Moscow: the appetite comes with eating
Moskomzaym yesterday held a meeting with participants of the banking community, which was attended by our
representative. Here are two key aspects that we wish to allocate to the outcome of the event: Despite the fact that tomorrow's deployment of the 63rd release of Moscow actually has its own plan for market borrowings for 2009, it is likely that this is not the last transaction the issuer in the current year . The budget deficit is significant (according to plan - 182 billion rubles.), While bonds posted a very good idea, so the appetite of the Moscow government in the new bonds might rise;
Duration of new releases will be increased. This is to ensure a level schedule in terms of debt rescheduling. Despite the potential for a new proposal, we remain optimistic look at the bonds of Moscow: the securities are allocated among the other issues of the 1 st tier good ratio of risk, profitability, environment repo CB (lowest discount - 2.5%) and tax coupon income.
Monday was pretty boring
morning there were sellers of bonds in the 1 st line (perhaps under the impression of falling oil). As a result, quotes proseli about 30-50bp. But by the end of the day prices are almost back to the original position. Pleased that the market ceases to be responsive to fluctuations in the ruble. By the way, the new issue of TGK-1 went up yesterday on the forward until 101pp. On the monetary and foreign exchange markets, with little change. Due to the drop in oil prices below 65 dollars per barrel, the cost of a basket bivalyutnoy yesterday, had grown up to 37.04 rubles. (12 cents), and the NDF rates added somewhere to 25bp. This morning the basket is already 37.07. Yesterday's 5-week-long auction bezzalogovy, in our opinion, very significant as an indicator of the current favorable situation with ruble liquidity. Of the proposed 175 billion the banks have taken only 45.5 billion This is despite the fact that tomorrow deadline for previously assigned the Finance Ministry and Central Bank credits to total 250 billion
Under the heading 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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Yesterday, a pair of Euro /dollar rose in the U.S. session, up to 1.3970
Asian markets today are moving differently
Overview of the foreign exchange market 7.07.2009
Shapovalov: Until the end of the week end on the bank recapitalization Kiev, Rodovid Bank and UGB
Yushchenko asked the Prosecutor General and the Security Service to monitor the work of Customs
Forex Asia
Recommendations for VTB shares, futures on the RTS index
Trading ideas for the Russian market is still in deficit
The immediate objective of securities of Gazprom is the level of 150 rubles, which can be implemented in today's session
Bonds of Moscow allocated to other issues of first line a good risk
Moscow: the appetite comes with eating
Moskomzaym yesterday held a meeting with participants of the banking community, which was attended by our
representative. Here are two key aspects that we wish to allocate to the outcome of the event: Despite the fact that tomorrow's deployment of the 63rd release of Moscow actually has its own plan for market borrowings for 2009, it is likely that this is not the last transaction the issuer in the current year . The budget deficit is significant (according to plan - 182 billion rubles.), While bonds posted a very good idea, so the appetite of the Moscow government in the new bonds might rise;
Duration of new releases will be increased. This is to ensure a level schedule in terms of debt rescheduling. Despite the potential for a new proposal, we remain optimistic look at the bonds of Moscow: the securities are allocated among the other issues of the 1 st tier good ratio of risk, profitability, environment repo CB (lowest discount - 2.5%) and tax coupon income.
Monday was pretty boring
morning there were sellers of bonds in the 1 st line (perhaps under the impression of falling oil). As a result, quotes proseli about 30-50bp. But by the end of the day prices are almost back to the original position. Pleased that the market ceases to be responsive to fluctuations in the ruble. By the way, the new issue of TGK-1 went up yesterday on the forward until 101pp. On the monetary and foreign exchange markets, with little change. Due to the drop in oil prices below 65 dollars per barrel, the cost of a basket bivalyutnoy yesterday, had grown up to 37.04 rubles. (12 cents), and the NDF rates added somewhere to 25bp. This morning the basket is already 37.07. Yesterday's 5-week-long auction bezzalogovy, in our opinion, very significant as an indicator of the current favorable situation with ruble liquidity. Of the proposed 175 billion the banks have taken only 45.5 billion This is despite the fact that tomorrow deadline for previously assigned the Finance Ministry and Central Bank credits to total 250 billion
Under the heading 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.
Your grade will be the first!
Analyst Ratings
Yesterday, a pair of Euro /dollar rose in the U.S. session, up to 1.3970
Asian markets today are moving differently
Overview of the foreign exchange market 7.07.2009
Shapovalov: Until the end of the week end on the bank recapitalization Kiev, Rodovid Bank and UGB
Yushchenko asked the Prosecutor General and the Security Service to monitor the work of Customs
Forex Asia
Recommendations for VTB shares, futures on the RTS index
Trading ideas for the Russian market is still in deficit
The immediate objective of securities of Gazprom is the level of 150 rubles, which can be implemented in today's session