Eurobonds: Moderate Growth before Fed Decision. TCS Bank and Gazprombank Plan Eurobond Placements. Primary Market: OFZ

Russian Eurobonds closed moderately up. Average growth in the corporate sector was 0.1-0.2%; sovereign bonds showed weak dynamics.
OFZ market showed a slight correction of 0.1% yesterday. Ruble corporate bond market traded mixed.
As we expected, a very successful placement by Gazprom Neft should be followed by a surge in primary market activity. Yesterday TCS-Bank was reported to plan selling 3-year bonds worth $200 million.
Besides, from September 13 Gazprombank is starting a number of meetings with investors preparing for Eurobond placement – presumably, again subordinated bonds issued in order to increase capital adequacy ratio.