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UFS Daily Review: Ongoing correction in Eurobonds

November 16, 2012
Bond market: Eurobonds

Correction has been observed during several consecutive days in Russian Eurobonds as well as in most equity markets. Yesterday Russia-30 edged down 0.1% to close at 126.3% of the nominal. The spread to UST-10 continued to widen. Yet, CDS market has shown no considerable dynamics so far. The price for Russian 5-year CDS has been hovering around 150 b. p. for already two weeks, which means that investors have not considerably revised Russian risk yet.

Corporate bonds declined in the range of 0.2–0.3% on average. A quite deep decline was again recorded in long-term bonds of Vimpelcom and issues of metallurgical companies: Sevestal-17 and Severstal-22 lost about 0.6%, EVRAZ edged down about 0.3%.

On Friday morning most bonds were traded unchanged. Today we expect flat dynamics to prevail. Rising oil price is neutralizing the negative from external markets.

Local bond market

Yesterday OFZ demonstrated price consolidation. Average dynamics did not exceed 0.05%.
5-year 26206 outperformed the wider market closing 0.15% up. Besides, 3-year 25079 was up 0.1%.
Russia-18-OFZ-26204 is now 81 b. p., which 1 b. p. exceeds the previous value.

In ruble bond market most bonds slightly declined between 0.05–0.08%.

Rosbank А5 (-1.1%), OTP Bank BO-1 (-0.16%) and RZD (-0.13%) underperformed, while Tele2-Saint Peterburg-4 (+0.2%) and VTB BO-5 (+0.15%) were in demand.

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