Ruble slabeet; liquidity shortage
Ruble to remain very cautiously reacted to lower oil prices. This morning the basket worth 37.00 rubles (12 cop. By Thursday). At the deposits accumulated in the central to today's morning around 724 billionrubles. (!) - This is the highest value since July 2007. So, with the ruble liquidity is no problem. Bidding overnight on Friday remained at 6.5%, ie only 25bp above the shortest deposit rate securities.
TGC-1 was placed
In debt trading market develops in a very quiet mode. There is a continuing interest in the most liquid bonds of the 1 st and 2 nd tier. In particular, there has been buying in issues of Moscow, Lukoil, Russian Railways, VBD-3 (YTP 13.57%), Sistema-1 (YTP 14.07%). Higher prices of these securities on Friday was about 15-20bp.
Last week ended with the deployment of a new bond issue by TGC-1. Despite the large oversubscription, the coupon rate was set at 16.99% (ie the middle of previously announced range of 16.5-17.5%). Thus, the two-year yield to put of the order of 17.7%. As soon expected attribution international rating company, which will ensure the inclusion of securities in the Lombard list. We have a neutral attitude to the new securities THC. In our view, the X5, with a comparable bond credit quality and the same Duration offer higher yield (18.4%)
Section 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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