Medvedev Bond Yields Hit Low After Luzhkov Ouster: Russia Credit
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Russian President Dmitry Medvedev’s ouster of Moscow Mayor Yury Luzhkov is reinforcing investor confidence in the government’s ability to take charge of the economy as benchmark foreign bond yields tumble to lows.
Russian dollar notes due 2015 rose today, pushing the yield down 3 basis points to 3.466 percent, the lowest since the bonds were sold in April, according to data compiled by Bloomberg. Bank of Moscow Eurobonds due in November rose, pushing the yield down 149 basis points to 2.802 percent, the biggest decline in 10 weeks, after rising 137 basis points yesterday.