OPM-Bank's RUSSIAN MARKET DAILY 07.09.98



EQUITIES - CLOSE OF TRADING

If there is a "*" under "CHANGE", then no trades occurred and "LO" & "HI" become "BID" & "ASK".

OIL&GAS; LO HI CLOSE CHNG.
CHERNOGORNFTGZ. 2.500 4.000 4.375 *
KOMINEFT 0.250 1.230 0.750 *
LUKOIL 8.000 8.190 8.020 2.0%
MEGIONNEFTEGAZ 0.500 1.600 1.100 *
NIZHVRTVSKNEFTGZ. 0.300 15.000 7.000 *
NOYABRSNEFTEGAZ 0.500 2.000 0.550 *
PURNEFTEGAZ 1.500 1.500 1.500 -38.8%
SAKHALINMRNFTGZ. 1.000 2.750 1.000 *
SURGUTNEFTEGAZ 0.085 0.088 0.088 2.3%
TATNEFT 0.365 0.365 0.365 5.8%
TOMSKNEFT 0.300 2.050 2.250 *
YUGANSKNEFTEGAZ 0.600 2.500 1.000 *
YUKOS 1.010 1.050 1.010 -3.8%
REFINERY LO HI CLOSE CHNG.
OMSK OIL REFINERY 0.350 1.530 1.040 *
YAROSLAV OIL REFINERY 0.015 0.039 0.041 *
TELECOMS. LO HI CLOSE CHNG.
HANTYMANS. TELECOM 20.000 24.000 30.500 *
KRASNYARSK ELECTROSVYAZ 2.100 2.100 2.100 -30.0%
KUBANELECTROSVYAZ 13.100 14.700 13.000 *
MGTS 260.000 310.000 260.000 *
NIZH NOV SVYAZ 0.890 1.600 1.100 *
NVSBRSK. TLCMS. 10.000 35.000 60.000 *
ROSTELEKOM 1.910 1.980 1.920 -0.5%
ROSTOVELECTOSVYAZ 0.440 0.530 0.410 *
ST. PETE. Telecom. 0.580 0.605 0.605 -2.4%
TYUMEN Telecom. 1.000 1.800 1.000 *
URALSVYAZINFORM 0.020 0.029 0.020 *
URAL TELECOM 5.250 10.000 4.000 *
VOLGOGRAD ELECT. 0.100 2.855 3.425 *
 
ENERGY LO HI CLOSE CHNG.
BASHKIRENERGO 0.068 0.080 0.080 8.1%
IRKUTSKENERGO 0.090 0.093 0.093 3.9%
LENENERGO 0.380 0.380 0.380 5.6%
KOLENERGO 0.075 0.130 0.100 *
KRASNYARSKENG. 0.025 0.095 0.072 *
KUBANENERGO 23.500 37.000 29.500 *
KUZBASSENERGO 0.089 0.089 0.089 -11.0%
MOSENERGO 0.039 0.043 0.042 0.2%
NOVOSIBIRSKENERGO 2.700 3.400 3.000 *
ROSTOVENERGO 0.080 0.110 0.080 *
SAMARAENERGO 0.140 0.240 0.180 *
SVERDLOVSKENERG. 0.075 0.200 0.075 *
UNITED ENERGY 0.108 0.115 0.114 1.8%
AUTO LO HI CLOSE CHNG.
GAZ AUTO 70.000 73.000 73.000 9.0%
KAMAZ 0.260 0.710 0.350 *
PAZ AVTOBUS 5.500 15.000 13.500 *
MACHINE LO HI CLOSE CHNG.
ELECTOSILA 1.350 2.525 1.370 *
IZHORSKY PLANT 12.000 29.000 29.000 *
KIROVSKY PLANT 2.300 3.000 2.150 *
METALS LO HI CLOSE CHNG.
NIZHNY TAGIL 0.010 0.030 0.064 *
NORILSK NICKEL 1.600 1.700 1.700 -2.9%
SOLIKAMSK MAGNESIUM 20.000 60.900 20.000 *
OTHER LO HI CLOSE CHNG.
AEROFLOT 50.500 52.000 50.500 2.0%
GUM Trade House 1.250 1.250 1.250 -10.7%
SAMSON 3.700 7.600 4.300 *
SBER BANK 91.500 92.000 91.500 5.2%
 
 
 
 



FIXED INCOME - CLOSE OF TRADING

GKO = 3 month Government Treasury bill
GKO 6 = 6 month Government Treasury bill
GKO 12 = 12 month Government Treasury bill
OFZ = Federal Bonds
VSM = Moscow / St. Petersburg high speed railway bond

.....ISSUE..... Days to Maturity VALUE RUE Mn. Mid Price Change% Closed Price Yield
GKO (079) 6.00 312.25 98.98 0.40 98.98 62.69
OFZ (08) 6.00 5.61 99.12 -0.01 99.07 107.22
GKO (080) 13.00 283.21 97.09 0.38 96.95 88.33
GKO (082) 20.00 290.73 94.97 0.26 94.76 100.92
GKO(083) 27.00 191.87 93.00 -0.01 93.00 101.75
GKO (085) 34.00 544.15 90.01 -1.10 89.83 121.54
GKO (086) 41.00 113.20 87.98 -1.05 87.98 121.63
GKO (088) 48.00 20.23 87.04 -0.26 86.50 118.68
GKO (089) 55.00 1.79 85.58 -1.47 80.05 165.39
GKO (090) 62.00 27.95 83.06 -2.09 83.10 119.73
GKO (092) 69.00 55.48 80.42 -1.03 80.50 128.14
VSM (004) 71.00 0.68 77.40 -12.17 84.55 271.66
GKO (109) 76.00 113.53 79.43 -1.51 78.70 129.98
GKO (094) 83.00 14.46 79.11 -1.70 79.11 116.12
GKO (104) 90.00 98.44 75.53 -4.92 75.76 129.76
GKO (110) 97.00 182.16 74.12 -3.59 74.60 128.12
GKO (097) 104.00 8.60 72.75 -4.95 72.75 131.46
OFZ (09) 104.00 0.86 86.00 0.00 86.00 193.02
GKO (111) 111.00 26.44 73.77 -0.53 75.25 108.15
GKO (112) 118.00 100.63 70.38 -3.04 70.22 131.18
GKO (125) 125.00 32.84 70.23 -1.80 70.40 122.77
GKO (114) 132.00 95.12 69.27 -1.73 69.20 123.07
GKO (102) 139.00 11.94 69.92 0.49 75.00 87.53
GKO (129) 146.00 0.32 68.09 -4.92 69.00 112.32
GKO (105) 167.00 39.10 64.72 -4.15 62.70 130.02
GKO (108) 188.00 10.28 61.58 -0.45 71.00 79.30
GKO (113) 195.00 99.94 60.83 -0.59 60.90 120.18
GKO (115) 202.00 7.79 60.05 1.37 60.90 116.00
GKO (116) 216.00 19.48 58.37 0.24 59.10 116.94
GKO (117) 230.00 71.30 56.79 -0.14 58.00 114.92
GKO (118) 244.00 53.02 55.50 0.04 56.00 117.54
GKO (128) 251.00 6.45 55.05 -5.56 56.50 111.96
GKO (121) 258.00 80.80 54.01 -1.01 55.45 113.66
 
.....ISSUE..... Days to Maturity VALUE RUE Mn. Mid Price Change% Closed Price Yield
OFZ (11) 265.00 0.00 80.20 2.60 65.00 230.65
GKO (120) 272.00 19.31 53.40 -12.60 56.85 101.85
GKO (122) 279.00 48.74 52.40 -0.59 53.00 116.01
GKO (123) 286.00 9.35 53.61 3.08 58.00 92.42
OFZ (12) 293.00 0.81 80.04 0.04 85.50 111.64
GKO (124) 300.00 95.55 52.01 1.01 50.55 119.02
GKO (126) 307.00 30.12 55.03 -4.53 54.32 100.00
GKO (127) 314.00 12.60 52.62 0.36 53.00 103.08
OFZ (13) 321.00 0.01 84.07 2.70 84.00 114.78
OFZ PD01 332.00 17.28 58.02 2.00 60.11 106.98
GKO (130) 335.00 26.80 49.06 -13.63 49.58 110.80
OFZ PD(015) 336.00 0.01 53.00 0.00 53.00 134.61
OFZ (014) 342.00 0.19 87.48 22.21 87.48 99.16
���(131) 351.00 0.20 72.78 3.23 69.90 38.89
OFZ (015) 370.00 1.58 88.63 10.61 94.00 126.31
OFZ (016) 377.00 0.15 90.00 -0.51 90.00 143.13
OFZ (017) 391.00 0.01 87.14 22.18 89.89 136.99
OFZ PD(017) 419.00 0.00 60.00 9.43 65.00 69.35
OFZ PD(019) 461.00 115.80 51.38 4.18 52.75 90.84
VSM (005) 485.00 0.38 81.66 67.34 36.20 588.53
GKO (119) 518.00 2.74 64.96 -8.09 69.00 107.18
OFZ PD(022) 594.00 216.52 47.09 8.10 48.00 89.45
VSM (006) 652.00 0.00 43.76 2.75 43.41 417.81
OFZ PD(016) 702.00 0.33 59.15 0.00 47.80 82.01
OFZ PD(018) 811.00 33.28 37.39 7.72 38.60 87.87
OFZ PD(020) 839.00 47.84 34.24 1.42 35.58 88.05
OFZPD (021) 923.00 12.81 35.92 1.93 36.50 87.48
OFZ PD13 980.00 2.18 45.52 0.00 43.67 52.52
OFZ PD(023) 1161.00 10.55 32.06 8.20 34.00 76.49
OFZ PD14 1345.00 0.02 44.00 0.00 44.00 42.12
OFZ PK01 1710.00 0.09 29.45 0.00 29.40 52.98
OFZ PK02 2076.00 0.00 44.00 0.00 44.00 32.77
OFZ PK03 2441.00 2.85 22.97 10.43 23.00 53.25
 
 

Explanation:

GKOs, or Treasury Bills, are zero-coupon bonds with maturities of 3, 6, and 12 months. They are probably the government's most popular debt instrument.

OFZs, or Federal Bonds, have maturities from one to three years. Coupon payments are usually made quarterly. Both floating and fixed income rates are available. Notes labeled with "PD" (ie. OFZ PD) represent fixed coupon obligations.

Although other forms of government debt are available, GKOs and OFZs are the main rouble-denominated government securities. They are initially sold via primary auctions held every Wednesday at the Moscow Interbank Currency Exchange (MICEX). Secondary trading is conducted through authorized dealers on a daily basis.




MONEY MARKETS - CLOSE OF TRADING

  MOSCOW CENTRAL Cen. Bank
  Interbank BANK MARKET
BUY RATE - - 6181
SELL RATE - 0.00 6241
VOLUME ($mln.) 78.00 0.00 -
RATE (RUR/$) 6239 6211 -
 



In general, Central Bank rates should follow a slow but gradual rise, as determined by the Central Bank's decision to peg the ruble in an up-ward sloping corridor. Inter Bank rates, on the other hand, are market driven and will display greater fluctuations, depreciating or appreciating according to current market conditions.


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