Devalvatsionnye expectations promptly left
Passions in the foreign exchange market yesterday subsided: bivalyutnoy basket price fell to 38 rubles (minus 65 cents). Reason can be called a nominal rise of oil (1.5%). In fact, according to our feelings, just a critical mass of investors aware of the fact that oil prices near $ 60 a barrel provide a very comfortable balance of payments surplus of Russia, given that the bulk of the external debt of corporations and banks successfully refinansiruetsya. Strengthening of the ruble led to a sizeable reduction in imputed returns NDF.
Vympelcom placed
The situation in the debt market yesterday developed into a very positive way: the most liquid bond quotations of 1-st and 2 nd levels had grown up by around 10-20bp. At an auction on placement of release VimpelCom-3 yields to a two-year offer at 15.78%. Coupon rate, as we had expected to be less than the lower limit reference point (15.2% vs 15.5%). Perhaps due to this last quotation had grown up close to the release of MTS Duration-4 (YTP 14.97%, 30bp). Over time, we believe, spread between the releases of MTS and Vympelcom may disappear entirely. Also yesterday, were announced guidelines for the exchange rate of the coupon bond Dalsvyaz (1.5 billion rubles., Offer 2-year, 15.5-16.0%).
LSR-2
We want to draw attention to the Issue Group LSR-2, which was offered yesterday with a yield at 35.6%. In our view, it looks undervalued relative to little more than short-LSR-Invest-2, which yesterday was a relatively big We with the yield 33.6%. In contrast to LSR-Invest, 2 LSR-bond Group 2 included in the list of repo CB, that makes them otnositelnuyunedootsenennost. By the way, tomorrow will offer to issue LSR-Invest-1. Judging by the fact that the day before he was traded at a price higher than 99pp issuer cope with their commitments on time and in full. If successful, the offer account for the remaining two papers LSR surely increase, both by investors and by the borrower #9786;. Recall that only recently became aware of the attraction of building a group of LSR is very large and long credits from the state bank - VEBa and RSHB (collectively nearly 480 million, from 3 to 10 years).
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 market bonds.
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