Rus News Journal

The market of rouble bonds: investors are adjusted optimistically

In the first trading week after holidays (11 - on January, 14th) the market of rouble bonds was characterised by small activity. Volumes of transactions were low. However by a weekend the market has started to come to the form. Growth or falling of quotations of separate papers at once became on 1,0 - 1,5 items of the item less. Activity was displaced aside blue counters and federal loan bond. The most liquid releases of federal loan bond - 25073, federal loan bond - 25075 and federal loan bond - 25066 (growth within 5 - 10 used demand. The item) .

Experts NB the Trust have noted demand for credit risk of the metallurgical companies. Short Severstal BO - 1 has grown up on 1,2 items of the item, Sibmetinvest - more than on 1 items of the item the greatest growth have shown quotations of release of TMK BO - 1 which, despite pereotsenennost, has typed 1,5 items of the item demand for bonds ALROSY and restoration doprazdnichnyh levels under bonds " Have been noted also; TKS - bank .

By estimations of analysts of Promsvjazbanka, it is positive on quotations OZF have affected the strengthening of rouble observed current week against superfluous liquidity. At the same time, the spread between curve federal loan bonds and NDF was narrowed to a local minimum that limits the further decrease in profitableness of the Russian state papers.

as a result as of January, 14th 2011. Value of a price index of corporate bonds CBI CP has made 94,88 points. The index of municipal bonds MBI CP was closed on a mark 99,28 points. The index of state papers RGBI has made 130,7 points.

on FB the Moscow Interbank Stock Exchange auction on placing beskuponnyh short-term OBR 17 - go release in volume 500 mlrd rbl. On materials of Bank of Russia has taken place, the demand volume has face value made 8 mlrd 776,20 million rbl. demand Volume at market cost has made 8 mlrd 674,48 million rbl. the Placed volume of release face value has made 3 mlrd 757,66 million rbl. Volume of the involved means - 3 mlrd 726,23 million rbl. the Average price of release has made 99,164 % from face value, the price of cutting off of release - 99,135 %. Profitableness at the average price has made 3,38 % annual, at the price of cutting off - 3,50 % annual. Date of repayment of bonds - on April, 15th 2011. The Face-value of one security makes 1000 rbl.

Of interesting events of week it is possible to note promulgation by group of the Moscow Interbank Stock Exchange of results of activity in 2010. The volume of the auctions by bonds on the Moscow Interbank Stock Exchange has made 33,9 trln rbl. (+135 %), including at the secondary auctions - 5,14 trln rbl. (+69 %), REPO - 27,8 trln rbl. (+169 %), primary placings - 960,5 mlrd rbl. (- 7 %).

As a whole for previous year 234 releases of bonds of 66 emitters in total amount 964,1 mlrd rbl. have been registered that on 63,2 % exceeds previous year indicators. The volume of placings of corporate and regional bonds has made 606,2 mlrd rbl., the volume of placings of exchange bonds has made 354,3 mlrd rbl.

On the coming the first tax payments that can put pressure upon quotations begin. At the same time auctions of the Ministry of Finance, possibly, will not render essential influence on the market, believe in Promsvjazbanke. In total in I quarter the Ministry of Finance plans to place state papers on 300 mlrd rbl., including on 60 mlrd in January. The first auction on placing of federal loan bond 25076 on 30 mlrd will pass rbl. on January, 19th. Repayment of release of federal loan bond 25059 on 41 mlrd rbl. simultaneously will take place

In a corporate segment volumes of the auctions on a bond market while remain below the average level 2010. Yet all investors have returned on the market and are ready to active actions. At the same time, pressure of liquidity forces players to buy debt papers mainly.

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