Domestic market: “began to pray for health, finished lower”
The dynamics of the bond market this week can be assessed as mixed. End of tax payments and the growing cost of oil have supported the positions of the Russian ruble and money market rates, which generally boosted the attractiveness of ruble-denominated debt instruments. In the first half of the week we saw the growth of trading activity and the predominance of buyers in the market. However, relatively rapid deterioration of conditions in the western areas has been painfully felt in the domestic market. Reducing Friday until the character is an aggressive sell-offs, but if the correction in external markets will be prolonged, the ruble may be under strong pressure, which in turn eliminates all the attractiveness of the ruble bond market.

The biggest turnover grew Zenit-5 (0,58%), Moskva61 (0,37%), CFR-12 (0,3%), Moskva62 (0,18%), VTB-5 (0, 1%). Decreased following quotation of securities - Gazpromneft-3 (-0.02%), VTB-6 (-0.02%), MDM-BW 1 (-0.05%) CFR-10 (-0.05%) GazpromA9 (-0.16%), Moskva56 (-0,19%), Mechel-5 (-0.25%), NLMK BW-5 (-0.48%), Rayffazb-4 (-0.54% ), System-3 (-0.63%), TsentrTel-5 (-0.67%), System-2 (-0.69%).

Completion tax period, a favorable impact on the level of ruble liquidity. Within 7 days the total funds on correspondent accounts and deposits with Central Bank grew 15,4% to 995.6 billion rubles. on the morning of Friday, January 22. The conjuncture of the money market remains favorable: rates Mosprime O /N - 4,19%, 1M - 5,28%, 3M - 5,93%. NDF curve looks comfortably - 1M - 4,96%, 3M - 5,44%, 1Y - 6,19%. According to the results of the second half Friday during the week the dollar grew by 0,22% to 30.415 rubles. And the euro “has fallen in price on 0,96% to 41.741 rubles. Last week, the currency basket exchange rate to the ruble fell by 0,37%, and amounted to 35.514 rubles.

Market US Treasuries and Eurobonds: data for the January unemployment in the U.S. well-received
Key for investors unemployment figures for January were met1000by investors with a moderate optimism, as despite the decline in jobs for 20 thousand (expected to increase by 15 thousand), the aggregate unemployment rate fell to 9.7% (forecast - 10%). In addition, a good signal has been reported that the average working week, along with the number of employees on temporary contracts has increased. Yields on long-releases increased during the week in the range of 4-8 bp - UST-2 - 0.803% per annum (-1 bp to Thursday), UST-10 - 3.627% per annum (2b.p.), UST-30 - 4.575% per annum (2b.p.). Before the opening of markets in the U.S. on Friday, we see the market selling intensified US Treasuries. In the segment of Russian Eurobonds remains low activity - Rus-30 for a week “subsided” on 0,27% of the price to 112.18% of par, the yield of the issue is 5.467% per annum (23 bp). Spread between the Rus-1930 - UST-1910 has narrowed by 1 bp to 184 bp

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