RUSSIA DAYBOOK: Bond Sale; BRICS Summit; BP-Rosneft Deadline
Russia auctions its longest maturity debt offered domestically since 2008. President Dmitry Medvedev attends the BRICS summit in China with his counterparts from Brazil, India, China and South Africa. BP Plc (BP/)’s share-swap accord with OAO Rosneft, under injunction after a complaint by TNK-BP, expires tomorrow. OAO Raspadskaya reports earnings.
ALL TIMES +4 GMT
WHAT TO WATCH: *Russia’s Finance Ministry sells 20 billion rubles ($714 million) of 10-year bonds, with a yield estimated by the ministry at 7.9 percent to 8 percent. Results of the auction are expected to be announced at 12.30 p.m. *President Medvedev arrives in Sanya, in southern China, to attend the annual meeting of the BRICS group of major emerging economies, newly expanded to include South Africa. The alliance will form a common position for the G-20 summit, Medvedev’s economic aide, Arkady Dvorkovich, said yesterday. *The Federal Statistics Service is scheduled to report weekly consumer price data by 4 p.m.
EQUITY MOVERS: *OAO Gazprom is seeking to take part in Royal Dutch Shell Plc (RDSA) exploration and production projects outside Russia as part of a strategic accord. *BP Plc is seeking to salvage its share-swap with Russian state oil producer OAO Rosneft before an April 14 deadline. The Russian half of BP’s TNK-BP venture in Russia won a legal injunction, saying the deal violates its own agreement with BP. *Coal producer OAO Raspadskaya is scheduled to report 2010 earnings after 9 a.m.
MARKETS: *The Micex Index (INDEXCF) dropped 2.5 percent to 1,799.94. *The dollar-denominated RTS Index (RTSI$) fell 2.4 percent to 2,062.52. *Russia’s benchmark 2018 ruble Eurobond fell, pushing up the yield to 6.79 percent at the close of trading. *The ruble was little changed at 28.0598 per dollar and weakened 0.6 percent to 40.72 per euro at the close of Moscow trading. *The MSCI Emerging Markets Index (MXEF) rose 1.2 percent to 1,178.55 at 08:42 a.m. in Moscow. *Crude for May delivery gained 0.2 percent in New York to $106.44 a barrel at 8:43 a.m. *Brent crude rose 0.5 percent in London to $121.52 per barrel at 8:43 a.m. *Gold for immediate delivery increased 0.3 percent in London to $1,457.45 an ounce at 8:44 a.m.
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