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Russian/CIS bonds: mixed price action

Yesterday, the Russian market ended the day showing slight growth. In the highgrade space, GMKNRM and longer oil and gas notes firmed 25-40bp in price, subordinated RSHB 23 (YTM 9.17%) jumped in price 60bp. In sub-investment grade notes, AFKSRU 19 (YTM 10.51%) rose another 2.0pp in price, moving closer to the 90.0 price level; VIP bonds narrowed 10bp in yield at the long end. Long metals and mining names increased 30-50bp in price, tightening further towards investment grade corporates. At the moment, the EVRAZ curve is trading with just a 210bp spread vs. TMENRU and 300bp above GAZPRU tenors. Separately, FESHRU bonds continued to underperform and nudged down 80bp in price, subordinated RUSB 16 (YTM 15.82%) plunged 1.0pp in price. Meantime, the CIS space was on a softer footing: the Ukrainian sovereign curve fell 50-80bp in price in the belly and at the long end; RAILUA 18 (YTM 18.86%) lost 1.5pp in price; EXIMUK 18 (YTM 18.16%) and OSCHAD 16 (YTM 25.74%) slid about 80bp in price.
Maxim Korovin, Tatiana Zueva
VTB Capital analyst

CIS, bonds

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