Ruble weakly reacting to high oil
bivalyutnoy cost of a basket yesterday fluctuated in the range of 36.80-36.90 rubles., to close at the upper boundary. This morning the market opened under the impression of expensive oil (bbl Brent stamps worth nearly U.S. $ 73). However, the ruble strengthened in no hurry to fast (36.80). Perhaps market participants confuse pessimism with regard to the Ministry of Economic Development of Russia's GDP in 2009-2010 the city, as well as the possible growth of political risks in connection with military exercises near Georgia.
We recommend investors to primarily focus on the balance of payments projections. Yesterday, the same Ministry has improved its forecast for the trade balance in 2009 with the 49 billion dollars to 84 billion dollars The main reason for such a move is obvious - an increase in energy prices. In our opinion, expensive oil will provide better and Capital account - now a growing number of new debt transactions of Russian companies abroad. All this will provide very good support the ruble.
With liquidity in the financial system now there is absolutely no problem: fiscal period ended, and balances of banks in the accounts of the Central Bank exceeded 900 billion rubles.
VimpelCom is preparing a new release
At the debt market without change: the most liquid bond quotations of 1-st and 2 nd levels slowly young. It reduces the activity in the primary market. So, yesterday, VimpelCom announced a new 5-year issue of 10 billion rubles to the 2-year offer, the coupon rate is expected to be 15.50-16.50%. Given that the location of recent and closest Duration: MTS-4 is now trading at 15.35% for yield, Vympelcom proposal is likely to interest investors.
Also, the desire to go as soon as possible with the new loans announced yesterday by the Bank Center-Invest (3 billion) and Nomos-Bank (5 billion).
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 bond market.
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