Domestic
The market is still at a crossroads. Despite the moderate growth in the volume and number of transactions, a clear price trend has not yet been reviewed. The weakening of the ruble and the preponderance of negative sentiment in foreign markets, despite the lack of liquidity shortages, forcing investors to wait until clearer signals. Perhaps some positive impetus to the market participants will have a statement today the First Deputy Chairman CBR, Mr. Ulyukaeva, the expectations of near-zero inflation in July and the possibility of deflation in August. In addition, banks were encouraged to adopt a more prudent policy on deposits, are not unduly inflated, thus, the rates on them. All this, in our view, could serve as an indirect sign of an early reduction in the Bank of Russia the key interest rates.
At mid-day trading on Wednesday in focus remained bonds, newcomers and the quality first, the second echelon. Note that the issues with the largest volumes of transactions in decline in the price. Most turnover grew Lomonosov-3 (5.21% of the closing price on Tuesday), MOESK-1 (1.44%), Tomsk-4 (1.39%), Mosenergo-2 (0.58%), Tsentrtel -5 (0.45%), Moskva54 (0.23%), RSHB-3 (0.13%), Promsvyazb-5 (0.07%), TGK-2 (0.03%). Decreased quotes the following Paper - TehNikol-1 (-0.03%), CFR-16 (-0.04%), Dalsvyaz-2 (-0.04%), VBDPP-3 (-0.05%), UralstbLK -2 (-0.06%), Sibtel-6 (-0.12%), Petrokom4 (-0.19%), CFR-12 (-0.26%).
At the primary market of Moscow and now housed Nomos-bank. Demand for the 63rd issue of Moscow has been very modest - about 10 billion rubles. with the proposal of 15 billion rubles. but the amount has been placed and the lower - 3.64 billion rubles. with a yield of 15.58% per annum. It seems the market is already close to saturation of debts of such quality and such a price. Coupon rate for production of Nomos-11 was 15% per annum despite the market the number of bids at the auction (it was filed 25 applications), we believe that rate is too low.
liquidity to continue to support the debt market. The amount of funds on deposits and correspondent on the morning of Wednesday declined to 7.9 billion rubles. and amounted to 1.122 trillion. rub. The rates of O /N were about 6.3% per annum, 3-month rate at 11.8% per annum. At the end of the second half of the trading day on Wednesday, the dollar rose 0.9% to 31.816 rubles., The euro rose 0.51% to 44.194 rubles. Course bivalyutnoy basket of the ruble grew at 0.75%, and amounted to EUR 37.391.
Market US Treasuries and eurobond
In the corporate sector has not yet come between reporting companies-the giants, but the emerging picture is an example of other companies are not encouraging. At today announced the publication of statements of PepsiCo, Alcoa, Chase Inc. and other statistics on the labor market and wholesale inventories on Thursday, investors prefer to wait in risk instruments that gives rise to the precautionary demand for U.S. debt market. In anticipation of the market opening on Wednesday, US Treasuries curve shifted slightly downwards - UST-2 - 0.957% per annum (-2b.p.), UST-10 - 3.439% per annum (-2b.p.), UST-30 - 4.277% per annum (-3b.p.).
In the segment of Russian Eurobonds continues to decline - Rus-30 decreased by 0.23% to 98.13% of the nominal yield the release of 7.831% per annum (2b.p.). Spread between the Rus-30 - UST-10 increased by 4 bp to 439 bp
In Bond Market You can find information on issues of corporate and municipal bonds, as well as learn about the planned deployment, the outcome of trades on the MICEX and read the comments on the bond market.
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