Debt Markets Today - April 10, 2018
CIS EUROBOND MARKETRussian sovereign Eurobond quotes remained under pressure yesterday in light of the new US sanctions against Russia. Long-dated paper tumbled 3.6-3.7 pp, with the Russia 47 faring the worst, dropping to 97.2% (YTM 5.4%, Z-spread 256 bps). The Russia 27 sank 2.2Â pp to 97.7% (YTM 4.6%, Z-spread 174 bps).
GOVERNMENT DEBT
The sliding ruble sparked a wave of selling in the morning by local investors, who were subsequently joined by foreign investors. Turnover was three times above normal. Yields jumped by around 50 bps among short paper up to 2y and by around 22 bps for longer issues. Floaters also came under pressure, losing 20-28 bps. Both locals and nonresidents began consolidating at these levels in the final hours of trading.
STORIES
> Spreads on Russian corporate Eurobonds widen substantially
> O1 Properties: Walking on thin ice
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