Monday’s rally cooled yesterday with IMOEX up just 10bp – apparently investors were taking profits in most sectors, perhaps with the exception of Financials and Utilities. Upward momentum is almost fully driven by Sberbank (the heaviest issuer in the index with a total weight of 16.3%) – both prefs and ords were up 2% yesterday and 5% on the week without any new statements. It seems dividend optimism remains and could be a driving factor for the short-term, helping the index to entrench above 2400 and even try to climb to the pre-mobilisation summit of 2500 

Yields on long OFZs added 2-11bp to 10.25-10.7% per annum yesterday after the announcement of the details of today's auctions. The Ministry of Finance announced that it would offer investors two issues today, maturing in 2032 and 2041, which put pressure on long notes. In terms of trading volume, issue 26240 (10.7%, 2036) led by a large margin – the yield added 2bp 

Novatek – EU seeks legal options to stop imports of Russian LNG – governments might receive the right to temporarily ban exporters from booking infrastructure capacity – the proposal must be negotiated with the European Parliament – Novatek will successfully re-route its LNG supplies to other markets – neutral

Etalon – FY22 IFRS Preview: Little room for positive surprises – company reports today – we expect revenue and EBITDA to drop 4% y/y and 16% y/y, respectively – weakness driven by low sales in Moscow and Moscow region – we do not expect dividend payments