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Bond Screener
Yesterday debt markets traded without trading ideas with minimal price dynamics. Comments: NOVATEK, OTKRITIE Bank
Bond market
• Yesterday correction continued in OFZ market, with the average decline of 0.1%.
• Decline in most corporate bonds did not exceed 0.05%.
Money market
• Money market situation remained tense, though there were no large-scale outflows from the system.
• Today the situation is unlikely to improve.
Comments
• Yesterday NOVATEK (Ваа3/ВВВ-/ВВВ-) sold 10-year Eurobonds worth $1 billion. In our view, the fair yield on NOVATEK-22 ranges between 4.25–4.35% per annum. Thus, the issue has a marginal upside of 10–15 b. p.
• OTKRITIE Bank (-/В/В) is going to sell a debut issue of classic bonds worth 3 billion rubles on December 18. Since this is a debut issue, we recommend participating form the middle of the yield guidance—11% per annum.
• The Bank of Russia is looking to include foreign bonds issued in the Russian debt market on the Lombard list.
• In early 2013 Moscow Exchange is going to allow secondary trading of exchange bonds at the day of placement.