Domestic
Throughout the week, bond market moved in a very narrow price range. Low market volatility is due to low activity in the market and the impact of a number of divergent factors. Supporting the market has more than comfortable conditions in the money market, due to its high liquidity and low rates at the ICB. On the other hand active issuers in the primary market diverts the attention of investors, in conjunction with another spiral correction in oil prices to 60 $ /bar, and an increase in pessimism on the world stock markets - all these factors have kept the participants in the Russian market of the debt of reckless shopping . Only on Friday, a sharp weakening of the ruble to a basket of impact on the actions of investors, resulting in Friday prevailed down the price trend.
The key event of the week fell on Friday - Bank of Russia has decided to lower key interest rates by 0.5 percentage points Thus, the size of the refinancing rate was 11% per annum, while rates of direct repurchase at 1 day - 10% per annum. This decision has generally been expected and came as no surprise to market participants. Representatives of the Ministry of Finance and Central Bank of Russia has repeatedly said before the commitment of policy to synchronize the movement of rates of inflation. As a result, in current circumstances, in order to stimulate lending activity of the banking sector, taking into account the slowdown in inflation and the end of the domestic foreign exchange market correction of the Bank of Russia has decided to further lower interest rates. This decision, according to the CBR, will help reduce the costs of lending, and credit activity to stimulate the banking sector. We believe that the next step in reducing the rates would be able to support the debt market, supporting the ongoing liquidity. However, in the case of strengthening the negative sentiment on foreign markets and the preservation of the trend to weaken national currency, bond market participants can limit their activity on the secondary auction.
At mid-day trading on Friday with the largest turnover grew Moskva62 (0.3% of the closing price on Thursday), Moskva45 (0,09%), TsentTel-5 (0.06%). Decreased quotes the following Paper - System-1 (-0.02%), CFR-16 (-0.03%),LUKOIL-20 (-0.4%), Lukoil-18 (-0.05%), Russian Railways -12 (-0.1%), Moskva50 (-0.1%), MTS-4 (-0.18%), moskva63 (-0.2%), Moskva54 (-0.3%), Iks5 - Fin-4 (-0.33%), Moskva61 (-0.33%), RZD-8 (-0.42%), Alliance-1 (-0.52%), magnesium-2 (- 0, 81%), Iks5-Fin-1 (-0.92%), OMZ-6 (-1.12%).
Ruble liquidity, despite the decline, is still a comfortable level. The amount of funds on deposits and correspondent on the morning of Friday fell to 44.8 billion rubles. and amounted to 989.8 billion rubles. The rates of O /N were about 6.3% per annum, 3-month rate at 11.8% per annum. The negative dynamics of commodity markets became enthusiastic in the course of the Russian ruble. At the end of the second half of the trading day on Friday the dollar rose 2.83% to 32.649 rubles., The euro rose 1.74% to 45.404 rubles. Course bivalyutnoy basket of the ruble grew at 2.22%, and amounted to 38.38 rubles.
Market US Treasuries and eurobond
pessimistic investors perceive the United States goes to makrostatistiku and prefer to wait bad weather in the quiet haven of Treasury bonds. Corporate reporting has also disappointing, if not, then not too pleased with the market participants. Next week, the attention of market participants will be riveted on the wave of reporting the financial sector (GS, JPMorgan, BoA, MorganStanley and Citigroup). Expected data on prices of imports today, Friday, and statistics on the real estate market and industrial production next week, in our view, can only add the pessimism of the market.
In anticipation of the market opening on Friday, US Treasuries curve shifted downwards - UST-2 - 0.916 pa (-2b.p.), UST-10 - 3.344% per annum (-6b.p.), UST-30 - 4,255 % per annum (-5b.p.). In the segment of Russian Eurobonds continues to decline - Rus-30 decreased by 0.18% to 97.95% of the nominal yield the release of 7.864% per annum (1b.p.). Spread between the Rus-30 - UST-10 increased by 7 bp to 452 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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Analyst Ratings
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Anatoly Lebedev left the presidency Uralkali
Second wave crisis, predicting professional pessimists
Prices pair EUR /USD move to the level of support 1.3960
Precious metals market review for 09.07.09
Foreign exchange reserves of China are likely to exceed U.S. $ 2 trillion for the first time in history
Expert: UAH has no reason to strengthen during stagflation, which is observed in Ukraine
The Russian market is very close to the level of support of 850 points on the RTS index
The index of the Frankfurt Stock Exchange Xetra DAX fell 0.67% and is at the level of 4598.94 point
Without additional measures the reduction of rates would have controlled a neutral effect on credit market
Ruble liquidity, despite the decline, is still at a comfortable level
Domestic
Throughout the week, bond market moved in a very narrow price range. Low market volatility is due to low activity in the market and the impact of a number of divergent factors. Supporting the market has more than comfortable conditions in the money market, due to its high liquidity and low rates at the ICB. On the other hand active issuers in the primary market diverts the attention of investors, in conjunction with another spiral correction in oil prices to 60 $ /bar, and an increase in pessimism on the world stock markets - all these factors have kept the participants in the Russian market of the debt of reckless shopping . Only on Friday, a sharp weakening of the ruble to a basket of impact on the actions of investors, resulting in Friday prevailed down the price trend.
The key event of the week fell on Friday - Bank of Russia has decided to lower key interest rates by 0.5 percentage points Thus, the size of the refinancing rate was 11% per annum, while rates of direct repurchase at 1 day - 10% per annum. This decision has generally been expected and came as no surprise to market participants. Representatives of the Ministry of Finance and Central Bank of Russia has repeatedly said before the commitment of policy to synchronize the movement of rates of inflation. As a result, in current circumstances, in order to stimulate lending activity of the banking sector, taking into account the slowdown in inflation and the end of the domestic foreign exchange market correction of the Bank of Russia has decided to further lower interest rates. This decision, according to the CBR, will help reduce the costs of lending, and credit activity to stimulate the banking sector. We believe that the next step in reducing the rates would be able to support the debt market, supporting the ongoing liquidity. However, in the case of strengthening the negative sentiment on foreign markets and the preservation of the trend to weaken national currency, bond market participants can limit their activity on the secondary auction.
At mid-day trading on Friday with the largest turnover grew Moskva62 (0.3% of the closing price on Thursday), Moskva45 (0,09%), TsentTel-5 (0.06%). Decreased quotes the following Paper - System-1 (-0.02%), CFR-16 (-0.03%),LUKOIL-20 (-0.4%), Lukoil-18 (-0.05%), Russian Railways -12 (-0.1%), Moskva50 (-0.1%), MTS-4 (-0.18%), moskva63 (-0.2%), Moskva54 (-0.3%), Iks5 - Fin-4 (-0.33%), Moskva61 (-0.33%), RZD-8 (-0.42%), Alliance-1 (-0.52%), magnesium-2 (- 0, 81%), Iks5-Fin-1 (-0.92%), OMZ-6 (-1.12%).
Ruble liquidity, despite the decline, is still a comfortable level. The amount of funds on deposits and correspondent on the morning of Friday fell to 44.8 billion rubles. and amounted to 989.8 billion rubles. The rates of O /N were about 6.3% per annum, 3-month rate at 11.8% per annum. The negative dynamics of commodity markets became enthusiastic in the course of the Russian ruble. At the end of the second half of the trading day on Friday the dollar rose 2.83% to 32.649 rubles., The euro rose 1.74% to 45.404 rubles. Course bivalyutnoy basket of the ruble grew at 2.22%, and amounted to 38.38 rubles.
Market US Treasuries and eurobond
pessimistic investors perceive the United States goes to makrostatistiku and prefer to wait bad weather in the quiet haven of Treasury bonds. Corporate reporting has also disappointing, if not, then not too pleased with the market participants. Next week, the attention of market participants will be riveted on the wave of reporting the financial sector (GS, JPMorgan, BoA, MorganStanley and Citigroup). Expected data on prices of imports today, Friday, and statistics on the real estate market and industrial production next week, in our view, can only add the pessimism of the market.
In anticipation of the market opening on Friday, US Treasuries curve shifted downwards - UST-2 - 0.916 pa (-2b.p.), UST-10 - 3.344% per annum (-6b.p.), UST-30 - 4,255 % per annum (-5b.p.). In the segment of Russian Eurobonds continues to decline - Rus-30 decreased by 0.18% to 97.95% of the nominal yield the release of 7.864% per annum (1b.p.). Spread between the Rus-30 - UST-10 increased by 7 bp to 452 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.
Your grade will be the first!
Analyst Ratings
Anatoly Lebedev left the presidency Uralkali
Second wave crisis, predicting professional pessimists
Prices pair EUR /USD move to the level of support 1.3960
Precious metals market review for 09.07.09
Foreign exchange reserves of China are likely to exceed U.S. $ 2 trillion for the first time in history
Expert: UAH has no reason to strengthen during stagflation, which is observed in Ukraine
The Russian market is very close to the level of support of 850 points on the RTS index
The index of the Frankfurt Stock Exchange Xetra DAX fell 0.67% and is at the level of 4598.94 point
Without additional measures the reduction of rates would have controlled a neutral effect on credit market