Analytical articles

The latest weekly CPI data released by the State Statistics Service has created a bit of excitement among market observers. A positive number (+0.1% WoW) has halted a string of negative or zero measurements since mid-July. This implies a rise of head...

GPB_CPI_Russia_26.08.21_ENG

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Vladimir Pantyushin

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Research Articles

August 26, 2021

Markets Navigator 26/08/2021

Topics: Sistema, Globaltrans, Detsky Mir

Daily comments

GPB Markets Navigator_ENG_26082021

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Erik De Poy, Igor Goncharov, Marat Ibragimov

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Research Articles

August 25, 2021

Markets Navigator 25/08/2021

Topics: Azerbaijan’s FX market, Segezha Group

Daily comments

GPB Markets Navigator_ENG_25082021

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Erik De Poy, Igor Goncharov

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Research Articles

August 24, 2021

SDR distribution by IMF is positive for sovereign ratings of Belarus and Tajikistan

CIS Macroeconomics

We believe that the provision of SDRs to Belarus and Tajikistan in the respective amounts of $930 mln (1.1% of GDP) and $238 mln (2.3% of GDP) within the IMF program aimed at combating COVID-19 will support the sovereign ratings of these issuers.

GPB_Belarus_Tajik_SDR_24.08.2021_EN...

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Research Articles

August 24, 2021

Markets Navigator 24/08/2021

Topics: Uzbekistan’s external trade, Belarus’ debt, Tajikistan’s debt, RusHydro

Daily comments

GPB Markets Navigator_ENG_24082021

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Erik De Poy, Igor Goncharov

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Research Articles

August 23, 2021

FX, bonds and rates weekly

August 23-27

The ruble weakened 0.8% against the dollar last week to USD/RUB 73.9 following the release of minutes from the July FOMC meeting. Other EM currencies also showed a negative dynamic against the dollar. We believe that the start of tax payments will pr...

GPB_WEEKLY_ ENG_230821

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Andrey Kulakov, Aleksandr Kamyshanskiy, Vladimir Pantyushin

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Research Articles

August 23, 2021

Tajikistan: Confirmation of Stable rating outlook by S&P may help tighten Z-spreads

CIS Macroeconomics

We believe that Tajikistan sovereign bonds maturing in 2027 are undervalued by the market and that their Z-spreads have the potential to return to mid-June levels in the near term. This will be driven by S&P’s confirmation on Friday, August 20, o...

GPB_Tajik_bonds_23.08.2021_ENG

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August 23, 2021

Markets Navigator 23/08/2021

Topics: Tajikistan’s sovereign rating, Inter RAO

Daily comments

GPB Markets Navigator_ENG_23082021

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Erik De Poy, Igor Goncharov

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