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 Russian/CIS bonds: flat markets


Russian bonds have seen subdued volatility during the last two trading sessions, as Moscow's desks were closed for the public holidays. Yesterday, we noted a marginal correction in the long bonds of Gazprom, which slipped near 0.25pp in price terms. At the same time, the bulk of Russian high grade benchmarks were unchanged. Last week, ROSNRM 17 (YTM 5.7%) was well bid, so we highlight that the spreads of RURAIL 17, TNEFT 18 and SIBNEF 22 against the Rosneft's curve widened 30-40bp.
In the sub-investment spectrum, RASPAD 17 (YTM 11.16%), VIP 23 (YTM 7.48%) and AFKSRU 19 (YTM 8.45%) saw marginal pressure in quotes, while subordinated banks' issues remained well bid. Specifically, NMOSRM 19 (YTM 10.94%) and CRBKMO18 (YTM 13.32%) gained 0.7-0.8pp in price, while ALFARU 19 (YTM 8.32%) advanced 0.25pp. In addition, yield hungry investors are chasing names like UUUCN 18 (YTM 9.91%) and BORFIN 18 (YTM 15.3%). In the CIS space, we noted some bounce in METINV18 (YTM 30.8%) and EXIMUK18 (YTM 25.9%), while Ukraine's sovereign curve remained unchanged. Additionally, the bonds of Belarus firmed 0.5pp in price.

Maxim Korovin, Tatiana Zueva
VTB Capital analysts


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