССИМИСТИЧНЫЕ СООБЩЕНИЯ О СИТУАЦИИ НА ДОНБАССЕ, НАДЕЖДЫ НА САММИТ ПРЕЗИДЕНТОВ РФ И СШАИндекс РТС в пятницу упал на 4% до 1 391 пункта после появления к вечеру пессимистичных сообщений о ситуации на востоке Украины. Глобальные рынки также снижались, индекс MSCI ACWI отступил на 0,9%. Сегодня утром российские активы растут в цене на фоне сообщений о неоднозначной ситуации на глобальных рынках и надежд на саммит президентов России и США. НОВОСТИ> ВВП России в 2021 году увел...
Raiffeisen Research Institutional Equity Daily 18.02.2022
AT: Rosenbauer - Preliminary FY 21 results in line with reduced guidance and RBIe but weaker than expected margin outlook for FY 22 (negative) AT: Vienna Insurance Group - Headline FY 21 figures to exceed guidance and expectations (positive) HU: MOL - Clean Q4 earnings slightly above consensus, but lower 2022 earnings and sFCF guidance (neutral) RU: Novatek - Capex program is set at RUB 200 bn for 2022e (neutral) RU: Russian Steel - FAS fines should be based on 2020 revenue (positive)
- Andrey Gromadin
- Cole Akeson
- Konstantin Samarin
- Maria Martynova
- Research Team
- Sergey Donskoy
CIS Market Daily - February 15, 2022
MARKET COMMENT - RTS'S 5% INTRADAY DECLINE PARED BY FOLLOWING POLICY REMARKSThe RTS ultimately fell 3% yesterday, having partly offset a 5% intraday decline following policy remarks from President Vladimir Putin and other Russian and European top officials. Futures and early trading suggest a continued rebound, though we note that global markets are highly volatile under rates and inflation concerns. Today's agenda is full of high-level political events, as well as Yandex's results.STORIES> Nova...
- Andrey Gromadin
- Anton Chernyshev
- Cole Akeson
- Konstantin Samarin
- Maria Martynova
- Research Team
- Sergey Donskoy
CIS Market Daily - 15 февраля 2022
КОММЕНТАРИЙ И ПРОГНОЗ - ИНДЕКС РТС ПОСЛЕ ПРОСАДКИ В ТЕЧЕНИЕ ДНЯ НА 5% СУМЕЛ ОТЧАСТИ КОМПЕНСИРОВАТЬ ПОТЕРИ БЛАГОДАРЯ ЗАЯВЛЕНИЯМ ПОЛИТИКОВ По итогам вчерашней сессии индекс РТС опустился на 3%, отчасти компенсировав пятипроцентное снижение в течение дня благодаря высказываниям президента России Владимира Путина, а также других российских и европейских политиков. Котировки фьючерсов и оптимистичное начало торгов указывают на сохранение восходящего тренда, однако отметим, что глобальные рынки сейча...
Raiffeisen Research Institutional Equity Daily 11.02.2022
AT: Andritz - Andritz received minor order for two heat recovery chains (neutral) HU: Macro - No rating changes expected in Hungary (S&P) today PL: Banks - Favourable decision from EU Court of Justice regarding FX loans (positive) PL: Lotos - Strong Q4 preliminaries earnings in both upstream and downstream (positive) RU: Russian Steel - FAS decided to impose antitrust fines on key Russian steel producers (negative)
Raiffeisen Research Institutional Equity Daily 21.01.2022
AT: IMMOFINANZ - Conversion of convertible bond, increased number of shares (neutral) AT: Palfinger - Cost inflation and supply chain disruptions trigger profit warning for FY 22, EBIT outlook implies almost 20% downside to RBIe (negative) AT: Telekom Austria - Increasing tensions in Belarus (negative) AT: Vienna Insurance Group - EU Commission says Hungary had no grounds to veto Aegon deal (neutral) RO: Digi Communications - Digi repaid EUR 272 mn from the group's debt (positive) RU...
- Alisa Zakirova
- Anton Stroutchenevski
- Artem Vinogradov
- Ekaterina Sidorova
- Igor Rapokhin
- Maria Martynova
- Olga Sterina
- Research Team
- Rodion Lomivorotov
- Sergey Donskoy
- Sergey Kolesnikov
- FRM
Debt Markets Today - December 3, 2021. Severstal Sells Coal Operations...
CIS EUROBOND MARKETRussian long issues extended recent gains. The Russia 47 added 1.5 pp, while the Russia 42 and 43 firmed 1 pp apiece, followed closely by the Gazprom 34 and Gazprom 37. In the broader CIS space, Belarusian issues underperformed, losing 0.1-0.2 pp in price.GOVERNMENT DEBTOFZ yields opened 10-12 bps higher yesterday as Wednesday's weekly inflation print was priced in. However, the early losses were subsequently partially pared back and yields ended up just 3-7 bps higher. The ke...
- Anastasia Khakhaeva
- Andrew Keeley
- Andrey Gromadin
- Anton Stroutchenevski
- Artem Vinogradov
- Arthur Cherkesov
- Cole Akeson
- Fedor Kornachev
- Konstantin Samarin
- Maria Martynova
- Research Team
- Sergey Donskoy
CIS Market Daily - December 3, 2021
MARKET COMMENT - MARKETS DELIVER MORE OPTIMISTIC MESSAGES THAN DIPLOMATSThe RTS edged up 0.2% to 1,690 versus a 0.8% gain for the MSCI EM. Markets grew more optimistic amid strong macro data and stock performances in the US session, but that has led to a more mixed picture in markets this morning, as detailed below. Top Russian and US officials reported no breakthroughs in short talks yesterday, and investors will likely continue to watch Eastern European politics through the weekend.STORIES> Ru...
- Alisa Zakirova
- Anton Stroutchenevski
- Artem Vinogradov
- Ekaterina Sidorova
- Igor Rapokhin
- Maria Martynova
- Olga Sterina
- Research Team
- Rodion Lomivorotov
- Sergey Donskoy
Долговые рынки сегодня - 3 декабря 2021. Северсталь прощается с угольн...
РЫНОК ВНЕШНЕГО ДОЛГА СТРАН СНГКотировки длинных российских суверенных еврооблигаций вчера продолжали расти: выпуск Россия-47 подорожал на 1,5 п. п., Россия-42 и -43 - прибавили в цене по 1 п. п., также как Газпром-34 и Газпром-37. Выпуски Белоруссии по большей части подешевели на 0,1-0,2 п. п. ГОСУДАРСТВЕННЫЕ ЦЕННЫЕ БУМАГИТорги на рынке ОФЗ вчера открылись ростом доходности на 10-12 б. п., рынок отыгрывал данные об ускорении недельной инфляции в России. Однако затем ОФЗ частично восстановились: ...
- Anastasia Khakhaeva
- Andrew Keeley
- Andrey Gromadin
- Anton Chernyshev
- Anton Stroutchenevski
- Artem Vinogradov
- Arthur Cherkesov
- Cole Akeson
- Fedor Kornachev
- Konstantin Samarin
- Maria Martynova
- Research Team
- Sergey Donskoy
CIS Market Daily - 3 декабря 2021
КОММЕНТАРИЙ И ПРОГНОЗ - НАСТРОЙ НА РЫНКАХ БОЛЕЕ ОПТИМИСТИЧНЫЙ, ЧЕМ У ПОЛИТИКОВИндекс РТС в четверг подрос на 0,2% до 1 690 пунктов, а MSCI EM - на 0,8%. Оптимизм усилился на фоне хорошей макростатистики и позитивной динамики на рынке акций после начала торгов в США, но сегодня утром динамика более неоднородна. На выходных инвесторы, вероятно, продолжат следить за политическими новостями из Восточной Европы. НОВОСТИ> Цены на нефть упали и восстановились на фоне неожиданных результатов заседания О...
Raiffeisen Research Institutional Equity Daily 19.10.2021
AT: Addiko Bank - Announcement of a dividend payment of DPS EUR 2.03 (positive) AT: AMAG - Aluminium price reached new peak, scope for guidance increase upon Q3 release next week (positive) HU: MNB - Expected to hike key rate today PL: mBank - Q3 profit warning on FX mortgage related provisions (neutral) RU: Gazprom - Nord Stream 2 is technically ready for export (neutral) RU: Severstal - Q3 21 reporting
- Andrey Gromadin
- Andrey Kuznetsov
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Georgiy Ivanin
- Research Team
- Sergey Donskoy
CIS Market Daily - October 19, 2021
MARKET COMMENT - US RECOVERY, DOLLAR DECLINE SET UP A BETTER OUTLOOK THAN YESTERDAY'SMost markets were weak earlier in the day, but a recovery in the US set up a brighter outlook this morning. Weak US industrial production and some reversal in energy prices appeared to ease the most immediate of inflation and rates concerns for stock investors, and growth stocks have tended to lead in the US yesterday and in Asia this morning. The RTS declined 0.8% to 1,877, while today most Russian and global i...
- Alisa Zakirova
- Andrey Gromadin
- Anton Stroutchenevski
- Artem Vinogradov
- Ekaterina Sidorova
- Georgiy Ivanin
- Igor Rapokhin
- Olga Sterina
- Research Team
- Rodion Lomivorotov
- Sergey Kolesnikov
- FRM
Debt Markets Today - October 19, 2021. Severstal, Global Ports 3Q21 Re...
CIS EUROBOND MARKETUS Treasuries traded sideways yesterday, which translated into muted price movement in Russian sovereign and corporate Eurobonds. The only real outliers were the Lukoil 30 (-0.3 pp) and Petropavlovsk 22 (-0.4 pp).GOVERNMENT DEBTThe week got off to a downbeat start for the OFZ market amid a correction across the EM local debt space. OFZ yields moved 8-10 bps higher at the short end and 7-9 bps higher at the long end of the curve. The main sellers were foreigners. The 10y paper ...
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