Domestic

Throughout the week, the Russian bond market showed its dependence on the situation on the oil market and foreign exchange markets. The stabilization in the early weeks, and then recovery of oil to the level of 62-62 $ /barrel and the exchange rate to 37.66 rubles. the basket, and has positive impact on participants in the debt market sentiment, and allowed rates of most liquid securities to restore the previous levels. In our view, the increase in the debt market, even in the short term is limited, because risks worsening conditions in the oil market and, consequently, weaken the ruble, is still high, while domestic factors support has virtually exhausted its potential.

At mid-day trading on Friday with the largest turnover grew Iks5Fin-4 (0.44% of the closing price on Thursday), VlgTlkVT-4 (0.28%), TomskOb-4 (0.24%), Gazpromneft4 (0.22%), RSHB-2 (0.22%), VTB-6 (0.08%), RZD-8 (0.05%), AKBars3 (0,05%), GazpromA4 (0,01 %). Decreased quotes the following Paper - Petrokomb4 (-0.06%), RSHB-3 (-0.08%), TGK1-2 (-0.1%), CFR-10 (-0.36%), Dalsvyaz-2 (-1.24%), RMK-Fin-1 (-1.29%), Moskva38 (-1.62%).

Ruble liquidity in the week kept at an optimal level, and helped to maintain a comfortable environment for Interbank, despite a decline below $ 1 trillion. rub. The amount of funds on deposits and correspondent on the morning of Friday, grew to 19.3 billion rubles. and amounted to 848.3 billion rubles. The rates of O /N were about 6.5% per annum, 3-month rate at 11.97% per annum. The negative dynamics of commodity markets became enthusiastic in the course of the Russian ruble. At the end of the second half of the trading day on Friday the dollar rose 0.49% to 32.813 rubles., The euro rose 0.21% to 44.788 rubles. Course bivalyutnoy basket of the ruble fell by 0.03%, and amounted to EUR 37.643.

Market US Treasuries and eurobond

Most of the events of the past week - and that a large amount of makrostatistiki, and the results of semi-financial sector and a number of large companies - to support the growth of stock indices. The positive results of the largest banks should not be surprising, since core profit was created by and for IB trading. Published statistics also pleased investors often find themselves significantly better than the experts. Significantly better than the expectations were on the labor market and the new building. Nevertheless, we believe that the optimism after a strong statistics is much speculation. Reduce unemployment and increase the number of new buildings is due to high season, while the same figures but outside this factor refers only to the preservation of past negative trends in the U.S. economy.

main tar spoon in the week was Bank of CIT, experiencing problems with the inadequacy of its own capital. The situation for the company's compounded by the fact that rely on gospomosch do not have, which increases the risk of bankruptcy of the bank.

Following the positive statistics on the real estate market on Friday, US Treasuries curve gradually resumes its upward movement - UST-2 - 0,995 pa (1b.p.), UST-10 - 3.577% per annum (1b.p.), UST-30 - 4.453% per annum (1b.p.). In the segment of Russian Eurobonds continues to decline - Rus-30 decreased by 0.04% to 98.61% of the nominal yield the release of 7.745% per annum (-1b.p.). Spread between the Rus-30 - UST-10 decreased by 2 bp to 417 bp

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