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Veles Capital - Trader's daily - Nov 12, 2009.

Stocks

Market today.

The market lowered slightly, despite the good dynamics of foreign market. Even the important events (address by Medvedev, good stats on unemployment of U.S.) did not manage to change the market significantly. The shares of MTS were expecting results for 3Q 2009.

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Market tomorrow.

Once again no serious changes on behalf of the affecting factors took place, and that provides for the further lowering of the market.

Bonds

Market today.

On Thursday the demand for ruble debt notes got stronger, which was especially notable in the state notes section. Liquid corporate issues were also relatively interesting to the buyers. Average quotes growth was 15-20 b.p. We might especially outline the growth of Mechel loans, which was supported by the news on including the 5th issue in A1 list. Also note that the issue of Mechel which is to be placed tomorrow likely will get into the Lombard list right after the placement. Growth of Mechel's quotes leaded to the positive overestimation of Severstal's notes, particularly the MB-01 issue. At the primal market the placement of Krasnoyarsk Territory took place.

Despite the fact that the rate of the placement turned out to be by almost 1 p.p. lower than the level, announced by the organizers, the note entered the future market with the price of 100.7% of the nominal due to significant oversubscription at the auction. At the Eurobond market the quotes growth continued also. Against the common background demand for new issues of Rolf related to the successful restructuring of loan.

Market tomorrow.

Friday likely the growth of quotes will be suspended against the background of slight strengthening of dollar and correction at the share market. The market will be waiting for the stats on the U.S.

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: www.veles-capital.ru

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Publication:Russian Banks and Brokers Reports
Date:Nov 12, 2009
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