Russian Bonds Climb First Day in Four as Rate-Cut Bets Advance
- Finance Ministry sells out both government debt auctions today
- Russian state debt is best-performing after Brazil in 2016
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Russian bonds advanced for the first day in four as bets rose the central bank will push ahead with rate cuts, spurring appetite for the nation’s debt.
Government bonds climbed, with the yield on five-year notes falling three basis points to 8.79 percent. The Finance Ministry sold out both state bond auctions today, placing a total of 25 billion rubles ($392 million) of so-called OFZs. The ruble fluctuated as Brent oil rose 1.5 percent to $47.38 per barrel in London.