Вью от нерезов по ОФЗ (англ)

Краткое резюме:

вчера были первые покупки от нерезов в ОФЗ. ждут скорого евроклира, на фоне этого покупают длину (собствено укрепление рубльдоллар ноги и оттуда растут)
приток средств в фонд инвестирующие в облигации не стихает
бешенный спрос на качественный 1 эшелоен в корпоратах  

Market commentary:
Euroclear is in the air. OFZ curve tightened 5-8 bp in the belly and long-end on the back of strong international demand. Interestingly, most of it came from hedge-funds, who were reestablishing or adding to their long-OFZ positions for the first time this year (previously they mostly took profits) – a sign, that fast money expect significant rally after Euroclear finally comes. Shorter-dated OFZs and quasi-sov corps continue to perform strongly, buoyed by recent 150 bln rub OFZ redemption and favorable money market environment (OFZ 25076, 14s another 5 bp tighter, new 3y VTB already 15 bp tighter from the placement).
Yday corp placement results:
• 3y Rosbank printed at 9% yield, 75 bp to VTB, book was reportedly 3x times oversubscribed. We find the paper very cheap, see fair premium to VTB @50 bp.
• 3y euroclearable Sberbank printed at 7.12% annual yield (7% s/a), 105 bp to OFZ, 145 bp to XCCY, 5 bp below e/c RusAg’16, 75 bp below e/c GPB’15. Issue size 25 bln rub, book 35 bln rub.
FSK placement today: 7-years, 10 bln rub, auction format (more competition compared to the usual book-building). Based on FSK local curve, we see fair yield ~8.15%, 175 bp to OFZ. We note, that e/c FSK’19 (6 years, 8.1%) looks very cheap compared to the local curve: it trades flat to locals, while e/c RuRail’19, for comparison, now trades 75 bp tighter than locals. Therefore, even at 8.2% yield we don’t really find new FSK particularly attractive, prefer e/c FSK’19 instead.
News:
EM-dedicated local ccy bond funds are seeing huge inflows for the 3rd straight week: +$1 bio for a week ending Jan,23, +$3.5 bio total YTD (in 2012 weekly avg was “just” $400 mio, max – $800 mio). Interestingly, opposite to 2012 local markets now attract much higher share of inflows compared to hard ccy. In OFZ mkt EM-dedicated funds remain the most persistent buyers with zero interest to take profits.
CBR First Deputy Chairman Ulyukaev expects temporary pick-up in inflation in Jan-Feb from 6.8% to 7%, its slowdown starting from March and return to 5-6% range in Q2. This is in line with our monetary policy expectations: on-hold in Q1, start of easing somewhere in Q2.