Research and analytics

August 27, 2004
 
VTB CapitalDaily markey monitor: With little significant US data due today, we expect a tight price range (and a spread of 320 - 300) to be maintained,265 KbEURO - Daily comments
August 26, 2004
 
Raiffeisen Zentralbank OsterreichDaily Market Monitor:News of airplane crashes did not shake the Russian Eurobond market, though sovereign spread increased by 2bps on the back of profit taking after oil prices corrected downward.377 KbEURO, BONDS - Daily comments
Alfa BankAlfa Bank's Desk Note: Corporate Ruble Bond Market in 2004317 KbEURO, BONDS - Special comments
BINBankWe are better buyers of MDM , Sistema 08, MMK, MTS, Evraz 09, Gaz 13 We are better sellers of Alrosa and Severstal 14.109 KbEURO, BONDS - Daily comments
VTB CapitalFixed Income Comment:The actual level of confidence in the economy and the attractiveness of investing in Russia continues to generate some debate.263 KbEURO, BONDS - Daily comments
CommerzbankRussian corporate snapshot117 KbEURO, BONDS - Daily comments
August 25, 2004
 
Raiffeisen Zentralbank OsterreichDaily Market Monitor:Trading on the Russian Eurobond market was quite exciting yesterday.Russian segment remains undervalued compared to other emerging market bonds,393 KbEURO, BONDS - Daily comments
BINBankWe remain better buyers of MTS 08 and 10's, Evraz 09 (its still cheap), MMK and Aries 14 (which has lagged the rally in the R30's) We are better sellers of Severstal 14 and MDM109 KbEURO - Daily comments
VTB CapitalFixed Income Comment:Sentiment continues to be underpinned by the oil price and supportive establishment comments.346 KbEURO, BONDS - Daily comments
CommerzbankRussian corporate snapshot117 KbEURO, BONDS - Daily comments
August 24, 2004
 
Alfa BankAs long as the news flow is at a minimum, Russian Eurobond prices won’t undergo any considerable movement.138 KbEURO, BONDS - Weekly comments
Raiffeisen Zentralbank OsterreichDaily Market Monitor:Russian external debt posted fresh gains yesterday on the back of recent statements by Ministry of Finance officials that Russia might not after all issue new Eurobonds in 2005.397 KbEURO, OTHER - Daily comments
CommerzbankRussian corporate snapshot105 KbEURO, BONDS - Daily comments
August 23, 2004
 
VTB CapitalFixed Income Comment:record levels of the Russian government’sstabilisation fund together with Kudrin’s comments of this morning have improvedinitial sentiment in the Russian Eurobond marketEURO, BONDS - Daily comments
Raiffeisen Zentralbank OsterreichDaily Market Monitor:The Eurobond market looks optimistic, as negative news have abated while the global environment – high oil prices and low benchmarks rates – stays favourable.499 KbEURO, OTHER - Daily comments
August 20, 2004
 
VTB CapitalFixed Income Comment: Russian eurobonds were slightly lower yesterday with reported divisions among government officials regarding economic policy objectives harming sentiment128 KbEURO, OTHER - Daily comments
Raiffeisen BankDaily Market Monitor: The Russian Eurobond market continued its marginal decline on the back of the negative news on Gazprom435 KbEURO, BONDS, OTHER - Daily comments
BINBankFixed Income Daily: Russian Eurobonds somewhat eased yesterday on a temporary weakness of the US Treasury market, retaining stable spreads to UST98 KbEURO, BONDS, OTHER - Daily comments
August 19, 2004
 
BINBankRussian Debt Market Daily: Thus, it can be stated that the negative effect of the Gazprom news has been entirely erased todayEURO, BONDS, OTHER - Daily comments
VTB CapitalFixed Income Comment: Profit taking appeared the order of yesterday as a weaker UST continued to dominate the performance of EM debt and subsequently Russian eurobonds moved lower126 KbEURO - Daily comments
Raiffeisen BankDaily Market Monitor: Russian Eurobonds also reacted negatively, though price movements were small433 KbEURO, BONDS, OTHER - Daily comments
August 18, 2004
 
BINBankFixed Income Daily: We see an upside in Russian Eurobonds due to their pread narrowing to UST, and therefore remain positive on the market99 KbEURO, BONDS, OTHER - Daily comments
VTB CapitalFixed Income Comment: Another release of less sanguine US economic data proved moderately positive for fixed income markets yesterday and Russian eurobonds subsequently tracked UST higher over the day128 KbEURO - Daily comments
Raiffeisen BankDaily Market Monitor: We expect that current favorable environment should persist in the shot-term415 KbEURO, BONDS, OTHER - Daily comments
CommerzbankRussian corporate snapshot 93 KbEURO - Daily comments
August 17, 2004
 
Alfa BankFixed Income Market Weekly: We anticipate price consolidation on the Russian debt market amidst low activity this week107 KbEURO, BONDS, OTHER - Weekly comments
BINBankFixed Income Daily: We do not see a reason for the spread to widen in the circumstances of good macroeconomics and high oil prices99 KbEURO, BONDS, OTHER - Daily comments
VTB CapitalFixed Income Comment: Despite Russian eurobonds drifting slightly lower yesterday, trading was once again confined to a narrow price range and low volumes126 KbEURO, OTHER - Daily comments
CommerzbankRussian corporate snapshot94 KbEURO - Daily comments
August 16, 2004
 
VTB CapitalFixed Income Comment: Despite low trading volumes further price gains were registered across Russian eurobonds on Friday126 KbEURO, OTHER - Daily comments