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Research Articles
April 19, 2021

CBR meeting preview: Expecting 50 bps rate hike

Macroeconomics

On April 23, the CBR will hold its scheduled BoD meeting and present an updated macro forecast. We expect the regulator to hike the key rate by as much as 50 bps, thus bringing it to the lower bound of the neutral range of 5.0-6.0%. We are revising o...

GPB_CBR_rate_preview_19.04.2021_ENG

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Research Articles
April 19, 2021

OFZ floaters: premium to RUONIA could contract to 20-25 bps by year end

Debt market strategy

Banks were the main investors in OFZ floaters last year, absorbing more than 80% of Minfin supply in these papers. The key risk for this instrument is expansion of the premium to RUONIA (currently ~35-40 bps). According to our estimates, this risk is...

GPB_OFZ_strategy_19.04.2021_ENG

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Aleksandr Kamyshanskiy
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Research Articles
April 19, 2021

NOVATEK 1Q21 preview: Expecting QoQ increase of EBITDA on improved commodity prices

Oil and gas

NOVATEK 1Q21 IFRS preview: higher energy prices to drive up EBITDA

GPB_NOVATEK_preview_1Q21_19.04.21_E...

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Research Articles
April 19, 2021

II 2021 Europe & Emerging EMEA Survey

II 2021 Europe & Emerging EMEA Survey

Dear clients, We thank you for your ongoing attention to Gazprombank research and ask that you support our analysts in the II 2021 Europe & Emerging EMEA Survey. The voting period is underway and runs through May 7.

GPB_II 2021 Europe & Emerging EMEA ...

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Igor Goncharov, Erik De Poy, Marat Ibragimov, Vladimir Pantyushin
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Research Articles
April 19, 2021

Chinese property developers did well in 2020; 2021 should also be strong

China Real Estate

Chinese developers did well in 2020. The lockdowns in the first quarter did not prevent most from either growing revenues or boosting presales. This achievement, however, came partially at the expense of lower margins. At the same time, leverage and ...

GPB_China_property_bonds_recommenda...

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Aleksandr Kamyshanskiy, Gui Dan Tham
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Research Articles
April 19, 2021

Markets Navigator 19/04/2021

Topics: Azerbaijan’s GDP, CPI, and budget, Belarus economy, VTB, X5 Retail

Daily comments

GPB Markets_Navigator_ENG_19042021

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Aleksandr Kamyshanskiy, Marat Ibragimov
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Market Indicators
April 19, 2021

TechIndicator: Stock Market 19/04/2021

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GPB_TI_Stocks_ENG_20210419

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Market Indicators
April 19, 2021

China Debt Databook: 19/04/2021

Debt databook of selected dollar bonds of Chinese issuers

GPB_Tech_Indicator_China_20210419

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Market Indicators
April 19, 2021

Debt databook: Local bonds 19/04/2021

Debt databook of market data on RUB corporate bonds available for purchase by foreign investors

GPB_Debt_Loc_Databook_20210419

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Market Indicators
April 19, 2021

Debt databook: Eurobonds 19/04/2021

Debt databook of market data on Russian and CIS eurobonds

GPB_Debt_EB_Databook_20210419

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