Global Markets Await US Labour Market Data. Comments: HCF Bank, NCSP

Global Markets and Macroeconomic News

·    On Friday morning global markets have been mixed after increased volatility on Thursday.

·    On Thursday investors took profit in long dollar positions ahead of US labour market data.

·    General decline in risk appetite will further UST yield fall.

·    The Government will discuss stimulation measures ahead of the CBR meeting.

Debt Market

·    Decline went on in Russian Eurobonds on Thursday; the spread between Russia-30 and UST-10 exceeded 160 b. p.

·    Yields started rising in the Eurobonds of second-tier banks, which increases their appeal.

·    Lateral dynamics in the corporate sector. OFZ correction temporarily continued.

Comments

·    HCF Bank released IFRS results for Q1 2013 yesterday. Neutral for ruble bonds.

·    NCSP: The statements show persistently low credit risks.