The market of rouble bonds: Moods have improvedDuring a week (9 - on February, 13th) moods in the internal debt market have a little improved. By a weekend “ bulls “ have returned to all segments of the market. And as papers with really attractive parity a duration/ profitableness remains in the market ever less, investors gradually start to be switched to longer releases, mark in “ Bank of Moscow “.
According to analyst NOMOS - Olga Efremovoj`s Bank, interest to rouble tools gets lines of the indicator of dynamics of the currency market. Rouble strengthening acts as an occasion for time “ thaw “ and demand revival. However to do conclusions concerning that signs of restoration of consumer activity will hold on long time, yet does not follow.
Meanwhile, pressure upon quotations messages on technical defaults have continued to render. So, Group “ GAS “ Could not carry out of the obligation on the offer. Experts “ Alpha bank “ notice that in conditions when technical defaults suppose the companies of strategic value, such as “ GAS “ the third echelon is represented to extremely risky of - for defaults or unprofitable re-structurings for investors.
as a result as of February, 13th value of a price index of corporate bonds CBI CP in comparison with February, 6th has grown on 0,39 items of the item and has made 79,61 points. The index of municipal bonds MBI CP has grown on 1,93 items of the item and has made 73,01 points. The index of state papers RGBI has fallen to 2,13 items of the item - to 98,39 points.
forthcoming week the first tax deductions (unified social tax, insurance payments and excises, third of VAT for IV quarter 2008ã are expected.) . As of a weekend, on February, 13th, the total rests on corresponding accounts and deposits Experts AK " have made 503,6 mlrd rbl.; the Leopard of Finans “ notice that the bank system is included into the period of tax payments with rather low liquidity that limits activity in the debt market.
meanwhile, proceeding strengthening of rouble can influence the Russian investors, the further purchase of bonds of the Russian emitters is not excluded, mark in “ Binbanke “. Thus the attention of investors will be turned on the papers offering profitableness in 16 % annual and above where transactions will have dot character, the chief of department of the analysis of the markets of the fixed profitableness " believes; Binbanka “ Sergey Rjabushev.
Against growth of liquidity of a rouble bond market and an exit on it with purchases of large state institutional investors of analytics “ promsvjazbanka “ Recommend to pay attention to bonds of the telecommunication and power companies which are the backbone enterprises with presence of a share of the state in their joint-stock structure. Credit quality of the majority of emitters also is at high enough level.
at the same time experts negatively estimate the further tendencies in federal loan bond sector. Current purchases, most likely, are caused by transition of investors from the currency market on a bond market, however at short and expensive fondirovanii in the Central Bank federal loan bond market remains unattractive for investments.