Fixed Income Weekly: Russia Inflation, US Fed, Tinkoff Bank, Gazprom, Medsi, Rosneft, Novotrans

Fixed Income Weekly: Russia Inflation, US Fed, Tinkoff Bank, Gazprom, Medsi, Rosneft, Novotrans картинка

Debt markets

There were no significant trends on the OFZ market last week and trading volumes were not particularly high. As a result of the week, paper maturing in less than a year added 11-16bp to 7.2-7.69% per annum. Yields fell in mid- and long-term bonds – by 3-14bp to 8.7-10.17% per annum in 3-5 year paper and by 7-11bp in longer paper.

Market participants will again monitor OFZ auctions to set the tone for the market for the week. Positive data on inflation may support the debt market.

Yields on US Treasuries finished last week in the red as investors were watching Jerome Powell's speech before Congress and assessing, at the end of the week, the consequences of Silicon Valley Bank’s bankruptcy for the banking sector. The spread between short-term and long-term bonds remained negative. Yield on 2-year paper reached a regional maximum of 5.06%, and then fell to 4.59% (-27bp). The 10-year bonds’ yields lost 25bp to 3.70%.

This week is full of economic events. Silicon Valley Bank’s collapse will remain the focus of attention, which may further boost demand for US Treasuries and cause a fall in yields. US CPI will be released on Tuesday. After that, data on US PPI and retail sales will be published on Wednesday. On Thursday, the ECB will make a decision on the interest rate in the eurozone.

Economy and politics

Inflation in Russia dropped below 10% y/y for the first time in a year

Federal Reserve may hike rates higher than expected

Issuer news

Tinkoff Bank notified an SPV issuing its eurobonds about the non-payment of the coupon on perpetual eurobonds due on 15 March

Gazprom placed bonds for €228.6mn to replace eurobonds maturing in March 2025

Previous placements: Glorax, Bank DOM.RF, Interleasing

Upcoming placements: Medsi, Rosneft, Novotrans

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