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Russian/CIS bonds: market gaining momentum, except Ukraine

Yesterday, the appetite for Russian bonds strengthened further, pushing quotes higher. Russian sovereign issues were well bid in the belly and at the long end, thus tightening 8-9bp, yield-wise. In high grade, long oil and gas notes outperformed: specifically, GAZPRU tenors decreased another 8bp in yield, ROSNRM 22 (YTM 6.39%) was up 1.0pp in price, SIBNEF 22 (YTM 6.41%) closed 90bp higher in price. An interest in banking names re-emerged as well: subordinated SBERRUs hiked 60-90pp in price, long VEBBNK notes rose 70bp in price, mid-term RSHBs firmed in price 50-60bp. In the sub-investment grade, FESHRU bonds bounced up about 1.7pp in price, fertilizers – PHORRU 18 (YTM 5.34%), URKARM 18 (YTM 4.78%), EUCHEM 17 (YTM 5.71%) – gained in price near 90bp. Mid-term EVRAZ and NLMK notes increased 80bp in price, preserving minimal spreads vs. oil and gas peers. In the CIS space, Ukrainian sovereigns remained under pressure: on the back of political uncertainty and a worsened external outlook, the curve lost 1.3-2.5pp in price. Besides, KZOZK notes were trading on a softer footing, having closed 30-70bp lower in price.
Maxim Korovin, Tatiana Zueva
VTB Capital analyst

CIS, bonds

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