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UFS Daily Review: Buying in Russian Eurobonds, demand for short- and medium-term OFZ in the local debt market

December 12, 2012

Bond market: Local bond market

Yesterday OFZ market was again dominated by buyers; trading volumes increased, while the average market growth was 0.1%. Short-term bonds were the main gainers.

4-year 26203 (+0.4%) edged up in price with high trading volumes. Besides, 4-year 25077 and 3-year 25075 closed 0.2% up each. A marginal growth was also demonstrated by 2-year 25071 (+0.15%).
Russia-18-OFZ-26204 has shrunk 3 b. p. to 72 b. p. to the increased yield on the ruble Eurobond Russia-18.
Bears prevailed in the corporate sector, with the average decline not deeper than 0.1%.

UTair Finance BO-5 (+1.6%) and VTB-Leasing Finance-3 (+0.64%) were in demand, whereas Russian Post-2 (-0.45%), NFC BO-1 (-0.44%), and RSHB-5 (-0.4%) sank under selling pressure.

Today we anticipate mixed dynamics. Players will focus on the Finance Ministry’s OFZ auction, as well as FOMC decision on the key interest rate and B Bernanke’s statements on the Fed’s near-term financial policy.

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