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Russian/CIS bonds: a bit stronger

On Friday, Russian/CIS bonds ended the week on a positive note. In high grade, we noted good appetite for banking names: mid-term RSHBs climbed 1.0-1.3pp in price, subordinated SBERRU notes firmed 0.4-1.0pp, long VEBBNKs closed 40-70bp higher. Also, long GAZPRU remained well-bid, inching up 40-80bp in price; Russian sovereign issues narrowed 5-8bp in yield at the long end. In sub-investment grade, AFKSRU 19 (YTM 11.11%) and MOBTELs bounced up, rising 1.2-3.2pp in price, though still trading at a highs vs. GAZPRU and VIP tenors, spread-wise. Besides, subordinated PROMBK 21 (YTM 11.33%) and AKBHC 18 (YTM 13.19%) grew 70bp in price, while metals and mining names gained 30-50bp. In the CIS space, short Ukrainian names were jittery, slipping 50-90bp in price, OSCHAD 18 (YTM 17.81%) lost 1.0pp. At the same time, OSCHAD 16 (YTM 24.97%) and subordinated PRBANK 16 (YTM 36.92%) surged 1.8pp in price, EXIMUK 18 (YTM 17.74%) rose 1.6pp
Maxim Korovin, Tatiana Zueva
VTB Capital analyst

CIS, bonds

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