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Veles Capital - Daily bonds review, Domestic market - Mar 4, 2013.

Domestic market

CB does not let banks recover after the tax period by cutting limits. After February tax period closed, CBR cut the limit of offered assets on o/n REPO by 60 bn RUR, having offered the participants last Friday 160 bn RUR. However, for now the credit organizations are recovering after the large payments, and the offered assets would be enough for not all the participants -the demand volume exceeded the level of 250 bn RUR. CBR having cut its limit at the direct REPO auction was an obstacle for the reduction of the indicative interbank rate MosPrime o/n, which remained above 6% annually. However, the coming short week promises to be relatively calm for the markets and likely, the rates go below 6% annually, despite the gradual cut of o/n limits of the regulator to the minimal levels.

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Dollar is closer to 31 RUR. Dollar continued its attack against ruble at the domestic currency market taking advantage over the afavorablea background for that. By the end of trade on Friday, dollar/ruble pair closed at the level of 30.7 RUR, having added 14 kopeks. However, considering the reduction of euro (its rate went below 40 RUR) ruble did not change significantly vs the biacurrency basket, which by close time formed 34.87 RUR.

Today morning the foreign background was still favorable to ruble and the American currency at the open went for the level of 30.80 RUR. In case current situation preserves, the participants might try the level of 31 RUR on dollar/ruble pair, however we assume that the domestic currency manages to keep the given border.

Ruble debt market closed the week at minor mood. Sale prevailed at the domestic market due to increase of alarms relating the U.S. budget. Longaterm BFL continued losing in price, yield upped by another 1a5 bps. In the corporate segment sale went on the issues MTSa7, MOESK MBa3, and Bashnefta7.

The sequestration of budget spending of the U.S. will be the key subject of discussions for a few coming days, therefore considering no progress on the matter, the Russian market might start the week with mild reduction.

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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:Mar 4, 2013
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