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Veles Capital - Daily bonds review, Domestic market - Apr 18, 2012.

Domestic market

Tax period supported ruble quotes. Tuesday, CB supported the bank system via providing assets for sum 670 bn RUR in course of two REPO auctions. Demand on behalf of the banks has totally been satisfied and MosPrime o/n rate went down to its former level of 5.82% (a7 b.p.). Sum volume of the liquidity grew overnight 24 bn RUR to 842.4 bn RUR at the expense of adding remains at correspondent accounts by 30 bn RUR. In addition, tension with liquidity will likely still be felt within the coming two weeks.

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Tuesday ruble turned out tobe under pressure of the reducing prices of oil. However, demand on behalf of the domestic market and recovery of global appetite for risk supported national currency strengthening. Biacurrency basket opened at the previous day level, but by the end of trade, it added 15 kopeks to 33.65 RUR. Ruble added 11 kopeks versus dollar and formed 29.50, versus euro - 6 kopeks to 38.71 RUR.

Improvement of the foreign background supported ruble bonds. Positive foreign background affected the dynamics of the domestic market. However, the volume of trade was not so high due to lack of ruble liquidity. Corporate bonds in price 10 b.p. Buying went on the issues VEBa9, MTSa2, a8, Magnit MBa5. In the BFL segment on the threshold of the placement today by Ministry of Finance the most volume of trade was on the longaterm part of the curve, which slipped 2a4 b.p. down.

Today we expect the mildly upside dynamics of Russian bonds with the support of the positive news background from Europe and the U.S. At that, the trade activity likely remains not high; this is due to the tax period.

***

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For further Information please contact: VelesCapital, Russia, Moscow, 123610, Krasnopresnenskaya nab. 12, Entr. 7, floor 18

Tel.: 7 (495) 258 1988, Fax: 7 (495) 258 1989,

e-mail: research@veles-capital.ru, web: http://www.veles-capital.ru
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Publication:Russian Banks and Brokers Reports
Date:Apr 18, 2012
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