Fixed income market comments


	Fixed income market comments

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06.03.2009
FK URALSIB	Profits taken in equities on China’s indecision-Quasi-sovereign Russian bonds outperformed-Banking bond premium not just about credit risks-18% for second tier bank on CBR repo list. Comments: Rolf	337 Kb	EURO, BONDS, MM, CURR - daily comments
05.03.2009
FK URALSIB	Stock market rally-Interest in emerging markets starts to recover-Ruble makes slight gains despite falling inter-bank rates-Ulyukaev forecasts long-term macro stability. Comments: OGK-6	485 Kb	EURO, BONDS, MM, CURR - daily comments
04.03.2009
FK URALSIB	Expected increase for TALF program and TARP sparked UST yield growth-Unexpected buyback offer from LOCKO-Bank-Better times for utilities. Comments: Defense Enterprises, Transcontainer	330 Kb	EURO, BONDS, MM, CURR - daily comments
03.03.2009
FK URALSIB	Flight to quality intensified despite encouraging stats-Oils undermines Russian bonds-S&P triggers local selling in telecoms-Russia’s FX reserves at $220 bln. Comments: Telecoms, Sibir	339 Kb	EURO, BONDS, MM, CURR - daily comments
02.03.2009
FK URALSIB	UST curve decline steepens-State support to be highly selective-Ruble under control, but real sector starved of cash-Moscow to re-enter the market this week. Comments: OGK-5, GAZ	446 Kb	EURO, BONDS, MM, CURR - daily comments
27.02.2009
FK URALSIB	Seven-year UST placed at a premium-Oil did not support the Russian bond market-Short issues retain appeal-Zombie banks a near-term possibility. Comments: IzhAvto, OAK	445 Kb	EURO, BONDS, MM, CURR - daily comments
26.02.2009
FK URALSIB	High demand for 5Y UST, but with a premium-Local bond markets supported by stable ruble-2009 federal budget could include new borrowing-AFK Sistema willing to borrow at 19%. Comments: S7, Arkada	461 Kb	EURO, BONDS, MM, CURR - daily comments
25.02.2009
FK URALSIB	Recession may last longer, banks won’t be na-tionalized-Obama: $700 bln may not be enough-Rumors spark interest in retail chain bonds. Comments: Automakers	498 Kb	EURO, BONDS, MM, CURR - daily comments
24.02.2009
FK URALSIB	UST prices lack a movement-Positive CPI-Flood of primary placements to dampen market-Uneventful Russian segment-Week ends on a low-No unexpected defaults. Comments: 7Continent	331 Kb	EURO, BONDS, MM, CURR - daily comments
20.02.2009
FK URALSIB	Another set of bad stats-Oil price bodes well for Russia-Ruble strengthening reduces selling pressure on local markets-Non-residents had to top up the capital of banks. Comments: Cherkizovo,Integra	349 Kb	EURO, BONDS, MM, CURR - daily comments
19.02.2009
FK URALSIB	Fed sets out inflation and GDP targets-Moscow misjudges the market-Samara Region to launch buy-back-Hard to switch away from CBR unsecured loans. Comments: Meatland, GAZ	366 Kb	EURO, BONDS, MM, CURR - daily comments
17.02.2009
FK URALSIB	Ruble retreats on weak statistics-No direction in trading-Rosnanotech to participate in NITOL’s project-State support has not reached GAZ. Comments: Pharmacy Chain 36.6, Agrika	356 Kb	EURO, BONDS, MM, CURR - daily comments
16.02.2009
FK URALSIB	New supply a major source of concern-US statistics continue to be weak-Focus shifts to ruble bonds-AHML past-due loans up by over a third. Comments: Raspadskaya, Rolf	355 Kb	EURO, BONDS, MM, CURR - daily comments
13.02.2009
FK URALSIB	UST reach short-term equilibrium-Slight cuts in Obama’s plan-Volatility increase in the Russian segment-Ruble in free float. Comments: Saturn, Air Union	314 Kb	EURO, BONDS, MM, CURR - daily comments
12.02.2009
FK URALSIB	Foreign investors are buying USTs-Housing market needs help-Closing out of long foreign currency positions-Restrained demand for ruble paper. Comments: Transneft, GAZ	301 Kb	EURO, BONDS, MM, CURR - daily comments
11.02.2009
FK URALSIB	Obama’s plan approved but the details remained undisclosed-Supply on Russian market delayed-LUKOIL and ALROSA 6 ppt yield lag-Stable ruble supports local bonds. Comments:Pharmacy 36.6,RBC,Agrica,X5	351 Kb	EURO, BONDS, MM, CURR - daily comments
10.02.2009
FK URALSIB	Demand for short-dated USTs-Generous Alrosa premium-CBR to launch direct repos on the open market-More CBR rate hikes likely. Comments: Mechel	298 Kb	EURO, BONDS, MM, CURR - daily comments
09.02.2009
FK URALSIB	US jobless rate hits record high-Market believes in Obama’s plan-Ruble bond market unmoved by interest rate growth-Higher ruble funding rates threatens sell off. Comments:OGO,Samokhval,NITOL	311 Kb	EURO, BONDS, MM, CURR - daily comments
06.02.2009
FK URALSIB	Stats still weak boosting UST demand-Selling pressure in long-dated banking issues-Priority will be given to the banking sector-CBR to lengthen ruble liquidity. Comments: Mirax, Dixi	344 Kb	EURO, BONDS, MM, CURR - daily comments
05.02.2009
FK URALSIB	Record UST issuance planned-Record UST issuance planned-Fitch brings down Russian sovereign debt-Guidance for VEB foreign currency bonds. Comments: Integra, Amurmetal	320 Kb	EURO, BONDS, MM, CURR - daily comments
04.02.2009
FK URALSIB	Interest in telecoms seen in the Russian segment-Banks continue to buy back eurobonds-Short term funding costs up 160 bpts-New OFZ placements not for the market?. Comments: TMK,GAZ,MOEK	342 Kb	EURO, BONDS, MM, CURR - daily comments
03.02.2009
FK URALSIB	US Treasury borrows another $125 bln-Russian segment falls quiet-Ruble at the upper limit of the trading corridor-Even blue chips wary of long duration issues. Comments: TMK,Sibir	310 Kb	EURO, BONDS, MM, CURR - daily comments
02.02.2009
FK URALSIB	4Q US GDP better than expected-Gazprombank bonds remain at large-Ruble bond quotes rise despite falling currency-CBR hikes rates to support ruble. Comments: LSR,Sibir,TransCreditBank	302 Kb	EURO, BONDS, MM, CURR - daily comments
30.01.2009
FK URALSIB	US economic stats – no cause for optimism-Stronger ruble liquidity boosts foreign currency demand-Latest US oil inventory figures are bad news for the ruble. Comments: LenSpecSMU,GAZ,Sistema	315 Kb	EURO, BONDS, MM, CURR - daily comments
29.01.2009
FK URALSIB	US Fed meeting brings no surprises-New view on Russia 30-Interest in energy sector bonds-Bi-currency basket gains another ruble. Comments: Bank Soyuz	339 Kb	EURO, BONDS, MM, CURR - daily comments
28.01.2009
FK URALSIB	Successful UST auction-FRS meeting –a search for new unconventional solutions-Sovereign spread at local low-OFZ goes back on the market-Foreign currency selling on the way? Comments: S7,TMK,Mirax	372 Kb	EURO, BONDS, MM, CURR - daily comments
27.01.2009
FK URALSIB	Unexpected price growth in the subfederal segment-Non-payment crisis brewing in the real sector-Weak ruble expectations. Comments: ChTPZ, Sberbank	307 Kb	EURO, BONDS, MM, CURR - daily comments
26.01.2009
FK URALSIB	US treasuries end the week slightly lower-Carry trade unwinding resumes-Russian segment falls into a lull-Market unmoved by higher repo rates-Ruble demand to remain high. Comments:VTK	334 Kb	EURO, BONDS, MM - daily comments
23.01.2009
FK URALSIB	Gethner: US is interested in strong dollar-CBR lowers the bar-LC Uralsib-2 offers highest yield among Lombard List issues-Interest in floating-interest rate bonds. Comments:Integra,VTB,IzhAvto	327 Kb	EURO, BONDS, MM, CURR - daily comments
22.01.2009
FK URALSIB	Equities are up, USTs are down-Focus on MBS market-CBR is buying foreign currency while rubles are in deficit-Poor demand for 3-year OFZ at 12.7%. Comments: russian Railways, Sibir	370 Kb	EURO, BONDS, MM, CURR - daily comments
21.01.2009
FK URALSIB	Оbama vs Roosevelt-Euro weakening came to a halt on profit taking-Is it nearly the end of CBR ruble depreciation?. Comments: LSR, X5, MTS	333 Kb	EURO, BONDS, MM, CURR - daily comments
20.01.2009
FK URALSIB	US markets take a break and selling dominates in Europe-New year – new rates-Market rejects 18% lending interest rate for Irkutsk Region. Comments: TMK, Evraz, 7Continent	337 Kb	EURO, BONDS, MM, CURR - daily comments
16.01.2009
FK URALSIB	Dip in US treasury prices-Obama’s plan up to $825 bln-ECB wakes up to recession-Ruble devaluation expected to accelerate. Comments: Defence Manufacturing, RBC	343 Kb	EURO, BONDS, MM, CURR - daily comments
15.01.2009
FK URALSIB	In search of rock bottom-Sustained interest in short-duration Russian eurobonds-Eurozone stats could weaken euro-The primary market is closed. Comments: Airline Sector, Samokhval, Inprom	317 Kb	EURO, BONDS, MM, CURR - daily comments
14.01.2009
FK URALSIB	Bernanke speech – no light at the end of the tunnel-Ruble bond quotes fall in a retail dominated market-Testing the primary market. Comments: TGK-1, Gazprombank	307 Kb	EURO, BONDS, MM, CURR - daily comments
13.01.2009
FK URALSIB	Waiting for economic stats and news of $350 bln-Back to reality for the ruble bond market-Discouraging ruble expectations. Comments: Uralsvyazinform, Mosenergo	348 Kb	EURO, BONDS, MM, CURR - daily comments
25.12.2008
FK URALSIB	US economic stats leave no room for optimism-Europe delays anti-crisis measures-Weaker ruble puts bond market under pressure-CBR expands Lombard List. Comments: Sibir, HCFB	346 Kb	EURO, BONDS, MM, CURR - daily comments
24.12.2008
FK URALSIB	US treasury yield curve flattens-Russian eurobond lull-Investors cheer up as the holidays near-Is the Rusfinance-4-Rusfinance-3 spread justi-fied?-2009 budget deficit. Comments: Megafon	323 Kb	EURO, BONDS, MM, CURR - daily comments
23.12.2008
FK URALSIB	US treasury yields hover above recent lows-Quotes rise for first tier ruble bonds-Proposals for pension funds to be invested more widely. Comments: Eurocommerz	244 Kb	EURO, BONDS, MM, CURR - daily comments
22.12.2008
FK URALSIB	Aid to the big three leads to profit taking in USTs-Selloff in Moscow Region bonds-Defaults persist as put options volume declines-Russian safe heaven. Comments: SibirTel,NutrinvestHolding,TKB	267 Kb	EURO, BONDS, MM, CURR - daily comments
17.12.2008
FK URALSIB	Fed hikes liquidity to the max-Fed action is negative for the dollar and positive for US Treasuries-Second tier funding rates at 35%. Comments: Transkonteiner, IzhAuto, Domocentr	289 Kb	EURO, BONDS, MM, CURR - daily comments
16.12.2008
FK URALSIB	External markets wait for Fed testimony-CBR punishes banks for buying foreign assets-State shifts focus to the real economy. Comments:Nutrinvestholding, Unimilk	275 Kb	EURO, BONDS, MM, CURR - daily comments
11.12.2008
FK URALSIB	Eurbonds close up-Ruble bond market remains in doldrums-More defaults-CBR share-backed repos. Comments:Nutrinvestholding, TOAP, 7Continent	292 Kb	EURO, BONDS, MM, CURR - daily comments
10.12.2008
FK URALSIB	US Treasuries caught in the crossfire-Finance Ministry's borrowing plans-New placements from RAB and Raiffeisenbank-S&P strikes again. Comments:Sitronix, S7, KD Avia	294 Kb	EURO, BONDS, MM, CURR - daily comments
09.12.2008
FK URALSIB	S&P downgrades Russia-Second tier dominated by retail-Pre-term buy backs. Comments:RusHydro, Kopeyka, Energy Sector	344 Kb	EURO, BONDS, MM, CURR - daily comments
08.12.2008
FK URALSIB	AHML to buyout mortgage loans-FAS proposes broader access to long funds-Mixed dynamics on external markets-Eurobonds trade at premium to ruble bonds. Comments:Far East Telecom,GOTEK,Izhauto	308 Kb	EURO, BONDS, MM, CURR - daily comments
05.12.2008
FK URALSIB	Kopeyka – second-tier market leader-Another technical placement-Government will not sharply devalue the ruble. Comments:Sibir, Mechel	312 Kb	EURO, BONDS, MM, CURR - daily comments
04.12.2008
FK URALSIB	A couple of eurobond trade ideas-Prices rise for short duration ruble bonds-Measures to support the real economy. Comments:Pharmacy Chain 36.6, Russian Aviation sector, MDM and URSA	293 Kb	BONDS, MM, CURR - daily comments
03.12.2008
FK URALSIB	Slight rise in funding costs-Fragmented ruble bond market-More defaults-New coupon rates are a technicality. Comments:Pharmacy Chain 36.6, Saturn	309 Kb	BONDS, MM, CURR - daily comments
02.12.2008
FK URALSIB	Dollar demand resumes-Another lull on local bond markets-Syndicated loan market remains in lockdown-Huge demand for long funds. Comments:Evraz,MDM and URSA Bank,X5,Saturn,ALPI	308 Kb	BONDS, MM, CURR - daily comments

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