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Chinese authorities’ statements will support risk appetite today. Primary market: Eurochem has set the rate for placement; OFZ.
Global markets and macroeconomic news
• Yesterday markets showed no market trend again, as there were no important statistics or news that could provide an impetus for the market.
• In the European sovereign debt market the yields on Italian and Spanish bonds continued to fall. The yield on Italian bonds dipped below 4.5% per annum for the first time since autumn 2010.
• We expect market growth on positive signals from China
Bond market
• Russian Eurobond market slightly declined yesterday. Today long-term bonds of Vimpelcom, Gazprom and EVRAZ may demonstrate good growth on increasing risk appetite.
• Buying in OFZ was reserved yesterday amid decreased trading volumes; the average growth did not exceed 0.2–0.3%.
• The corporate debt market marginally declined—by 0.05% on average.
Money market
• Yesterday money market situation aggravated—the BCR limit was insufficient.
Comments
• The benchmark yield for the new Eurobond of EuroChem may total 5.375% per annum. Our estimate for the fair yield is 5.3%. Thus, the issue will be placed with the minimal premium.
• The Finance Ministry is looking to sell OFZ 26207 worth 25 billion rubles yielding 6.95–7% per annum. We do not rule out that the issue will be placed near the upper end of the yield guidance, i. e. without a premium to the secondary market.