Breaking News

JPMorgan Said to Mull Raising Some Staff Salaries at Least 20%
Tweet TWEET

Russian Bond Yields Rise for Second Day After Urals Crude Drops

Russia’s dollar-denominated bonds due 2020 retreated for a second day after Urals crude, the country’s chief export, dropped to a one-week low.

Russia’s $3.5 billion of bonds due 2020 fell, pushing the yield up one basis point, or 0.01 percentage point, to 3.986 percent as of 11:15 a.m. in Moscow. The yield on the government’s ruble-denominated OFZ bonds maturing in 2021 rose two basis points to 7.92 percent.

Urals (EUCRURNW) dropped 1.4 perent to $121.12 per barrel by yesterday’s close, the lowest price since Feb. 28. The Greek government said it will use collective action clauses to compel bondholders to accept its debt restructuring if it receives sufficient consent from investors, as the European Union seeks to avert a disorderly default by the country.

The ruble was little changed at 29.6423 per dollar and lost 0.3 percent to 38.9901 per euro. It fell 0.2 percent to 33.8503 against the central bank’s target dollar-euro basket. Investors increased bets on the Russian currency weakening, with non- deliverable forwards showing it at 30.0065 per dollar in three months, compared with expectations of 29.9895 per dollar yesterday.

To contact the reporter on this story: Jack Jordan in Moscow at jjordan22@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.